Doc Prep Merchant Services
Obtaining Merchant Accounts for Loan Modification Just Got Easier. The incidence of scams and frauds in the field of educational loans is on the rise. Students become victims of these frauds and fail to repay their final payments or EMIs on time necessitating the requirement of student loan modification. The biggest need of the hour is a service that can give these individuals greater control over their finances and prevent them from sliding into the default-status.
MOTO / Internet / Online Merchants
If you are a new corporation who wants to venture into the student loan modification business you must be aware that nowadays all financial transactions take place mostly online and via debit and credit cards. Therefore, to become a successful online merchant you must open a merchant account that facilitates the use of these cards easily via its various payment gateways. To receive payments online your business must have a virtual terminal which does not require a signature unlike the terminals in the brick and mortar establishments. Your business must be equipped for all card not present transactions to keep in tune with the changing times and to increase the customer base.
Denied Shutoff Closed Declined Options
Do not be disheartened by the innumerable denial by credit card processors and banks because all high-risk businesses are subject to the same treatment. The simple reason being the high risk of frauds in these businesses. And even those which do accept your applications will do so only after you pay hefty application and processing fees. In reality, there are companies like ours which specialize in student loan modifications and documentation preparation and offer reasonable rates and conducive terms and conditions. But, if you are wondering why student loan is considered high risk, read on.
- The underwriting rules are very strict and they classify student loan as high risk and that is one reason for your rejection.
- The income and profit in this industry are low; the industry is very small and the number of people employed in it is also very less.
- Dissatisfied clients claim chargebacks in all industries but it is high in student loan modification industry. These high chargebacks are reasons that credit card processing companies avoid these loans.
Services We Can Provide for Your Business
By now you know that student loan document preparation and loan modification requires special credit card processing services because of the high risk involved. You must be able to identify honest merchant accounts from a sea of frauds for your business. Look out for the following features before you finalize:
- Easy Application Process: You do not want to be caught up in too much jargon and unfriendly procedures. Hence, ensure that the application process is simple and preferably online because it is more secure that way.
- No Setup or App Fees: Any service that offers no application fee and no setup fee will be ideal. And in case, that is not possible atleast the fee must be thebare minimum and should not be part of the services.
- Payment Gateway Options: A successful business is one that can offer its customers a wide variety of payment modes. Therefore, you must make sure that the account offers ACH check processing services, accepts payments via credit and debit cards like Visa, Mastercard, Amex, Discover etc.
- Multiple Underwriting Banks: The key function in all financial dealings is underwriting. Banks raise the capital required for a business and determine the credit worthiness of an account to decide whether a loan can be offered or not based on the underwriting guidelines. For high-risk ventures, it is important that you look for a service that offers multiple underwriting banks as this will give you a greater chance of getting your loans approved.
- Great Customer service: Ensure the customer service personnel are knowledgeable and are friendly. They should be able to clarify all your doubts regarding, billing and other technical details.
- Compatibility with shopping carts and payment gateways: For a wider customer base the account must be compatible with several shopping gateways and payment processors such as Authorize.net, USAEPAY and NMI.
- Mobile Apps: The presence of an iPhone or Android app will be an incentive as more and more people are handling all their financial transaction from their smartphones.
Compatible API and Plugins
We have the expertise in the field to help in gateway setups and other e-commerce components like payment processing, liaising with multiple banks for underwriting at no additional setup fees. Our team is highly knowledgeable and will clarify all your doubts with regards to any aspect of the business. Our accounts are compatible with shopping carts and payment gateways like Shopify, Magento, 3D cart, NMI,Volusion, Authorize.net Woocommerce, Wix, BigCommerce, USAEPAY
And finally, a question that every new venture asks is should the account be offshore or domestic. Not all high-risk accounts have to look for offshore solutions; only those businesses which are not accepted by the most lenient of underwriting regulations go for this option. Thankfully, student loan modification merchants are not subject to the risks of the other industries. It is prudent to open domestic merchant accounts for student loan modification as it gives better rates and is safer. In reality, the options for student loan merchants are limited and locating the right account is an arduous process. Having said that it is your responsibility to ensure that the account you choose provides all the features required by you, has good rates and provides good service. Most importantly ensure that the merchant account has prior expertise in student loan modification because not all merchant accounts deal with this high-risk business.
