Merchant Account Credit Repair
Merchant account credit repair helps customers get control of their credit. Apart from gaining control of their credit, customers can also enjoy many benefits that come with credit repair, including:
- Boost Credit Score: If you repair your credit, you can improve your credit score in as little as thirty days.
- Lower Interest Rates: Better credit means lower interest rates. With better credit, you can refinance your loans for lower interest rates.
- Negotiate Lower Credit Card Interest Rates: If you repair your credit, you can contact your credit card companies and ask for rate reductions.
- Quick Approval for New Financing: When you fix your credit through credit repair, you increase your chances of loan approval.
- Easy to Rent or Buy Property: Fixing your credit makes it easy to rent an apartment or buy a house since most property owners use your credit score as the determining factor.
- Improve Job Opportunities: A good credit score can help you stand out in the job market. Repairing your credit boosts your credit score and enhances your professional image.
Types of Merchant Account Credit Repair Payment Methods
There are three types of payment methods that credit repair companies use. These include:
- Retail Payments: Retail businesses can choose from a wireless or point of sale system or a traditional credit card terminal. Whichever option you choose, a credit repair merchant account will allow you to accept debit and credit cards.
- Mobile Payments: If you want “on the go” credit card retail merchant account processing, mobile payments are just the thing for you. You can choose between mobile phone and iPad credit card readers, which are compatible with Android and iPhone devices.
- Virtual Terminal Payments: Accepting payments through the mail, phone, or computer is easy with a virtual terminal merchant account. You do not need any specialized equipment. You only need to log in to your virtual terminal account and type in your customer’s credit card.
How To Get Approved for a Merchant Account Credit Repair
No trick guarantees approval for a credit repair merchant account; however, you can improve your chances of approval by meeting the following conditions:
1. Have a Solid Business Plan: Having a solid business plan works to your advantage as it helps you put the minds of merchant service providers at ease. With a business plan, you can show merchant service providers that you know the risks associated with your business, where your profits will come from, and how you plan to address issues that may arise.
2. Be Honest: You need to be honest about the nature of your business, as this increases your chances of being approved for a credit repair merchant account. Complete honesty includes your business’s history of accepting online and credit card transactions and all payment reversals associated with your services.
3. Explain Previous Reversals: You may think that explaining previous reversals works to your disadvantage, but that is not the case. Explaining previous reversals improves transparency and increases your chances of getting your credit repair merchant account approved by laying out the history or reversals you have dealt with since you established your business.
4. Have Good Credit: You cannot control what others think about your industry or customers; however, one thing you have total control of is your credit rating. As is the case with everything financial in the United States, having a good credit rating will make it easier to get services. Moreover, if you are in the credit repair business, shouldn’t you have figured out how to repair your own?
5. Ensure that You Have the Necessary Documents: To ensure no hurdles in your application process, prepare all the necessary documents before you meet with your service provider. These include:
- Valid Personal Identification
- Three Months of Bank Statements
- Three Months Of Credit Card Processing Statements
Remember, overseas merchant accounts may need more information in addition to the ones listed above; therefore, ask the merchant services provider you are applying to about the documents needed so that you can be better prepared.
How To Choose the Best Merchant Account Credit Repair for Your Business
Credit repair is high-risk, and operating in such an industry may limit your merchant account options. Nonetheless, that does not mean that you have to settle for less.
There are good, reliable providers and wolves looking to devour desperate businesses. Do not go for providers that offer merchant accounts at incredibly low prices, as these may not provide the most bang for your buck.
Instead, opt for providers whose services are reasonably priced and offer hardware that meets your business needs, software to help you stay on top of your business and help it grow, and high-quality support and customer service.
Choose a credit repair provider who has years of experience in the credit repair business, and specializes in businesses just like or similar to yours. They are more likely than not to approve your account because this is their specialty area.
Merchant Account for Credit Repair — FAQs
What Credit Score Do I Need For a Merchant Account?
As a merchant, there is no specific credit score you must meet. However, in most cases, if your credit score is below 500, a decline is more likely.
Can I Use My PayPal to Charge My Credit Repair Clients?
No, you cannot use your PayPal or other popular online payment systems (like Stripe or Square) to charge customers for credit repair services. Credit repair services go against their Terms of Use Policy. If their auditors find out you are going against your agreement, they will ban you.
How Much Money Can I Make From a Credit Repair Business?
You can expect to earn between $10,000 and $20,000 per month. Some credit card professionals make millions of dollars each year and change their lives for the better.
What Are the Benefits of a Merchant Account?
A merchant account offers many benefits, including:
- Accept Credit Cards: One of the greatest benefits of a merchant account is the ability to accept debit and credit cards.
- Avoid Bad Checks: When your business uses a merchant account, it can avoid the headache associated with bounced checks.
- Boost Sales: Research and studies conducted over the past several years show that customers spend more when allowed to use a credit card instead of cash.
- Customer Convenience: A merchant account leads to happy customers as it allows them to shop in different ways, i.e., debit or credit cards, mobile payments, and recurring billing.
- Better Money Management: Accepting online payments and credit and debit cards allow for better money management. Instead of counting money, electronic payments will streamline how your business handles transactions.
Get a Merchant Account for Credit Repair
The credit repair industry has taken the credit world by storm and is only expected to scale to new heights. If you are in the credit repair business, getting a merchant account is one of the best decisions you can make for your business.
With a merchant account, you can help individuals recover from poor financial planning and decisions, allowing them to remedy bad or poor credit, increase their credit score, and plan for their financial future.
Your business can also benefit from a merchant account and begin to enjoy increased sales, better money management, and customer convenience. Even better, you will no longer have to deal with bad checks with a merchant account. Get a merchant account today. You will not regret it.