Is It Getting Harder to Get A Merchant Account?

Processors may ask business owners to provide monthly volume, average ticket, years in business, and even personal bank statements. The processor is ultimately trying to protect themselves and the merchant from losing money. By putting these types of fraud controls in place, credit card processors can monitor suspicious activity. They can monitor frequent declines and large transactions that your business does not typically do. There are many different acquiring banks and each has their own criteria for approving a merchant account. Most processors can provide you with their underwriting guidelines. Check with your processor on what criteria your account may need to get approved for a merchant accounts.