Bad credit? No problem! You can still obtain a bad credit merchant account to grow your business. Of course, poor credit will definitely make it more challenging for you to get approved for payment processing. However, with a true professional in the field, you can get the best for your business.
Let’s see how you can borrow money and open a merchant account with bad credit.
Bad Credit Merchant Account and Business Funding
It’s not easy to build and maintain a perfect credit score. Only 1 in 5 people has a credit score between 800 and 850, which is regarded as exceptionally good.
90% of businesses use the so-called FICO credit score, the most popular credit score. FICO scores range from 300-850. The higher your score, the easier you can get approved for business funding or a merchant account for your business. The average credit score for US consumers in 2018 was 700.
By the way, FICO reports that people aged 60 and above have an average credit score of 743. Those aged 18-29 have an average of 652. If your credit score is below 580, you’ll have a difficult time getting approved for a loan from a legitimate lender.…