Echeck Merchant Accounts For Credit Repair companies
Getting a Credit Repair Merchant Account is a difficult these days. Most of the acquirers will not even look at the application. It is because the credit repair industry does experience a massive chargeback percentage which is exceptionally higher than most of the other industries. Still, credit repair payment processing may be available from some offshore payment service providers. These offshore payment processing companies are well known in the industry because they also offer international payment gateway. We work as your head hunting team and send your application to a processor that we think may be able to assist. Credit Repair companies need credit card processing solutions. These solutions allow the merchant to accept payments by credit and debit cards. They also use ACH and Echeck for accepting payments. These solutions easily get integrated on the merchant’s website. They can integrate buy now buttons by using the API or ready-made plugins.
CREDIT CARD PROCESSING FOR CREDIT REPAIR COMPANIES. THE CHALLANGE.
There were many companies in this industry, but now not many. It is because there are very few payment processing solutions available for the credit repair merchants. Payment service providers prefer to work with industries that have low risk and high sales volume. Credit Repair Merchant Accounts are definitely not the kind of accounts these processors are focussing on. It takes time to improve the credit score. The buyer needs to have the patience for the solution to work. In case the buyer is not satisfied he can go to the card issuing bank and ask for a refund. Refund is a Taboo in the payment processing industry. No one likes them and Chargebacks are suicidal and catastrophic.
Are there any offshore Merchant Accounts for Credit Repair Companies?
We will try to send your application with the required KYC documents to see if the offshore solution providers are comfortable to get you onboard on their payment platform. The approval rate is not 100% and takes 5-10 days if approved.
Virtual Terminals for Credit Repair Merchants
Credit Repair merchants can receive orders from the website or can process the requests via the Virtual Terminal/Moto. The Virtual Terminal/ Moto is only available with ACH/Echeck solution. Card processing solutions are mostly enabled for web-based payments or pay by email link.
KYC for Credit Repair Merchant Account
Get all the correct KYC documents in place as they will be needed at the time of Pre-Verification.
Incorporation Documents with Letter of Good Standing or Voided check from the Bank must be available. The documents must be scanned in the correct format preferably PDF. Arrange the latest six months Banking and Processing Statement(if available), Valid ID and Address proof of all the directors. Pitch a Perfect Business Plan as well.
Website Compliance for Credit Counseling Payment Gateway
- Check your website and update all services, terms, and policies.
- Check if the contact email and the phone number listed on the site are working.
- Go back to any of the previous payment provider and clear the pending disputes. See if there are any pending
- chargebacks and refund settlement. You don’t want your info to be in the Match or TMF List.
- Check if there are any complaints about your company on the internet. The underwriting team checks all the
- factors including online reputation.
Credit Repair Merchant Account and Chargebacks
so true. Every industry including credit repair facing risk of excessive chargebacks and disputes from customers. Merchants can reduce the chargeback ratio by implementing few simple tools and in the business.
- Use the services of a reliable Chargeback Alert company
- Ensure you get the DocuSign agreement signed by the customers.
- Keep a proactive support team in place.
- Offer multiple customer care channels to the customer this may include email, Phone, Chat, and web.
- Above all deliver the service on time and if possible do it before the time.
- Take the service delivery confirmation from the customer once the service is delivered.
Quadrapay Advantage for credit repair payment processing
Quadrapay.com is proud to be associated with multiple payment processing organizations across the globe. These payment processing organizations offer reliable payment processing solutions including Merchant account for the hard to place credit Repair businesses in the United States in America.
Before we go ahead and explain to you what all options we can offer for your credit repair business, we would like to talk about the industry and why credit repair businesses are significant.
As per Experion Credit 2017, the average vantage score in the USA was 675. The average number of credit cards owned by Americans was 3.1, and the average balance on credit cards was $6,354. Average mortgage debt was $201,811, and average non-mortgage debt was $ 24,706.
The reason we are sharing the Credit snapshot of the USA provided by Experion is to let you know that there is a massive need for experienced credit repair organizations. These organizations can help people in fixing credit scores. There is a huge market for credit repair organization because states like Minnesota have high average Credit score 709, but there are states like South Carolina, Oklahoma, Texas, Nevada, Alabama, Georgia, Louisiana and Mississippi where the credit score ranges from 647 to 657.
As per Experian State of Credit: 2017 people born before 1946 are able to maintain a better vantage score. The crucial challenge is for some of the youngsters or people born after 1982. This generation faces extreme difficulties in maintaining a good credit score.
let’s understand how credit repair companies help people in fixing the credit score.
Most of the credit repair organization work with their clients personally and analyze their banking statements along with credit card statement. They try to find out which particular factor is affecting the client the most and they first try to eliminate the very same debt. They also recommend clients to pay the pending dues on time. Some Credit repair companies may also have tie-ups with few Debt Consolidation companies. Debt consolidation is the process of consolidating all the debt and paying a fixed amount each month.
They also discourage clients from signing for any new credit card until the credit repair process is complete. Usually, the changes will not appear immediately. It takes time for the changes to appear on the credit report. The timeframe may be anything between 45 days to 120 days.
Credit repair Industry Facts and Figures
The credit repair industry is experiencing a decline in the annual revenue. There are two reasons for this decline. The first reason is the consistent growth of the US economy and the second reason is the decline in the US unemployment rate. In other words, people face credit rating issues in case if they are not financially sound. If the economy is economically sound and the unemployment rate is minimal, then people by default start experiencing better credit score.
As per IBISWORLD Credit Repair Services – US Market Research Report, the annual revenue of the credit repair industry is around 4 billion US dollars and is experiencing a negative growth of -4.9 %. This industry employees around 101,1 15 employees and they are roughly about 90000 small, medium and large credit repair companies in the USA.
Impact of transaction information on Credit Repair Merchant Account
This is extremely important to understand and it will help you to use the account for a longer period of time. on the merchant account application, you will see multiple fields. Out of the many you will also find these Maximum
Credit Repair Industry Codes and Classifications.
The SIC, NAICS, and MCC code for the industry is mentioned below. Before approving a merchant account for a Credit repair business, the payment service providers try to identify which the specific MCC code that is closely related to the SIC and NAICS.