Credit Repair Merchant Accounts

Are you a credit repair merchant looking for effective ways to accept payments from your customers?  Credit repair merchant accounts are the answer.  Process card and echeck payments smoothly and efficiently.

• Accept card payments. Your credit repair merchant account lets you take credit and debit card payments quickly & easily.
• Accept electronic checks. Many customers of credit repair companies are maxed out on cards.  Or no longer have access to cards due to poor credit history.  95% of US consumers have bank accounts and can pay you with electronic checks.
• Recurring payments. Unlimited recurring billing plans make it simple for customers to pay you on a regular basis.  Enhance your cash flow with convenient payment options for your customers.
• Multiple payment methods. Accept payments online with API integration to your website. Virtual terminals for quick processing of mail / telephone (MOTO) orders.  Accept payment through mobile devices. Or bulk process through batch uploads.

Credit Repair Merchant Account for Card Processing

The credit repair industry has experienced substantial growth in the past several years. Customers need to boost credit scores for many reasons. Some people are making major purchases such as homes & cars.  Others are seeking new jobs and know potential employers check credit reports.  Despite market demand for credit repair services, getting a credit repair credit card processing merchant account can often prove challenging. 

Let’s face it.  One of the reasons your customers need credit repair is they have problems.  Including being maxed out cards.  And often customers with bad credit can’t get cards.

Still, cards are the most popular payment method for Americans.  Therefore, the ability to take cards is important to all credit repair merchants.

Even if consumers do not have access to credit cards, many Americans have debit cards.  Debit cards are linked to bank accounts.  Acquiring a debit card is easy since no credit checks are required.  Most banks issue debit cards when a bank account is opened.

Compare this to credit cards, where decent credit is required to qualify for a card.   Over the last decade, the use of debit cards has surpassed the usage of credit cards.  So even if your customers don’t have credit cards, accepting debit cards is still important.

Your credit repair merchant accounts give you the ability to accept both credit & debit card payments. 

Electronic Check Processing for Credit Repair Merchants

More than 95% of Americans have bank accounts and can pay you with an echeck. Echecks give you much greater flexibility than do credit card payments. 

More than 20% of cards are reissued each year due to data breaches, lost or stolen cards, or expired dates.  Requiring you to update card data before submitting transactions.  Updating cards is time and labor intensive. However, bank accounts rarely change, greatly reducing the need to update payment data.

The card brands require chargebacks to stay under 1% for a merchant account to remain in good standing.  This is a challenge for all merchants, but especially so for high risk businesses such as credit repair merchants. 

An echeck credit repair merchant account allows for higher chargebacks.  Funds are electronically debited from your customers bank accounts.  Payments are cleared through the processors’ bank account.  Cleared funds are then settled to your business bank account via an ACH credit, in the same manner as card payments are settled.

Advantages of Echecks for Credit Repair Companies

Echecks offer you substantial benefits over cards when accepting payments from sub-prime customers. In spite of the growth of debit cards, more than 30% of Americans still do not use debit or credit cards.

If a customer does not have a credit or debit card, electronic checks give customers another way to pay.  And, even if a customer does have a card, offering echecks as an alternative payment method rescues the sale if a card is declined.

Echeck payments are harder to chargeback than card transactions. And have a shorter time period to initiate chargebacks.   With cards, it’s easy for customers to dispute a transaction.  All the customer needs to do is call the card issuing bank to chargeback a transaction.

It’s more difficult to dispute an echeck payment.  Customers need to visit their bank, provide documentation that the transaction was not authorized, and often have to swear an affidavit attesting to the dispute.  It’s a time-consuming process that is much harder than simply making a telephone call to a card issuing bank.

Echecks are also better than cards for recurring billing.  Bank accounts rarely change.  Changing bank accounts is a major hassle, since wages are often direct deposited and bills automatically debited from bank accounts.

Cards are a different story.  More than 20% of cards are reissued every year, requiring you to update payment information before a recurring payment is processed.  This is time-consuming.  And there is no guarantee you’ll be able to get updated card information.  Every recurring card payment that cannot be updated represents lost revenue for you.

Credit Repair Merchant Accounts Chargebacks

The reality is that credit repair merchants often have high chargeback rates.  Card chargebacks occur when customers call their card issuing banks to dispute transactions claiming a payment was not authorized or that the service was not delivered as promised. 

Most customers of credit repair companies know that calling their banks is a good way to avoid paying.  And because customers often demand quick results that are not realistically possible, chargebacks can become issue.  Credit repair merchants that exceed chargeback ratios can put their card payment processing account at risk.

For this reason, having both card credit repair merchant accounts and echeck payment processing is important.  Echecks are an effective way to verify that a consumer is a good fit for you. 

Since higher chargebacks ratios are permitted for echecks than with cards, you can ask customers to pay first with echecks to in order to vet the customer.  Once the customer is vetted, you can transition the customer to a card payment if that is what the customer prefers. 

Applying for Your Credit Repair Merchant Services Account

Due to the inherent risk of chargebacks, credit repair companies are considered high risk businesses.  Still, excellent credit repair merchant account solutions are available to you for both card and echeck payment processing. 

Application for accounts is always free without obligation. 

To qualify for an account, a minimum of $50K per month in processing volume is required.  High volume merchant accounts are our specialty. Get the processing capacity you need to operate and grow your business. 

To apply for an account, you simply submit an application along with supporting documents.  Information requested includes details on your business, identification of the signer on the account, business bank statements, and processing history. 

Account approval takes 5-7 business days from the time the completed file is received. 

Get approved for a Credit Repair Merchant Account in as little as 48 hours

Take advantage of our experience in high risk processing to get your credit repair merchant account approved quickly.

• Free application with no obligation. Your complete satisfaction is our goal.
• Get card and echeck merchant accounts. More payment methods translate into more revenue to you.
• Unlimited number of recurring billing plans. Make it easy for your customers to pay you.  Stabilize cash flow. 
• Gateway tokenizes recurring billing data with military grade encryption. Protects your business & your customers. 
• Take advantage of echeck greater flexibility for chargebacks & returns. Create more income.  While helping protect your credit repair merchant account from chargebacks.
• Keep your card credit repair merchant account safer with chargeback prevention & mitigation services. Chargeback prevention helps stop chargebacks before they occur.  Chargeback mitigation helps you win chargeback disputes.
• Free technical support. API integration.  Virtual terminals.  Batch uploads.  Mobile payments. 
• Extensive banking network lets you diversify payment processing to mitigate risk.
• Echeck verification services keep returns low. Verify more than 40 parameters to ensure the best possible outcomes. 
• Card fraud-fighting weapons keep protect your business. Customize your payment processing gateway with an a vast array of options which can be dynamically configured to keep up with changing market conditions. 
• Level 1 PCI-DSS platform ensures safe payment processing.

Tips for Fast Approvals

Do the best you can with the application and paperwork.  If underwriting requests additional information, supply it as quickly as possible.  Underwriters are also interested in the following for credit reply merchants:

Compliance.  Follow best practices for credit repair businesses.  Be upfront with all information requested.  Comply with any applicable rules or regulations. 

 Good Credit Score.  As a credit repair business, you understand your own credit score is important when applying for a merchant account.  Having a decent credit history will vastly improve your chance for approval .

Reduce Outstanding Debt.  If you have large loans or significant outstanding debt, provide details an how you are reducing them.  Strong business financials, (P&L / Balance Sheet) help approvals too.  

If you are a credit repair business looking for proven effective payment processing for your industry, we’d love to hear from you. Get Started Now or call 1-702-323-5761