Merchant Accounts For Business Owners with Bad Credit

Merchant Account With Bad Credit

An Overview

SoarPay 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.

Soar Payments, 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 Soar Payments to provide “bad credit” merchants with stable, effective, long term credit card processing solutions.

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Frequently Asked Questions

Here are common questions specific to bad credit merchant accounts:

  • Why do merchant services companies care about the credit history of a business owner?

    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!

    As such, the bank is concerned with the credit worthiness of the merchant. While Soar Payments does work with banks that have a higher tolerance for lower credit scores, all banks still want to evaluate the credit of the owner.

  • What types of “bad credit merchants” do you offer processing solutions for?

    Soar Payments 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 550 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.

  • What if I’ve declared bankruptcy in the past? Can my business still be approved for credit card processing?

    If you have declared bankruptcy in the past, then Soar Payments and our partners may have trouble getting you approved for a merchant account. However, our partner banks look at all applications holistically, so if other elements of the application are strong, your application may still be approved. Given that every application, business, and owner are unique, it is worth applying, so that the bank can have an opportunity to evaluate the situation.

Want more information? Click here to read our extended list of our FAQ.

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Types of Bad Credit Merchant Accounts

Soar Payments offers a full-array of merchant accounts to online, brick-n-mortar, and other businesses in various industries.

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.

eCommerce Payments

Selling online? Our easy to use payment gateways are compatible with, and simply plug in to most major shopping carts. Our mid and high risk merchant accounts are streamlined for eCommerce businesses.

The Payments & Fintech Podcast

The latest happenings in the worlds of payments and fintech impact all kinds of businesses and industries. If you want to offer your customers the best experience around payments, or just want to learn about financial services that could help your business... PayPod: The Payments And Fintech Podcast has you covered!

Each episode, you’ll hear an interview directly with a leader from the payments and fintech industries. We talk with fintech entrepreneurs, security experts, mobile developers, eCommerce pros, and more…

From credit card processing to bitcoin… from retail POS systems to cutting edge digital payments tech… merchant accounts and mobile checkout… we cover it all!

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Our podcast explores the fast-changing world of payments and fintech through interviews with thought leaders around the world. From credit card processing to bitcoin, and digital banks to finance software… we cover it all!