In order to run an ecommerce business, you'll need an online merchant account to accept payments over the internet. To increase your chances of getting approved, consider these tips before you apply.
Get your credit in order
Just like when you apply for a loan, good credit matters when applying for an online merchant account. Before you apply, request copies of your credit report from all major reporting agencies, including Equifax, Experian and Trans Union, and banish late payments and liens from your report. Make on-time payments to increase your score and show that you are financially responsible.
Be honest
Never lie on your online merchant account application. Be honest about any prior financial challenges, including bankruptcies, liens and judgments, as well as any previous merchant accounts you may have had. Being open and transparent about your past will make you appear more credible; not to mention, this information is on public record.
Demonstrate good processing history
When applying for an online merchant account, you'll need to provide your current processing statements from at least three months prior. If you have a long history of positive processing, then provide more records to really show the merchant account provider that you will be a reliable customer.
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