Forums » Discussions » Business Credit - Credit Card Merchant Status For Small Businesses
Credit History: Your personal and business credit histories will undergo indepth examinations. Banks place heavy emphasis on this information. If you have prior merchant accounts, the bank will likely seek confirmation from those lenders on your credit standing.
Preparation for Merchant Status Applications
You need the following documentation for the bank's examination:
Your business plans, including financing sources and operations details;
Business credit report. It is best to request this report prior to submitting your application; and
Personal credit information.
Having this information available when you make your merchant tips on selling merchant services status application will simplify and speed up the process.
The most important element of your application is an impeccable credit score, both on a personal and business level. Prompt payment of your creditors' accounts will ensure your rating is favorable.