How To Start, Run, Manage And Market a Lucrative Credit Repair Business

Jan 27, 2014
Human-Resources-manager

One thing that many people are not aware of is how refreshingly simple and rewarding it can really be to start a credit repair business. It can be extremely cheap to start, with lots of potential to make a profit in return – which is what everyone wants in a business, right?

Launching a credit repair business has often been achieved at under $500. Not only this, but it allows these lucky few to be their own bosses, set their own working hours and work from the comfort of their homes. Those with bad credit merchant accounts are in luck, too. With America currently recovering from recession, over 80 million of us are now stuck with bad credit scores. Many of these simply do not understand how they can possibly up their credit, meaning that a credit repair business will be just what they are looking for. Not only this, but banks have become strict when it comes to allowing its customers to buy a home with less than great credit scores. It is clear that with a credit repair business, your client base is likely to be very high. What are you waiting for?

In order to run a credit repair business successfully, make sure you know the ins and outs of how it works. Order a copy of your own credit report – you are entitled to one free copy per year, so take advantage of it. Get tips from others who run big-name credit repair businesses, see what courses are on offer, and do your research. There is nothing worse than running a business in an industry you know not a lot about. Also, it is vital to install credit repair software. This type of software is known to save hours of typing and simplify the whole process. There are lots of programs available, so compare the advantages of each before choosing one.

In order to market your credit repair business, it’s important to get your name out there into the open. The more marketing you do, the more clients you will gain, and the more money you will earn – this is important to remember. Create a website with every possible detail of your business: how you can help, what your values are, what you charge, and how to get in contact. It’s also a wise idea to produce business cards and advertise in local newspapers and radio stations. Marketing is key when it comes to a new business.

Basically, there is no better time than now to start your own credit repair business. With millions of Americans having poor credit scores after the recession, credit repair businesses are certainly in high demand these days.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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