Merchant accounts are designed to process credit card and debit card transactions for your business. If you don’t have a merchant account, it’s the next logical step for the convenience of your customers. Not only can they pay you twenty-four hours a day, but with the flick of a key or a touch of the pad, you will have your money and they can be on time with their payments.
If you are running a credit repair agency, then this is the utmost important step in the design of your business plan. You are there to assist them to repair what has gone wrong. They have turned to you to help fix what is broken. Do not let them down by allowing their payments to process through snail mail. Even bill pay has become slow and might even fade into the sunset.
Credit repair merchant account
With some research online, you can locate a merchant account processor that will fit your needs. Find the one that fits your business like a glove, and keeps the fees down to a minimum. After all, you don’t want to have to pass those fees onto the clients. They are already in trouble, and any more money woes might cause them to pull up their stakes, and leave your business.
Set up the account
Most sites will take your information and process it within hours. You will have your answer and you can get to work. Some will need more information and it may take up to forty-eight hours to finish all the paperwork, but when you are done, you can process those client payments and begin receiving payments into your account within days. Some will put the payments into your account within twenty-four hours.
High Risk Pool
Having a credit repair merchant account will help ease up on your client’s stress, as well as your own. But know, being part of this industry will put you into a high-risk account. They may ask for certain concessions when you apply for the account. You might have to have a reserve amount of money while you build your business. Work with the merchant’s account, they will release the money as they learn you are a respectable business and you run a good honest clientele. As that occurs, they will begin to back off on the reserve amount and you will get all those payments released into your account. It’s not any different than a bank asking for collateral. This just works on your payments, so be ready to adjust for that.
The high-risk pool is nothing to worry about either. A lot of the industry giants are vetted for this part of the pond. It only means that you may have a large number of chargebacks. Our airlines, movie theaters, and even some of our stores have the same kind of account as the credit repair merchant account. So, don’t be overly afraid to find one of these accounts. It will help you, and it will help your clients, so go shopping for that merchant account.