Merchant Accounts for Credit Repair Companies
Getting Merchant Accounts for Credit Repair Companies is a very difficult task these days. Most of the acquirer will not even look at the application nowadays. This is primarily because the credit repair industry does experience a massive charge-back percentage which is exceptionally higher than most of the industries. Still, Merchant Accounts for Credit Repair Companies may be available to some Payment Service Providers. We work as your head hunting team and send your applications to every place where we think it may be possible to get you approved.
Credit Repair companies need credit card processing solutions. These solutions allow the merchant to accept payments by credit and debit cards.
Why it is difficult to get Merchant Accounts for Credit Repair Companies?
There was a time when many companies were operating in the industry, but now not many. This is majorly because there are very few payment processing solutions available for the bad credit or credit repair merchants. The payment service providers prefer to work with industries that have low risk and high sales volume.
Why Merchant Accounts for Credit Repair Companies is considered High Risk in Nature.
One Single reason. It takes time to improve the credit score. The buyer needs to have that much of patience for the solution to work for him or her. 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 Charge-Backs 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 on-board on their payment platform. The approval rate is not 100% and takes 10-21 days if approved.
Internet Merchant account and Virtual Terminals are two options for payment processing
Credit Repair merchants can receive orders from the website or can process the orders via the Virtual Terminal/Moto. Approval of a Merchant Accounts for Credit Repair Companies is subject to the analysis by the payment processing companies.
Before applying for a merchant account for bad credit or credit repair please keep these things in the mind
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.Get the documents scanned in the correct format preferably PDF. Arrange the latest 6 months Banking and Processing Statement, Valid ID and Address proof of all the directors, Grab a Perfect Business Plan
Check your website and updates all product, services, terms and other policies.
Check if the contact email and the phone number listed on the site is working.
Go back to any of the previous payment provider and clear and pending disputes. See if there is any pending charge-back and refund Settlement. You don’t want your info to be on Match List.
Check if you have complaints on the internet
The underwriting team generally checks all the factors than may make the credit repair merchant account unstable.