Merchant Account for Credit Repair
If you’re in the midst of attempting to set up a merchant account for credit repair, you might be in the midst of tearing your hair out right about now. Credit repair businesses have a notoriously hard time getting merchant accounts – in fact, there are only a handful of providers in the United States who even deal with credit repair companies. Why is credit repair such a ‘dangerous’ business in the eyes of most merchant account providers, and how can you get around this problem? Read on to learn the answers.
Credit repair is a unique business in many respects. Unfortunately, the many ‘bad eggs’ in this industry have spoiled easy access to merchant accounts for the honest operators. Because of the rash of credit repair scams in recent years, banks tend to be extremely wary of credit repair operations. Many credit repair ‘businesses’ are really just thinly veiled cons – they take payment from a client upfront and claim to be able to achieve amazing results when it comes to improving credit scores. The reality is that the client ends up empty handed, often deeper in debt and with a worse credit score than ever.
On top of this, the very nature of the way credit repair companies operate makes them unusually risky in the eyes of most banks. Because your customers are people who already have financial problems, the risks of non-payment, chargebacks, and disputes on transactions from accounts managed by credit repair companies tend to much higher than for a typical low risk business.
As a result of these and other factors, most banks won’t go near credit repair companies when it comes to offering merchant accounts – and the ones that do will often slap on extremely high fees and unrealistic operating conditions.
However, there are many legitimate credit repair businesses out there who genuinely help people with bad credit get into a better financial position – and these legitimate companies need a safe and secure way to process transactions, which won’t put too much strain on monthly expenses. As a legitimate operator, where are you supposed to go to get around the distrust the shady dealers in the industry have created?
The answer many credit repair companies turn to is eMerchantBroker.com.
How eMerchantBroker Can Help
eMerchantBroker is to go-to provider for credit repair companies in need of a merchant account. If you’re tired of banging your head against the wall trying to get an account set up, eMerchantBroker is the answer to your prayers – not only do they provide merchant accounts for credit repair companies, they even offer same-day approval. In other words, you could literally processing payments with your own merchant account within 24 hours. Their application process can be completed entirely online, and they even help out brand new start-up credit repair agencies who have no existing sales history. If you’re brand new to the credit repair industry, they are your best option by far. (The only extra condition for start-ups is that you’ll have to set up an account with the bank to hold a portion of your profits – this is to cover unexpected chargebacks).