If you have a low credit score, finding a merchant account that doesn't charge you outrageous rates can be a bit of a hassle. Whether you have a startup company or you've been in business a while and want to see what options are open to you, you want to keep reading.

High Risk vs Low Risk

When a company determines your fees and rates for a merchant account, they will try to determine if you are high risk or low risk. They come up with one of the designations based on credit rating as well as what type of business is being run. For example, some industries that might see a lot of chargebacks (like online dating websites or vitamin and herbal supplement ecommerce stores) will be considered high risk.

What to Look for in Accepting Credit Cards

Here is a look at some of the main things you want to make sure you're getting from your merchant account - even if you have a bad credit history.

• Type of Transactions - You want to also make sure your merchant account can handle both signature transactions if you have a physical storefront or take payments in person. Additionally, you want to have the ability to use a Virtual Terminal for "Card Not Present" transactions - i.e. online payments.

• Fees and Rates - Once you know a company can handle the different types of transactions that you require for your business or startup company, the next thing to look at is their fees and rates. Just because you have a low credit rating doesn't mean you need to pay high fees.

• Multiple Underwriting Banks - Another thing to look at is whether or not the company offering the merchant account is backed up with multiple underwriting banks. This way, if one goes away, you're able to continue taking transactions because of the other banks.

• Application Process - After you find a company that can offer you the merchant account you want, you should make sure they have an easy application process. In most instances, you will be able to fill out the paperwork online and save quite a bit of time.

• Set-Up Fees - Speaking of signing up, you should make sure that the set-up fees aren't too high. IBI Merchant Services doesn't charge any set-up fees at all, which is why they're a favorite of people with bad credit scores who still need a professional merchant account for their business - even startups.

Bad Credit Score Merchant Accounts

Are you ready for the good news? Solutions are available. You can have a merchant account with a low credit rating without having to pay high fees and rates. The secret is in choosing a company that has a history of helping people with low credit get a merchant account. If you choose IBI Merchant Services, you get a company with a good track record when it comes to helping those with less than perfect credit scores get a merchant account that's affordable.