Mar 18, 2015

What You Can Do To Legitimize Your Credit Repair Business

Tax season is also the season when many check their credit scores. While there are many legitimate websites and services, some are not, and those can damage the entire industry. Credit repair agencies are who people turn to when they need to get their spending in check, pay down debt, and otherwise strengthen their credit score. You do not have to be an economics whiz to operate a credit repair agency, but you must be on top of your game.

Credit repair scam and credit score rip offs run rampant these days, and sadly, many fall for them. From repair agencies who promise to fix credit overnight, to credit report scams that charge you an outrageous amount for something that you can request online for free elsewhere, people are losing faith in the industry. The best place to go for a truly free credit score is Credit Karma. Many credit repair agencies also recommend this, as it emails you when your score has changed, or better or worse. Perhaps best of all, it is free! No credit card needed. A good credit repair agency should train their clients to monitor their credit score, and watch for errors, so Credit Karma is a good tool.

You also need to make sure that your BBB score is an A or A+. While a B score is not going to devastate you, it could harm your business slightly. Any harm is not good, and since word travels online, any bad press is certainly not good. You need to make sure that you are doing everything in your ability to help your customers, and charge them fair rates. One of the biggest issue concerning credit repair agencies in the overcharging of fees.

Be sure to work with your credit repair merchant account provider to keep abreast of any issues going on in the industry. A reputable credit repair merchant account provider can help you navigate the industry, while steering you clear of scams and shady networking. To learn more about getting into the industry, as well as how to obtain a credit repair merchant account, contact EMB 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 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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