If you’re trying to open a merchant account, you should find it to be a straightforward matter. You simply contact the company with which you want to set up the account, input your information, and set up a payment method.
That’s normally all it takes for you to be up and running.
However, there are certain situations where your merchant account application can be rejected. If it keeps happening, one of these issues could be to blame.
There Could Be Something Wrong with the Merchant Gateway.
Keep in mind that having a working merchant gateway is part of what you need to have an active merchant account. If your account application keeps getting rejected, then it might not be because of anything you’ve done or something in your background that has gotten you flagged. Instead, some aspect of the merchant gateway could be faulty.
If that’s what seems to be happening, you’ll likely see an error message of some type indicating this is the case. If you see such a message, it’s best to contact the merchant so they can resolve the matter expediently.
You Have a Past Fraud Conviction.
If you or the business for which you’re trying to set up the account has a prior fraud conviction, or if you were ever under suspicion for fraud, that could prevent your merchant account application from going through.
Fraud is regarded very seriously by many companies. If you have anything in your past which indicates you or the business you represent are untrustworthy, it might be difficult for you to get an account approved.
Your Card is Expired.
Sometimes, the explanation is a much simpler one. For instance, maybe the card you are trying to connect to the account has expired.
If so, that’s one of the easiest fixes. You can order a new card with an expiration date that’s later than the one you currently have.
You might also go with another card if you or the business you represent has one readily available. Having multiple cards for your company is often a smart move, so opening up a new one is at least worth considering if you only have one go-to card at the moment for business-related expenses.
The Type of Card You Have Isn’t Accepted.
Certain businesses won’t allow you to pay with specific types of credit cards. For instance, trying to pay with an American Express can sometimes be problematic.
This is because of fees associated with Amex that aren’t applicable with other cards. If that’s what is happening, you should see a message about the card’s validity that will make it obvious this is the issue you’re running into.
You Don’t Have a Solid Credit History.
One additional reason why your merchant account application might be getting rejected is because of poor credit. If that’s what’s occurring, the best thing for you to do is to work to improve your credit score.
There are several viable ways to do that which you can look into.
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