The moment you step into the industry to establish yourself, the first question that is ask to you is about your credit score. If you have poor or bad credit history there are less chances of getting financial assistance. Even opening a merchant account gets really difficult for you. In other words we can say that you need good credit score to avail anything that is available in the financial market. This is the time these credit Restoration or credit repair companies comes in the front light to save you from the trouble. Last one decade has shown a hike in number of these credit repair companies.
Even though this industry works as the savior for other people with bad credit. Organizations are always willing to show better credit when they apply in banks and Financial Institutions. these companies themselves face huge problem in getting high risk merchant account. The reason for avoidance of these companies by banks and Credit Card processors is the high risk factor involved in this industry. Some of the Federal laws have also worked in negative reputation of credit repair companies. Credit repair companies face challenges for the expansion and development. This is because of the negligence from banks.
Because of the regulatory and chargeback risk, most of the banks follow strict underwriting guidelines. This keeps credit repair companies at bay and they don’t get a merchant account.
Credit repair companies have to accurately explain a genuine business frame to the underwriter. If you have explained it properly; there are chances that underwriter may approve you. After having an individualistic approach on credit history, the processor may agree to issue a merchant account.
Still a very important question appears that, what is the need of a merchant account for credit repair industry. The answer is very simple, as most of the payments these days are done online using credit cards, debit cards, wire transfers, Echeck and ACH. You should have a completely functional online platform with different payment options. There will surely be an increase in the number of customers because of this. This will ultimately result in profit of your organization.
Quadrapay.com has keenly observed the risk factors and difficulty faced by credit repair industry. We have resolved to come up the most apt solutions. You can reach us on Quadrapay.com or mail us at [email protected]. You can also connect to our 24*7 helpline on +1 6318321773.