Are you looking to get a business credit card? The process is simple when you have a payment processor, such as 5 start processing. Here is how to get approval for a 5-star processing business MasterCard and various other aspects of getting a business credit card that you should know.
How to Get approval for a 5-star Business Mastercard?
Here are the steps you need to follow to get approval for a 5-star processing business MasterCard.
Visit sharkprocessing.com to get the form to apply for a business credit card. Complete the Enrollment process. It requires some details of you and your business.
After enrollment, you will receive a beginning line of unsecured credit, which ranges between $200 – $10,000.
Then you have to pick a program. Here you have to select the amount to be debited from your business bank account.
Then the settlement of the transfer program will happen.
Once all these things get over, you can use your new business credit card.
These are the basic steps. Applying for and approval for a 5-star processing business MasterCard has various other aspects.
Can you apply for a Business Mastercard?
Although anyone with a business can apply for a business credit card, there are certain limitations. There are various kinds of business credit cards. Some are for small companies involving five or fewer credit cardholders, while others are for giant corporations with hundreds of employees, complex security needs, and reimbursement policies and expenses.
There are so many types of credit cards that there is at least one for any business. Sole proprietors too, who are not officially incorporated, usually get credit cards for business.
Despite leniency, some limitations you might encounter are:
1. Type of Organization
There are possibilities that some card issuers might not approve a card to nonprofit organizations and unincorporated firms, such as sole proprietorship.
Besides the types of business, the industry of the company also matters. Some card providers do not issue credit cards to businesses in particular sectors, such as firearms, the Cannabis industry, and multilevel marketers.
3. Applicant Qualification
Every card provider has their criteria to qualify the card applicants for a credit card, depending on their time in business, income, and credit score.
While applying for a business credit card, make sure you qualify the conditions of the card issuer. If you do, the process of receiving a business MasterCard is as simple as receiving a personal card. If a particular issuer does not extend a credit card, you can check for other providers. You can also take help from your industry friends and know which company they prefer for a credit card.
Things Required for a 5-star Business MasterCard
Have you applied for a personal credit card? They ask for your name, phone number, mailing address, and email as a part of your application. Similarly, you have to provide all these details for a business MasterCard.
Moreover, there are some specific details that you have to provide for a business credit card.
1. Legal Name of Your Business
There are some details as simple as the Legal name of your business that you have to provide while applying for a business credit card. If you have set up your firm as a limited partnership, S-corp, C-corp, or LLC, you have to provide the name of your business that you have registered with the state. If you are a sole proprietorship or general partnership, go with your legal representation.
2. Any Contact Information
Besides your contact information, you have to give your business’s contact details. It could be your mailing address, phone number, or both. You can also provide your home address if you work from home.
3. Industry Type
Most card providers demand the industry of your business. You will probably get a tick a box option or a drop-down menu from which you can choose the drive. If you do not find your industry in it, you might call their customer support or pick the closest sector to your business.
4. Number of Employees and Time in Business
You have to mention the time from which your business is operating. If you are a start-up, go with the lowest option present in the time slot of your application. Also, mark the number of employees. If you are the only one, keep one employee.
5. Annual Business Revenue
Besides the basic information, the care provider needs to know your annual business revenue. It assures them that you spend your card responsibly, and your income can efficiently handle your expenses from your credit card. It also determines the credit line by carefully analyzing your estimated monthly spending and revenue.
Usually, the period it takes to approve your business card application depends on your annual income. The more payment means more smoothly you can get approval. It happens because card providers figure that there is less chance of you falling under your bill if your revenue is more. Thus, you pose less risk to them.
6. Total Annual Income
For your card provider to approve your application, it is not vital that your business is the prime source of your income. Most entrepreneurs or start-up owners with little revenue conveniently get approved for business credit cards. But in that case, the card provider needs your annual income for two primary reasons. They are:
- They need to confirm that you have funds to repay them.
- They need to know your income to debt ratio.
So, make sure you give correct information about your annual income for smooth approval of your business credit card.
Besides this, other required details are the legal structure or business entity, Federal Tax ID, personal credit history, and a personal guarantee.
Having a business credit card helps to build credit for your venture. It will ensure a fast approval so that you can enjoy the perks of owning a credit card. It also helps to keep your business and personal profile separate. Moreover, you will have easy and quick access to your working capital. However, it is vital to carefully pick a trusted care provider, such as 5-start processing.