Be Approved for a Furniture Merchant Account. Let Me Tell You How.
We have lost count of the number of times that an owner of a furniture store has come to us in utter frustration because…
"My bank turned me down because they said online furniture sales was too high risk and it's on their Prohibitive List."
"Every merchant account processor has declined my application because I want to sell expensive furniture online."
"I've been in the business for years, yet I have to pay high rates because my average price to my customers is too high. But that's the real price!"
At Service First Payments our mission is to help furniture merchants obtain approval for a retail or online merchant account at competitive rates. We do this by building you a case for processors that is logical, mitigates risk for the merchant account company and bank and sets a course for sustainable growth. Our many relationships, built over years, have given us a 99% acceptance rate from processors and banks for furniture merchants who work with Service First Payments.
Our merchants have performed so well over the years that it has built trust with financial institutions and opened the door for the approval of new Furniture merchants. We work with the underwriters and Risk Departments to ensure that they understand your business model and that the first few sales go through smoothly.
Why are Furniture Merchants considered High Risk by many banks?
Furniture Merchants can be labeled as a "High risk" business depending upon your business model, prices and credit.
If your business model is to take an order and then deliver the furniture months later, you will assuredly fall into a high risk category. Buyers can have many opportunities to charge the order back if the wait is too long. Buyers can change their mind and cancel, find a better deal, leave the area or for many unknown reasons claim fraud for non-delivery in order to get their money back.
Chargebacks make you look unreliable and a poor risk to bankers and processors.
Your model should be to carry an inventory, sell what you have, order what you must but keep in extremely good communication with the buyer all the way through delivery. That way you can be alerted if there is going to be a challenge. It's highly recommended that you consistently make calls, send out texts and emails letting the buyer know the progress of the order. This allows you a chance to handle any considerations the buyer may have and will lower chargeback instances and grow your business credit.
We can also provide software tools to mitigate chargeback counts. Many of our merchants use Chargeback 911, Kount software, Ethoca which alerts you when a cardholder is initiating a Chargeback. It will also prevent most fraud from stolen cards and use other verifications so that you know who your buyer is.
Credit Challenges
Even if your business's credit is not up to par, we can structure an initial merchant account that allows you to build your business and your business credit at the same time. Later, when you have built a good transaction history, we will work with you to negotiate lower rates and other benefits.
To acquire a merchant account for your furniture business, click on: Home Furniture Merchant