Best Way to Accept Online Payments with Bad Credit??

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Hi fellow warriors!

I messed up some years back and ended up with two defaults on my credit file. I know I know...prevention is better than cure but I got really sick and was sick for a long time and so ignored these debts. I'm based in Australia and defaults are listed for 5 years before dropping off your credit file/report.

Anyway the good news is that these two defaults will be both gone by June 2017...so another 7 months from today and they will drop off the report.

My situation is that I'm planning to launch a eCommerce store where I drop ship the goods. I'm new and just starting out but I plan to launch more stores if successful.

So what is the best way for me to accept payments considering that:
1) I have bad credit
2) I'm just starting out?

Is a third party merchant like Paypal the most viable option?

I'm also planning on doing affiliate marketing and so is there any impact on accepting payments for that with bad credit?


Any advice is greatly appreciated!

Thanks
David
#main internet marketing discussion forum #accept #accepting payments #bad #bad credit #bad credit repair #credit #ecommerce advice #online #payments
  • Yes Paypal is indeed the best option out there...

    There are other options as well like skrill,payza & bitcoin But since you have mentioned that you'll be going into dropshipping business paypal is the best option for it
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  • I don't believe your credit has anything to do with accepting payments. I am accepting credit cards, they didn't mention anything about running your credit. You should be fine with any payment processor
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  • Personal credit doesn't matter. Go with someone like Stripe.com and as long as you don't get many chargebacks you'll be fine.

    If you want a little big "better" of a solution use Chase Payment Tech of BOA Merchant Services.
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  • *** [ WHAT THE HELL... ] ****

    Personal credit file or score or whatever HAS ANYTHING in common with ACCEPTING payments.

    You are not askin money, you are acceptin money. So the virtual processor is happy for commissions.
    Even the bank.

    Nothing in common, u can use whatever you want.

    Try Stripe.
    • [ 1 ] Thanks
  • Direct answers to your question:
    https://www.cardfellow.com/personal-...hant-accounts/

    Using Paypal or similar payment processor wouldn't be a problem - but qualifying for a merchant acct could be. Just starting out - a Business Acct with Paypal should work for you...or Stripe if that is a better match.

    Not sure why the exclamation. It was a smart question to ask - good planning to know what your limitations/obstacles might be.
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    • [1] reply
    • Thanks Kay. Yes maybe I didn't make it clear enough in my posting.

      I'm talking about getting a merchant account. Whether it be now or down the track.

      The article you have referred me and my research in Google to seems to indicate it could be a problem getting a merchant account with bad credit. Although they seem to mention other merchant account alternatives that might charge you a higher rate. An example of this is Durango Merchant Services.

      Also please note that that I'm based in Australia and considering opening the merchant account in the U.S (as that's where my business would operate). I came across the below article in Google but I'm not sure how old and relevant the article is to 2016.

      How to Obtain a Merchant Account With Bad Credit | Chron.com

      "Overseas Merchant processors
      If you have bad credit, consider opening a merchant processor overseas. Businesses in high-risk industries and those with poor credit tend to open merchant account overseas. Overseas merchant processors typically will not pull credit reports. Be prepared to pay higher startup fees and discount rates."

      "Business Structure
      If you are structured as a Limited Liability Company or a C-corporation with an employer identification number, merchant account processors may pull the business credit and not your personal credit. The merchant processor may check your credit to verify your identity if you own a corporation. Contact the Internal Revenue Service for an employer identification number as it may be a requirement for credit card processing."

      Thanks for all your responses!

      David
  • If you want a merchant account you will need good credit. All those that say you do not are referring to 3rd party processors. If you have decent credit and get a merchant account on your own you will find you are paying much less in fees. If you have it stick with paypal and when you want a merchant account go with paypal payments pro with gateway.

    You could also look into ccbill.com they specialize in providing merchant services to people with blemishes on their credit

    al
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  • It is extremely difficult for anyone who is not a U.S. resident to get a U.S. merchant account. They require a U.S. bank to deposit to and you can usually only get one of those if you are in the USA. We have heard of some instances where a large U.S. bank has worldwide branches and people with a very good relationship with their bank's branch managers have managed to get a U.S. bank account at one of these banks set up for them through that branch manager.

    Other than that, your best bet is PayPal, for sure.

    Credit card companies definitely ask for personally identifiable information and run credit checks. This is necessary because people have up to 6 months to initiate a chargeback. They want to make sure the person they are allowing to process orders is in a financial position to be able to afford multiple chargebacks that may come months after the profits from those sales has been spent.
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    • Thanks for your advice Dave. I have seen your website and coaching course. It looks great. But I thought I came across information on your website that tells non U.S residents how to set up bank accounts in the U.S and everything else that is needed to drop ship to customers in the U.S? Is this not the case?

      Thanks
      David
      • [1] reply
  • paypal all the way..

    ive heard some horror stories of people getting their accounts frozen but it hasn't happen to me..

    ...yet..

    so far though, im very happy with them

    -Ike Paz
    • [ 1 ] Thanks
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    Best Way to Accept Online Payments with Bad Credit??

    Hi fellow warriors! I messed up some years back and ended up with two defaults on my credit file. I know I know...prevention is better than cure but I got really sick and was sick for a long time and so ignored these debts. I'm based in Australia and defaults are listed for 5 years before dropping off your credit file/report.