Why Was My Credit Card Processing Application Denied?
When you apply for credit card Processing, you have no idea where your application will go. The details about the decision of not issuing a credit card processing reach you through the mail, in which the details about the decision is given more precisely.
Why Credit Card Applications are Denied
Let’s now discuss various possible reasons for declination of application for credit card processing :
Age
Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age.Your age is another factor for the denial of your request. If you are under 18, the issuer will not accept your request, as it is not the legal age.
Incomplete Application Form
If you don’t complete the application form completely or correctly, it can lead to denial. So it is better to apply for credit card processing online as it will not submit your request until and unless all the fields are full.
Loan Balance
If you want to apply for credit card processing, make sure that you pay your loan balance regularly if any. When you apply for credit card processing, your credit history is checked and if it is negative, the bank or the processor will hesitate to accept your request to avoid risk.
Healthy Credit Balance
It is good practice to keep your credit balance healthy. In other words, you should only use a portion of the credit available instead of using it to the fullest. Healthier the credit card score more are the chances of approval.
Inquiries on Credit Report
It is advisable not to apply for many credit cards or credit cards processing, especially in short span of time; this may lead to declining of application. Lesser is your credit inquiries; better are the chances of getting your next approval when you would apply.
Low Income
The very common factor of declination of application is income of the applicant. Minimum income for application varies by Banks and Processor. And if the applicant fails to match the minimum income requirement, his/her application can get a rejection. So before applying for credit card processing, get an idea about minimum income.
Negative Processing History
Another reason for credit card application denies can be the number of credit cards processing account utilization by the applicant with negative Statement. If there are accounts shut due to high Chargeback it can be an issue in getting approval for a credit card processing.
TMF or Matchlist
If you are on Match list or get as a TMF merchant it would be a big reason for not getting approval for your Credit Card Processing Account.
Don’t Fulfill the Minimum Requirement
Your request rejection can be due to not fulfilling minimum requirement like you don’t have an SSL secure and PCI compliant website. Or you have rejection by any card brand processor, or any Data compromise investigations was there for you and your business.
As a conclusion, you need to make sure before applying for a credit card processing and get ready, you choose a payment service or merchant service provider who can proactively help you with this.
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