PracticeQ Payments - Soft Credit Check

When you apply for PracticeQ Payments, the processing team will run a soft credit check through Experian.

Why is this needed?

• Applying for PracticeQ Payments is similar to applying for a loan; each time you transact an ACH payment, refund, or there is a chargeback on your account, our sponsoring bank funds the transaction and must rely on you/the cardholder's bank to recoup those funds.
• Processing credit card payments is a responsibility not to be taken lightly. As a merchant, you have the ability to alter someone's credit balance, thus affecting their credit score. Payment processors need to ensure you are up to the task before approving your account.

What to know and how to prepare

• A soft credit check is standard as part of the credit card processing application process. 
• The credit check will not affect your credit score.
• Please make sure that your Experian account is not frozen when you apply for PracticeQ Payments; the application process will be paused while you request a temporary unfreeze.
• You must have sufficient credit and financials in order to be approved to process credit card transactions, as funding transactions is a risk taken on by our payment processor when you process payments and refunds.