If you own a home based business, you may already know that getting a merchant account can sometimes be a challenge.

Why?

Well, it’s a question of risk. Or in your case, “real” versus “perceived” risk.

Let me explain…

How to Open a Home Based Business Merchant Account

Because your business is home-based (i.e. virtual) you already know that accepting credit cards remotely — whether online, over the phone or by fax, is the lifeblood of your business.

So why can it be a challenge to get approved for an account?

Well, there are three factors merchant account providers look at very closely when it comes to home based businesses. They are:

1. Method of Marketing
2. Processing Volume
3. Credit Rating

Remember when I mentioned real versus perceived risk? For merchant account providers their number one concern is risk regarding chargebacks.

A chargeback occurs when a cardholder disputes a charge on their account.

For merchant account providers, that means that funds deposited into your account for a sale have to be returned to them… and they want to know that they can get the money back when this happens…

So why are home-based businesses considered more risky than “traditional” businesses?

For starters, they wonder how you will generate any sales.

Storefronts with a sign out front they understand — anything else can seem “risky” for them.

That means to get approved you will have to show them a “method of marketing” for approval, such as a website, business card, etc.

Next, you have a good chance for getting an approval if your monthly volume is below a certain limit. This condition always made me wonder a bit, considering that virtual businesses tend to have much lower overhead.

But from there is a stigma associated with home-based businesses — mainly that you are home based because you can’t pay your bills or afford an office or storefront.

It’s sad but true.

Finally, if you have any credit issues it will be very difficult to get an approval, since it reinforces their assumptions above, namely that you are home based because paying bills is a problem.

Now, the easiest way to get an approval for your home based business involves…

Choosing a Merchant Account Provider

If you need to set up an online merchant account, there are a couple of ways for you to get started.

You can click on the link below to get free rate quotes from qualified providers, saving you time and aggravation:

CLICK the link and compare free
merchant account quotes today >>>

After receiving rate quotes you can use the list of questions above to interview the providers that contact you.

Then compare for yourself to get the best merchant account.

And if your business is considered “high risk” than you will likewise need to work with a specialist.

To get free rates quotes from high risk merchant account providers simply click on the link to get started.

The choice is yours…

Comments?  Questions?

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