More and more restaurants are realizing that opening a merchant account is in their best interest. However, applications to open a restaurant merchant services account are not always approved. What should you do if this happens? Some merchant services companies may be willing to negotiate. Just because you were declined does not mean it is set in stone. If your application to open a restaurant merchant services account was declined, respond in a respectful and professional manner. For example, you could say:
“Thank you for considering our application for a restaurant merchant services account. I am familiar with the risks associated with allowing businesses to open a merchant services account and recognize that there are reasons I might not be approved. However, I would like to reinforce that we would love the opportunity to work with your business and would take this partnership very seriously. If there is anything we can do to give you peace of mind about working with us, like providing cash collateral or security, we would be happy to discuss this option. Please let us know if there is anything we can do to have our business approved for a restaurant merchant services account.”
The wording above is a good suggestion, but be sure to customize your message to your specific audience. The main goal in this messages is to let them know that you sincerely want to work with their business. In general, the more transparent you are about risk and security, the more likely you are to be approved for a restaurant merchant services account. Once you have shown that you are a serious, stable, and financially sound business, you will be able to enjoy the freedom that comes with running your business with a restaurant merchant services account.