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Previous Credit or Business History

Please note that credit checks are only done at the end once we receive all the documents back from you and we know we can help. We don't want to be affecting peoples credit scores unnecessarily.


Why do I get credit checked when I'm not taking out credit with you?

Merchants typically collect payment in advance of providing the product or service as well as providing some sort of quality assurance (e.g. will be delivered, can be returned, satisfaction guarantee, etc.). Therefore, the risk born by an acquirer is similar to providing a line of credit. If a merchant acts poorly and the business can't or won't remedy the situation, the merchant account provider is then liable for all the chargebacks and losses.


My credit rating isn't the best. Can you still help?

In most cases, yes. However this does depend on what type of credit history it is. Please note that if you were a director of a business that went into administration, or you had your merchant facility terminated then we are unable to help.




Business credit history check

Unfortunately we often come across cases where a director of a company, who has bad credit, will start a new company without settling old debts in the hope of acquiring merchant status (known as a Phoenix company). Even though limited companies have limited liability, we will still need to check the credit history of the business and also each partner.



 

 

Personal credit history check

If you have certain on-going credit issues or have even come out of bankruptcy, we can often still help. It all depends on how many defaults you have, how old they are, how far apart they are, how much you owe and if they have been settled. If, however, you have more than one CCJ and /or an IVA in place, we unfortunately can not help.



 

Please click here for more information on the checks preformed as part of the application process

Depending on credit history (and business type), following a full risk assessment of an application, in order to increase the merchant's chance of obtaining a facility with one of our sponsor banks, we may sometimes increase two specific elements:

1. the settlement period and / or
2. the rolling reserve

Indeed a longer settlement period and a larger rolling reserve are more likely to reassure our processing bank that we have taken sufficient steps to mitigate the risk exposure on an account.

As you can imagine we are unable to tell who will have their settlement period and rolling reserve increased until an application has been put in and is being processed. Please be reassured that you are under no obligation to continue with the application if the new terms offered no longer meet your requirements. If this is the case than simply reply to the relevant email and your application will be terminated.

 


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