Banks or credit card processors can deny a business’ merchant account application for the following reasons:
Less than stellar personal credit history.
2. Your business is considered high risk.*
3. You don't match the average processing volume for your type of business.
4. You are blacklisted in the Terminated Merchant File (TMF).
5. You are delinquent in paying taxes.
6. Your online reputation is negative.
7. Too many chargebacks.
* High Risk companies include: Travel and Hospitality, Medical, Health and Fitness Trainers, Law Firms and Legal Practices, Childcare Service Providers, Freelance and General Contractors
Super High Risk companies include: Legal Cannabis, Tech Support, Web Development, Computer Services, Construction, or General Consulting.
If your Merchant Services have been denied, consider Direct Debit as an alternative. Lower fees, faster payments and simple application. See details and pricing in our Direct Debit page.
For more information follow this link for the original story from Payment Depot