Can You Get A Merchant Account Without Personal Guarantee?

Merchant Services Q&ACategory: Payment ProcessingCan You Get A Merchant Account Without Personal Guarantee?
Maurya Shubham asked 9 months ago
1 Answers
Bankim Chandra Staff answered 7 months ago

It actually depends on various factors.

  • What do you sell
  • Does your business requires a personal guaranty or collateral before getting approved for a merchant account

Some industries that may require collateral personal guaranty are listed below

  • Remittance companies. These companies are in the business of sending money transfers.
  • Precious Metals. Since its a high ticket size industry acquirers may require collateral or bank guaranty
  • Escrow services. Again because of high credit risk Personal guaranty or collateral may be needed.

Its better to get the business model and url checked to see if it requires personal guaranty.

We work with many merchants in the Remittance Space and have some credible solutions . Let us know if you need a payment solution.