Many merchants complain about the lack of information when it comes to high risk merchant account application. It's not that there's no information at hand; it's more likely because merchant account providers do not provide standard customer service or are simply too lazy to share the nuts and bolts that the applicants need.CASE IN POINT
For example, a merchant may have already submitted his application before the merchant account provider (MAP) reveals the improbable terms: that he may not receive payment until x number of months or that he may not be approved for a merchant account unless he changes his marketing plan. When this happens, the worst case scenario is that the merchant's application may never be approved. If the company doesn't offer a money back guarantee, he may lose money even before he earns it.
The dark side of high risk merchant application involves a possibility that the MAPs may take long to approve your account. The reason is that they need to assess your business in relation to the rate of frauds and chargebacks that might be incurred. Also, you may spend more on fees than a regular merchant account.
GOING THE OFFSHORE WAY
3 comments:
This is really good info. Don't mind you adding some stats though!
It is even more increasingly important that you make sure you understand the terms and conditions of your unsecured business loans, merchant accounts, cash advances, and pretty much everything regarding your finances. If you have questions, go to a lawyer; it may cost you some money, but better to be safe than spending a fortune on a mistake later on.
Merchant Business cash advance financing is a much easier for small businesses to get the capital they need than sba, or traditional small business loans. Case study tips videos on my blog.
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