Credit card is swiped and card holders information is electronically transmitted to the bank.

Tips on Getting Approved for Auto Transport Merchant Account

Auto transport business involves a high volume of ticket transactions so it requires a high risk merchant account. Most auto transport businesses take payment in advance so they are prone to a high volume of chargebacks. Banks don't easily offer merchant accounts to auto transport businesses so your best option is to apply it online. Getting a merchant account can help your automotive business to grow by at least 30%. With a merchant account, you will be able to accept all payment from major credit cards. You will be able to accept credit card payment from more than 190 countries. Installing a credit card processing payment gateway can increase your customers' trust in you as they know they can get their money back in case something happen.

Credit Score

You will need to get approved before you can start accepting credit card payment from your customers. The merchant account provider will check the credit score of the person who will be signing the paperwork. You can easily get approved if your credit score is at least 600. A co-signer is required in case the credit score is below 600. You must be honest in disclosing the financial challenges your business is facing for example bankruptcy. You must not lie about your credit score.

Processing History

Auto transport business that have never accept credit card before will not be able to show any processing history. As a result, they will be charged a slightly higher credit card processing rate. If you have a good track of processing history, you can easily negotiate a low rate with the merchant account provider.

Choosing a Good Merchant Account Provider

The merchant account provider you choose should be knowledgeable in obtaining approval for high risk merchant account. The provider should be able to facilitate international transactions. The provider must have been in business for a long period of time in the high risk merchant account industry. The merchant account provider should also have official recognition. You can check the recognition of the provider by reviewing the privacy policy and legal disclaimer.

Conclusion

Usually, the auto transport merchant account can be set up in 1 - 2 business days. Before signing the paperwork, make sure you understand all the details of the contract such as termination fee. If they require a rolling reserve, you should find out how much and the length of the period. The reserve is required in case of chargeback. The merchant account provider should disclose all the rates before you sign the contract.