Student Loans Causing Financial Problems and Bad Credit

Nov 22, 2014

It is possible that any student loan that you took out many years ago can cause havoc in your later life. This is because this debt is going to require payment and it could affect you in business, if you have failed 12 monthly payments.  It can put you in a bracket of students called ‘wage garnishment’; this gives the collection agency the power, without going to court, to take a whopping 15% after tax, of your wages.

This is not great if your business is looking to open a merchant account; you might need to seek out a provider that specializes in bad credit merchant accounts.

Often high-risk merchant account providers are looking for those people who have experienced finical strain and they seem to offer a glimmer of hope to those who are in business and want to offer great customer service, but are limited to a cash based business because of a poor credit history.

However, this doesn’t have to be the case. Your business should not suffer and neither should your customers, there are options out there and getting the right deal for you is important.

No matter your past, student debt should not cause problems in the future. There is a drive to increase the number of students who have access to Federal student loans and to reduce the payments, which students face when they need to start repaying them.

You only get added to the ‘wage garnishment’ programme when you miss 12 monthly payments, if this is the case then the Federal government should be doing more to help you reduce your loan payments each month; this would ease the burden that puts people under pressure and results in unpaid payments.

Therefore, even if you intend to go into business a Federal student loan that is in ‘wage garnishment’ should not stop you taking your business idea to the next level.

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.

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