Need a merchant account for your credit repair company?

Oct 15, 2013

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!


Let us help you get a high risk merchant account today!

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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.