Can you get a merchant account with bad credit?
Just about every business will need a merchant account to operate effectively. A merchant account allows businesses to conduct credit card processing. A business owner can still obtain a merchant account even if he or she has poor credit.
How much does it cost to have a merchant account?
Most providers will charge you a monthly, ongoing fee for their merchant account services, as well. This will typically be a flat fee of $10 to $30 that could be called a statement fee, an account fee, or simply a monthly fee.
What is a merchant account vs bank account?
In order to receive payments from customers, you need to have a merchant account and a bank account. A merchant account is purely a transitional account for receiving payments via debit and credit cards, while the bank account will be used to receive the funds you collect from your customers.
Under a court settlement that went into effect in January 2013, retailers in many states are allowed to add a surcharge to credit (but not debit) card payments made by Visa and Mastercard. Currently, merchants can pass along fees in the form of a surcharge equal to what they pay to accept the card, up to 4%.