The merchant account processors are not the ones you knew before. Their attitudes are for the businesses and how to help them. So, do you need a merchant account for your credit repair company? Let’s see how you go about that.
Step 1: You will need to find a merchant account online that will work with your credit repair company.
Step 2: You can check with your local bank for assistance with a merchant account, but they consider this business high risk, and unless you have an amazing relationship with your banker, it’s likely this won’t happen.
Step 3: Sign up with the company you have found that you are comfortable with. They will help you get your credit repair merchant account up and running.
Step 4: Read all the fine print and understand your contract before you sign the final paperwork. Make certain that you are familiar with everything that will happen.
Now that you have your merchant account, you should also realize that you will be at a high risk of merchant accounts. This means, that you will have a reserve amount of your credit/debit cards put into an account while you go through their trial period.
Trial period
For the next three to six months a small amount of each transaction will be pulled out and put into a reserve, or escrow account. If you have a chargeback, or refund that got by you, they will use the money in that reserve to pay back the customer.
Don’t get a chargeback
Chargebacks are the thing you don’t want to happen. If you missed a customer that needs a refund, from a mistake or got charged twice, then you need to get right on top of it. Make certain that the customer is taken care of. There’s nothing that a bank hates more than chargebacks. They want you to take care of them. So, do yourself and your reputation a favor, and take the time to fix it.
Up and running
With those little steps, you have your credit repair business accepting credit/debit cards and you are getting payments all day and throughout the night. Your customers will love the convenience and you will laugh all the way to the bank. Nothing beats happy customers and for goodness sakes, take the time to keep them that way. They are the lifeblood of your business!