Credit repair merchant accounts come with their own set of risk factors. This can be confirmed by the fact that conservative banks and traditional card processors will not give these businesses the time of day. One reason they contend is that the type of customer being helped is already on the line because they have had problems paying their bills on time. The largest factor is the amount of chargebacks that a credit repair business can run in a month’s time. While the conventional card processors look to have no more than a 2% chargeback ratio, high risk specialists like EMB allow for a 3% chargeback ratio.
Approximately four months ago Apple introduced its Apple Pay as a mobile payment option. Users of iPhones would be able to make payments and their personal data would be much more secure because of new encryption methods, tokenization and fingerprint authentication. Chargebacks were supposed to decline considerably making this a prime new way to accept payments and having the chargeback ratio drop. It appears that the old adage of ‘all that glitters is not gold’ has reared its ugly head.
Now those banks that originally supported Apple Pay are saying that there is now rampant fraud due to stolen card credentials. If a sale is made with a stolen card it is charged back to the merchant. While Apple points to the banks, the banks are pointing back to Apple. In the end it is the bank that is supposed to know who is and who is not a card holder. It will take time to get this problem remedied which means that high risk specialists like EMB who have stood their ground are more important than ever before.
When you open a credit repair merchant account with EMB, we will continuously monitor charge backs and have a specialist work with you to keep the ratio down. We want you to succeed, not fail. Even if you are just starting out in the industry, we can approve your credit repair merchant account.
Rates are some of the lowest in the high risk arena and there are never any application fees and multiple secure payment gateway options are offered. New accounts are approved in as little as 48-72 hours.
