One of the main hurdles of starting a business is to accept credit cards, specially online. And this problem turns worse when your credit score is low. According to The Small Business American Dream Gap Report, almost 20% of small businesses reported being turned down by their banking institution for low credit scores. In this article, we’re going to explore the best alternatives to a merchant account with bad credit. Start accepting credit cards online and boost your business today.
Stripe as an alternative to a merchant account with bad credit
Did you know that most online-only payment processors, including Stripe, do not perform a credit check as part of the activation process? Use that advantage in your favor and register for an account. It may seem daunting (as you’re probably going to need a developer to integrate their solution) but with some basic business information your account will be up and ready in minutes. You don’t need to care about the tech involved, we’re not going to need that.
Use PayForm to get your own Stripe-powered payment form
Ok, so we used Stripe to open a merchant account with bad credit, now we need to accept payments using it. In this tutorial we will use PayForm. PayForm allows you to build simple payment forms, unique for your business. The process is really easy and takes seconds, not weeks.
After your form is ready, connect it to your Stripe account. This way you are ready to start accepting payments online with all major credit cards easily, no tech involved.
Stripe and PayForm are both free for small businesses and just charge a small commission each. It’s a great alternative to a merchant account with bad credit. You will be free of hefty maintenance fees or overdraft fees, and no credit check is made, either by Stripe or by PayForm.