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Merchant Account I NEED HELP (SERIOUS)

Discussion in 'Business & Tax Advice' started by EazyE, Nov 26, 2014.

  1. EazyE

    EazyE Newbie

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    Look here's the deal, I have a successful, tech support business that is growing at a good pace. I have been in the industry for 4 years and I know how to grow this type of business better than i know the back of my hand. My business partner and I recently had a falling out, we are no longer working together so now i'm on my own and it's better that way. Since the split, I've built a whole new website, Set up all new advertising campaigns. The only thing holding me back is a merchant account. I have bad credit and I NEED help with this. Someone please help me, Please point me in the right direction. I'm seriously at the point where i'd be willing to give away 5% of my business to someone just for opening merchant accounts for me.
     
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  2. Nochexman

    Nochexman Newbie

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    Hello EazyE, please try Nochex.com; I'm sure we can help you.
     
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  3. LastBlow

    LastBlow Junior Member

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    give stripe a chance usually very easy to get approved
     
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  4. hiero717

    hiero717 Newbie

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    I've gotten high risk accounts for tons of friends with sh*t credit. The ISO you go through has checklist that has to be in compliance before they send your app to the bank they represent. You said you have a website thats good. That is just the start. If your trying to hide your actual business site then create what some call a "bank page" Show the underwriters exactly what they need to see to open you an account. Show pricing, and even get a cart even though you will never use it. Get an ssl cert and have it always pull https. Have a real address, since you are remote get an address, there are tons of ways for this and not a PO box. Have Terms, Privacy, Contact with a toll free. You need a business with an EIN and business bank account.

    It is 100% possible to get a merchant account with terrible credit. It will be high risk so they will all throw at least a 10% reserve at you plus processing and gateway fees and your first account will be from 25 to 50k a month if you're lucky and if you need more apply for a couple more through different banks. If you are legitimately not ripping people off and your chargeback rates stay low you will get increases.

    Just jump in and give it hell. you'd be surprised how much someone will help you get everything in order to get your account open.

    Good Luck
     
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  5. RxAff

    RxAff Regular Member

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    really a little strange. 4 years of working and bad credit?
    For al those who has partners it is a lesson for you, don't sit and wait $$$ from heavens, make an airbag for yourself, even if you present biz is good.
     
  6. Jagader

    Jagader Newbie

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    good luck, btw double post sheshadri - edit: now i know why
     
  7. EazyE

    EazyE Newbie

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    This was very helpful. Thank you.

    I don't see the need to hide my real site or hide anything really as the business is a legit business.

    I guess i was just wondering if there are any accounts out there that specialize in high risk businesses like tech support. If anyone can point me in the right direction it would be greatly appreciated.

    Again, thank you for a reply that was actually useful.
     
  8. bootseller

    bootseller Newbie

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    Hey, we processing already with virtual terminal we are using merchantsystem.com but not sure if you have enough volume to have a merchant account from them.

    ______
    IPhone Replicas
    Never compromise on quality
    Message for Bulk Purchase.
     
  9. GlobalSolutions

    GlobalSolutions Jr. VIP Jr. VIP

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    I know it's extremely hard to get approved for tech support even with a US signor since it's considered high risk.
     
  10. thebizwiz

    thebizwiz BANNED BANNED

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    I have PM'd you and I can help you out. The objective is to get solid reliable merchant processing where everyone is aware of your services and products. The good thing is there are many options, the challenge is all that is dependent on where your business is based and how it is set up.
     
  11. EazyE

    EazyE Newbie

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    I cannot pm as i do not have 15 posts yet. Please add me on skype if you can help me

    Skype: stressfreeeric
     
  12. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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  13. netmoney1

    netmoney1 Executive VIP Jr. VIP

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    OP - I wish you luck finding a merchant account...

    But I have to say this...to anyone FOOLISH enough to even consider opening an account for someone in exchange for 5% you need to be slapped...HARD. You would be 100% liable for it. These type of scams pop up all the time and dumb people are left holding a bag of HUGE debt.
     
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  14. EazyE

    EazyE Newbie

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    I cannot PM yet my friend but i would like to talk with you further..
     
  15. ViDolce

    ViDolce Newbie

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    Hi. I can help to open a merchant account for you for one day and no docs.
     
  16. Trepanated

    Trepanated Supreme Member

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    @OP,

    Whatever you do, do not deal with people who have brand new accounts, low post counts and zero credibility.

    They are almost certainly up to no good.
     
  17. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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    I just PM'd nochexman
     
  18. Paranoid Android

    Paranoid Android Jr. VIP Jr. VIP

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  19. GlobalSolutions

    GlobalSolutions Jr. VIP Jr. VIP

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    Good points made there. Make sure you are dealing with a reliable company when assisting in such cases. Keep rolling reserve etc. Good luck.
     
  20. paymentshelp

    paymentshelp Newbie

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    Being able to demonstrate past volume and CB ratio can have a big impact on how underwriting works. If you have a legitimate site, that is selling high-risk approved products, it should not be an issue. As last response pointed out, there will most likely be a 10% reserve and a required guarantor with limited initial volume until you can provide history of good business.

    "Specializing" in high risk is pretty objective. ISOs have better relationships with some banks that will still board high-risk (like me), and some only work with banks that will take high-risk with a lot of hoops to jump through. Other services out there that cater to high-risk, typically involve controlling chargebacks, as it is why the merchant is generally in this category. I have products (gateway or API) to fight chargebacks, as well as integrations into Verifi and Ethoca that provide an auto-refund when alerts of consumer chargebacks are received.

    PM to get a MID approved in 24-48 hours.