Bad credit merchants typically have a hard time becoming, well, merchants. Many in the business world look down upon these merchants, with the notion that their personal credit can interfere with the way that they do business. This is usually not true, but the processing industry also takes this stance. It can be hard to get a loan or a merchant account. While tough, this can be done, and all it takes is a little patience and determination.
Social lending websites, such as GoFundMe can help you gain the funds to start your business. While this method is ran over social media, it is one of the most popular ways to cash in on your business idea. It also gives you a good reason to start-up your business social media accounts. From Facebook to Twitter to Instagram, and even YouTube, social media can make or break a business. By starting your page before you actually have a business, you can gather a following to help your business have a nice takeoff.
If you are in need of equipment for your new business, check out equipment lenders. These businesses work with new or troubled businesses, and will typically work out a better payment plan (or rental schedule) than a traditional equipment wholesaler. It may be hard to find one, so use social media and local business organizations to help you locate an equipment lender in your area.
You also need to look for a bad credit merchant account provider like eMerchantBroker. While it can hard to differentiate the good from the bad, you need to find a merchant account to process plastic card payments. You need to be sure to ask questions before signing on with a bad credit merchant account provider, because every processor is different.
The last resort you should take if you cannot find anyone to help fund your business, or help rent equipment to your business is file bankruptcy. Yes, it will stay on your personal record for up to 10 years, but it can help make it easier for you to start over.