0
Is there a way to collect a debt via credit card without a merchant account?
Wiki User
∙ 7y ago
If you are a business owner without a proper Merchant Account, you should not be attempting to accept Credit Card Payments.
There are numerous repercussions such as Charge Backs, a term used the Payment Processing Industry which refers to a dispute in a credit card charge resulting in the recipient of the initial amount being charged back (taken back from his account) unless substantial proof that the charge is valid with proper documentation of proof of service or goods provided. On top of being "forced" to give back the original amount of money, you will also be levied a surcharge for the handling of the charge back.
If a fellow merchant helps you process the charge, they too will have many repercussions and far worse get on the TMF or MATCH list which in short blacklist them from having a Merchant Card Processing Account. For many brick and mortar retail stores, losing the ability to accept credit cards is a death sentence for the business.
If you are not a business owner and are just trying to collect a debt, there is however an alternative method. Have the person that owes you money send you and Interac Payment through their online banking account. It's safe and easy to use.
Other methods may include wire transfers or simply have them send you a check. Harsher method may mean to sell the debt to a collection agency or hire an collection agency and of course the ultimate last resource which is take them to court.
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
Can you get a merchant account without a credit check?
Good question! For a merchant account, the 'creditworthiness' factor is usually always checked and might affect the decision for the approval. Poor credit would almost invariably result in the disapproval of your request for a merchant account. So instead of trying now and getting rejected, I'd suggest hanging on for a while - try and improve your score in the near future, and then go to a merchant account provider like CreditCardProcessing.com. These guys reviewed my creditworthiness and explained the benefits of having a good credit score. What's more, I discovered that Credit Card Processing was not just an affordable merchant account provider, but efficient and safe, too. Check it out!
Where could one get a Merchant account with bad credit?
One could get a Merchant account with bad credit from Durango Direct, 2Checkout, eWay, Safe Charge, Card Processing Solutions and Sagepay companies. A merchant account is usually set up for businesses that accept credit or debit cards as part of their payment options.
Will your merchant account close after bankruptcy?
While it is more difficult to obtain a Merchant Account with a bankruptcy on your credit it is still possible. I was able to get a merchant Account through Orbitalpay (http://www.orbitalpay.com) with less than perfect credit as they are "in house" and are more leniant with approvals than most banks.
Do people that own businesses and accept credit cards need a merchant credit card?
In order to accept credit cards, a business owner needs to set up a merchant credit card account, an internet gateway, or use a third-party credit card processing service. Many banks allow the option of opening a merchant account and charge a monthly fee as well as transaction fees. Internet gateways are more expensive, and require a set up fee, monthly fees and transaction fees; however, most gateways services allow you to use a card swiper in addition to the online service. Third-party providers, such as PayPal, allow you to accept credit cards without a merchant account, but they usually charge more and take longer to process transactions.
Can I obtain a merchant account with bad credit?
Merchant accounts typicaly require a credit check. Google Checkout is available without a merchant account.
If you close a credit card can a merchant still charge the account?
No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined.Now, if a merchant received an authorization before the card account was closed, the authorization will be honored.A merchant may attempt to force a credit card transaction without an authorization, but the credit card company will not pay it.http://paymenttransactionsystems.comhttp://merchantpos.net
What is the purpose of a merchant account in terms of credit card usage?
The purpose of a merchant account in credit card usage is that if one opens a business and accepts credit card payment online, one has to have a merchant account.
How much does a Credit Card Merchant account cost?
A Credit Card Merchant account costs about $25 to $30 a month.
Can my small business get a merchant account even if I personally have bad credit?
yes you can have merchant account eventhough you have bad credit, check on this CommercePaymentSystems.com
Cosigning on merchant account for someone with bad credit history?
I am not clear as to exactly what you are asking, but I can refer you to a couple of good resources for businesses whose owners have a bad credit history, but are seeking to get a merchant account. These are The Merchant Account Advisor and Merchant Account Exploer. Both have web pages devoted to the bad credit merchant account issue and list a number of processors who should be able to help.
Where can one find more information about fixing a bad credit merchant account?
Information on fixing a bad credit merchant account can be found online. Websites such as 'Instabill', 'High risk-Merchant Account', and 'Emerchantbroker'.
Getting a merchant account for a website?
Merchant accounts can be set up for free through merchant services like PayPal. These services allow you to accept credit card payments from customers and collect online transaction fees without needing to make frequent trips to the bank. Head over to PayPal and their website can help you go from there.
What is the purpose of third party credit card processing?
The purpose of third party credit card processing lets one accept online payments without a merchant account of one's own. Instead, the service provides their own merchant account for you to use.
What is the purpose of an eCommerce merchant account?
An eCommerce merchant account is a payment gateway for businesses doing transactions online, primarily using credit cards. The merchant account with the credit card company, such as Visa, is what allows the business to accept credit card payments online and have them processed.
What type of merchant accounts could someone open with bad credit?
Someone with bad credit could open a merchant account with their bank, provided that their bank offers merchant accounts. Additionally, someone with bad credit could open a merchant account overseas, as overseas merchant processors don't typically pull credit reports.
What is required for a merchant account setup?
There are many things that are required in order to apply for a merchant account setup. There are requirements like a good credit score and means of credit like a credit card.
