Do banks do credit searches on application of an internet merchant account ??
Payment processing providers require merchants to meet specific standards in order to be allowed to apply for a merchant account for their business. Following is a list of the most important requirements. Be advised that merchant account providers have different approval criteria and their requirements may vary. Keep in mind that payment processors want your business and that your credit history might not be as bad as you think it is. 1. Credit History. A review of the business’ financial performance will almost certainly be done during the application process. A typical request a card processing company will make is to see the business’ financial statements for the latest two years. The organization’s principals will also be scrutinized and they are usually required to provide their tax returns for the latest two years. The business’ Dunn & Bradstreet credit file will most likely be reviewed, as well as the principals’ personal credit files. Personal bankruptcies are taken into accoun
