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Credit and Business History
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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...
Personal Credit History
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.
Business Credit History
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. For this reason the
above doesn't just apply to sole traders, but also
applies to limited companies. Even though limited
companies have limited liability, we will still need
to check the credit history of the business and also
each partner.
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 merchant 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.
The third option that we may be able to offer is
a simple, no thrills account. This account still uses
the same payment system however certain aspects, such
as a virtual terminal and the repeat billing facility,
are withdrawn.
The main reason being is to provide the lowest possible
risk for a merchant which makes the sponsor bank happy.
This is perfect for people who struggle to get merchant
accounts on their own or have personal credit issues
etc. It also fully rules out PCI compliance as the whole
payment process is handled by us. Adding a virtual terminal
would bring in the need for PCI compliance and other
risk assessments.
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.
Checks preformed
as part of the application process
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