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Merchant Account With Bad Credit

Overview

My Payment Hero offers credit card processing solutions for business owners with bad credit.

Why We Proudly Offer Solutions for Merchants With Low Credit Scores (Even When Many Processors Don’t)

Many merchant services companies do not work with merchants who have poor or bad credit scores for essentially one reason… these merchant services companies only work with “low risk” merchants, and refuse to work with “high risk” (or even “mid risk”) merchants. A merchant with a low credit score — whether it’s because of a prior bankruptcy, a tax lien, or any other reason — will by default be classified as a “high risk” merchant, and therefore will usually be rejected for a credit card processing services by most large banks and merchant services companies.

My Payment Hero, by contrast, has consistently offered credit card processing options for many businesses with low credit scores since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions My Payment Hero to provide “bad credit” merchants with stable, effective, long term credit card processing solutions.

A merchant account is essentially a line of credit backed by the bank underwriting the merchant account. If a merchant were to process a bunch of fraudulent transactions which are charged back, then the bank will want to get that money back from the merchant. If the bank is unable to get the money back from the merchant, then the bank will be responsible for returning the funds themselves. This is not ideal from the bank’s perspective!

My Payment Hero provides solutions for merchants in most industries, even if they may have less than optimal credit scores. A major exception exists for merchants in the Credit Repair industry — in the Credit Repair industry, a credit score of below 600 would generally ensure an application is declined.

Outside of the Credit Repair industry, it’s still possible for a merchant to be declined due to a low credit score, but our partner processors and banks have a much higher tolerance for “bad credit” merchants, compared to other merchant services companies. There is no specific credit score a merchant must meet, but in general, a credit score below 500 makes a decline more likely.

A merchant account is essentially a line of credit backed by the bank underwriting the merchant account. If a merchant were to process a bunch of fraudulent transactions which are charged back, then the bank will want to get that money back from the merchant. If the bank is unable to get the money back from the merchant, then the bank will be responsible for returning the funds themselves. This is not ideal from the bank’s perspective!

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Retail Payments

Retail businesses can choose from a traditional credit card terminal, wireless, or point of sale system. Whatever you choose, our retail merchant accounts will have you accepting credit and debit cards faster, and for less.

Mobile Payments

Want “on the go” mid or high risk credit card processing? Our mobile pay options are for you. Choose between iPad or mobile phone credit card swipers, compatible with both iPhone and Android devices.

Virtual Terminal Payments

Accepting payments over the phone, mail or typed in on your laptop  is easy with our virtual terminal merchant accounts.  No equipment needed. Just log in to your virtual terminal, and type in the customer’s credit card.

Virtual Terminal Payments

Accepting payments over the phone, mail or typed in on your laptop  is easy with our virtual terminal merchant accounts.  No equipment needed. Just log in to your virtual terminal, and type in the customer’s credit card.