In short, those with good credit can qualify for accepting credit cards. It is a priviledge to accept credit cards and it conveys to the customer that you are a legitimate and credit-worthy business. The processor will want to review the credit report for the owners of the company, or you can provide business financials using a corporate resolution instead of a personal guaranty. Basically, the processor is lending you money each month and their risk exposure is chargeoffs from the business not doing the service or delivering the product that was sold. For example, a cabinet maker takes deposits on dozens of orders, then goes out of business and disappears with the money that was already deposited. The processor is now liable for the chargeoffs that get incurred when all of those customers call in to their credit card companies to report fraud and to get the charge removed from their card.
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