Business Credit History

Unfortunately we often come across cases where a director of a company, who has bad credit, will start a new company without settling old debts in the hope of acquiring merchant status. For this reason the above doesn't just apply to sole traders, but also applies to limited companies. Even though limited companies have limited liability, we will still need to check the credit history of the business and also each partner.

Personal Credit History

If you have certain on-going credit issues or have even come out of bankruptcy, we can often still help. It all depends on how many defaults you have, how old they are, how far apart they are, how much you owe and if they have been settled If, however, you have more than one CCJ and /or an IVA in place, we unfortunately can not help.

The main reason being is to provide the lowest possible risk for a merchant which makes the sponsor bank happy. This is perfect for people who struggle to get merchant accounts on their own or have personal credit issues etc. It also fully rules out PCI compliance as the whole payment process is handled by us. Adding a virtual terminal would bring in the need for PCI compliance and other risk assessments.

Checks preformed as part of the application process

As you can imagine we are unable to tell who will have their settlement period and rolling reserve increased until an application has been put in and is being processed.

Please be reassured that you are under no obligation to continue with the application if the new terms offered no longer meet your requirements. If this is the case than simply reply to the relevant email and your application will be terminated.