Credit Repair Businesses Merchant Services
All merchant account providers consider a credit repair business to be high risk for credit card processing. If you want to accept credit card payments and Echecks or ACH Transfers from your clients for credit repair services you must have a merchant account for credit repair from a merchant account provider who specializes in these types of accounts. That’s where we come in!
Green Pay has extensive experience in approving credit repair businesses. We have multiple banks and processors in our network that support credit repair companies, just like yours. We specialize in businesses just like yours and are most likely to approve your account because this is our niche market.
Green Pay has the following for Credit Repair Service Businesses:
- Fair, affordable rates
- Quick approval and easy set up
- Secure online PCI compliant payment gateway
- Domestic and Offshore Solutions
- Echecks and ACH payment acceptance
- Bad credit ok
- Solutions for Startup Companies
- Solutions for High Volume Companies
Merchant Account For Your Startup Credit Restoration Business
The credit acceptance solutions are widely recognized and are adaptable and accept purchases that are ready to be processed. The credit restoration business merchants offer many flexible credit acceptance solutions in the industry and they thus enable thousands of merchants with a POS or a point of sale solution. Consumers too are moving to plastic money and if your business does not accept credit cards you will end up limiting your sales and losing out on a lot of opportunities. Thus in case, your business does not accept credit cards, your customers may go looking elsewhere.
The business solution is simple and all that it takes is to set up a terminal at your location or implement a virtual terminal. A credit repair business is profitable, however, in the recent past; there have been many fraudulent companies who have brought this business into a bad light. They have coned customers by taking their money and then disappearing. It has made it almost impossible for a newly formed startup company to find suitable merchant processing services. This is because loan processing, debt restoration, and credit repair are high risk processes and thus a very high risk business.
The basic requirement for you to get into the credit repair or credit restoration business is:
- To have some money aside so that it can help you to get started with the business.
- This is a self-employment venture and you thus need to be aware of all the state laws and other financial and governing aspects before you delve into this business.
- It is very difficult to find a bank to underwrite the business because the business model is very risky.
- The important and the key to success are taking credit card payment especially online. Most of the revenue and customers for your business will come from accepting credit cards over the phone through the call center operation or through your own business website.
The problems with the credit restoration business industry have been chargebacks and disputes with customers. It is thus very difficult to find a merchant account for a credit card company even if you have a high volume business and your business is capable of bringing a lot of fees to the merchant processing bank.
Multipe High Risk Bank Options
Approach a bank and most banks will have these companies list in their prohibited list and will end up denying the business type. You will need to look for some company that is able to underwrite and accept and be able to provide credit card processing services for the specific business model that you own. However, the good news is that there are companies that work with many domestic and international banks that offer high risk merchant solutions. These companies underwrite and understand the business model and process the business site.
Credit repair covers many potential services like disputing issues on credit report, filing reports and complaints to the debt reporting agencies on behalf of the client. It will be difficult to first get approval for new companies in this line of business. However, they could try their best to look out for some credit repair service providers who will be able to take on their risk. This will, however, lead to difference in the merchant rates, more risk and higher the charge.
Credit restoration services that operate through tele-marketing will be expected to pay higher rates because the customers that they are dealing with have already started with a bad credit rating. The industry may also have chargeback issues.
Rates for Credit Restoration Business
A credit restoration business will end up paying higher transaction rate if it is a new business and has no processing history. An established business will have statements of its processing available and will be able to negotiate on the fees and rates.
Applying for a merchant account is an easy and a straightforward process. In case you have a good credit score, then it will be easy to get approval. For those with a bad credit score there may be need of more documentation for approval. There may be a requirement to show 3 to 6 months of the statement from your current provider. You will also need to show your banking statements as proof that you handle potential chargebacks.
It may take you months to find the credit processing services for your new business. There are very few companies working as merchant processors who will like to take on the credit repair company accounts. However, the industry has high demand and a very short supply which thus does not let you enjoy reasonable rates and hence the cost to find a credit processing service could be expensive for your business.Contact one of our account executives to open a merchant account with Green Pay today.