Credit Restoration Merchant Processor
Keep Up the Most Desired Credit with a High-Risk Merchant Account. Who would not want to have a great credit score (FICO)? Be it for a good deed or a bank account, anyone will keep his or her eyes on it. The word has so much power, so much desire and encouragement. However, the same term becomes a nightmare with the addition of a succeeding term; ‘repair’. A credit repair company involves in cleaning your bad credit records by helping the dooming clients’ business to balance credit and debts, have a healthy credit flow and perform credit counselling. The final aim is to improve the credit score so that the client can recover from the bad credit history and find fresh credit options such as loans, funding and mortgages.
Why Classified as High Risk Merchant Type
Just like the profession, the industry is classified as ‘High Risk’. Credit repair services work in a sublime scenario, full of uncertainties and financial risks. If the service is not completed on time or if the client is dissatisfied with their work, the result becomes inappreciable and the client can withdraw from accepting the service. Since you cannot try any illegal credit restoration option or manipulate the credit history, the methods you need to employ are usually tough and challenging. Another critical hurdle for a company with bad credit is the chance of having to face recurring bills. The problem heightens if the bills are form different payment gateways. The company simply goes to the blacklist of every merchant account provider. The credit repair firm will now be burdened with an uphill task for sure.
Chargeback Issues taint The Industry
A dooming enterprise may be facing a higher proportion of chargeback’s too. Not many will have the brave heart to take confidence in such a company which is not able to save its own financial health. Again, the credit repair firm has the additional task of regaining the client’s reputation and customer hold. All these factors attribute to make a merchant account service provider think twice about supporting a credit repair firm. Challenging, yet promising profession and you have your saviours.
Credit repair services are not usually big companies or prominent market players. With a panel of economic and legal experts and an efficient accountant who knows his job, you can give life to your dream of starting a credit repair firm. Your firm can offer credit repair counselling, credit reporting, business and consulting services. You are dealing with finance and those also bad financial decisions and hence, a good merchant account is necessary, however difficult it may seem to be. Unless you complete your service to your customers, they are not legally bound to pay your fees. The payment modes also matter since your clients are those with a bad credit history. Check processing or credit card swiping may not be intelligent options. A check dishonoured or card payment denial will not save you. Neither will you get your income, nor will you get into the probable good merchant list of merchant account providers.
How to Get Your Application Approved
How are you planning to get a merchant account opened? If you simply go to your local bank or your home branch to give an application for opening a merchant account for your credit repair start up, you have a greater probability of getting rejected. You can try the same in two alternative ways: Convince your bank about your good cash flows and how well you can extract the best out of this service without your own credit history to be harmed. Maintaining invoices, perfect billing and up-to-date service completion will add to your trust score.
You can instead approach a ‘High Risk’ account provider and complete the formalities for the application. Quick processing of the application and easy submission of necessary documents will not bother you. Even then, you cannot blindly take an account with any. You can check for the following features of a merchant account provider:
What To Look for From a Provider
Easy, convenient application process: Check the list of documents you need to furnish. Too stringent and unnecessary policies may not go ahead smoothly with the account. Online applications are accepted by many now, saving your time and effort.
Higher fees may not indicate the reliability of the provider: Since you are a ‘High Risk’ customer, it is not mandatory that you have to pay high fee and commission rates. Reasonable requirements are what you have to identify.
Free or justifiable Set-Up Fee: There are merchant accounts with no setup fees or that charge a nominal amount.
Virtual terminal and physical transactions: Of course, you need a gateway for online payments. What if the nature of your profession requires you to accept payments in person also? If the account can support both signature payments and physical payments, it will be extra good for you. An additional benefit of payment gateway is the facility of the virtual terminal where you can process an online payment without swiping the card or for card not present transactions.
Backup of Multiple Underwriting Banks: This feature enables you to take transactions from different banks.
These payment gateways give start up facilities, special offers and safety guidelines for their clients so that they can effectively wither the risk in their professions.
