6 Ways to Prepare for Applying for an Adult Merchant Account

Posted by Brian Latch on November 23rd, 2020

1. Build your credit or clean it up

If you have no corporate credit rating, start creating one by opening a corporate credit or acquiring a company credit card. Pay them on time, or if possible early, once you get them. Once you have credited the findings with Equifax, Experian and Trans Union, big reporting organisations, to ensure they don't have any errors. Fix the errors and pay for something that is not an mistake. Better scores mean increased prices and opportunities for financing.

2. Secure a few funds

Many risky adult merchant account online providers ask adult companies to maintain a reserve account to cover them. This is a different account in case the dealer defaults on fee or refunds; a specified sum of money is retained. You prove a supplier that you can be taken seriously by stashing these funds and getting them available.

3. Tell the facts

You are able to clarify the facts whether you have other companies that went bankrupt or have had other adult merchant accountterminated. This doesn't disqualify the company automatically. However, if a commercial account provider scans and detects these facts, it will probably work against your business.

4. Take the direction you take

Many friendly fraud charges are received for adult traders. Friendly fraud means when consumers get goods or services, they decide to not pay them, so the credit card charges are challenged. This occurs a lot when a spouse or partner sees the credit card charging and wishes to hide his / her adult purchase.

5. Wait for the price

It is not covered in sugar, higher risk amounts to higher costs and charges. Furthermore, assume that other smaller risk companies will not comply with other limitations, such as monthly transaction volume limits. Don't worry. Don't worry. Don't worry. If you can show the success of your company and the loadback ratios are low, most commercial service providers can renegotiate terms and conditions.

6. Ready your papers

Get your documents together before applying. Online adult merchant account service providers want to see payment processing documents, valid state identification, as a passport or a driver's license, a couple of months of bank reports and all owners/stakeholders' contact details.