Hello. I'm trying to find alternatives to using my merchant account to process very large transactions because 1) they don't like big ticket items, and 2) it eats into my monthly authorization limit fast....
So keeping that in mind, I have heard of companies that outsource their "own" store credit card through another financial institution? Say they want to buy a vehicle, jewelry, furniture, etc. They can apply online for a line of credit for say, $5,000, $10,000, whatever they need. It is sent from lender to lender until someone approves or all come back as declined, and then the terms are shown to the customer (high/low interest rate, etc) based on their credit history.
If anyone has any experience with this, I would really appreciate some feedback about what's required to set this up, elegibility, or even contact companines.