Where to Find a Merchant Account for Your Credit Repair Business

Jun 13, 2014

Credit repair businesses are hot right now, thanks in part to the lax economy. However, while they are big moneymakers, it can be tough to find a merchant account processor that specializes in these companies. While it may be hard, it is not impossible.

In today’s market, bad credit is common, so there are many credit repair companies that have entered the marketplace. Our specialized merchant account services extend to high-risk merchant accounts for credit repair companies. These companies are considered high risk because their services have a higher risk of fraudulent activity than other companies. For this, you will likely be turned down by many banks and traditional processors. You will need to turn to a high-risk processor that is experienced not only with high-risk businesses but also with the delicate work of a credit repair agency. For this, you need eMerchantBroker.com or EMB.  Even if you are a new credit repair company and have no processing history we at EMB can work with you to set up your merchant account today. Collecting payments is the most important part of your credit repair business, and it must be done, be it in person or online. Moreover, in most cases, people would rather pay online in the privacy of their own home than risk being spotted by a friend, neighbor, or nosy relative going into a credit repair business.

Even if you are a startup business, EMB can help you. Traditionally, the industry does not lend itself well to startup companies; however, we at EMB see the good that these companies can do for the public. Through traditional banks, without a documented credit history, you may be turned away without a realistic chance of applying for a merchant account, but not with us. In as little as 48 – 72 hours, your business can be on its way to a new merchant account. We specialize in finding the right kind of merchant account tailored for your business. If you need a high volume or a chargeback/dispute tolerant account, we can find you a perfect fit. There are also no application fees, nor the requirement to have a Visa or MasterCard, which is a major plus.

It is the perfect time to start a credit repair business. When you decide that this is the right step for your future, your first call should be to eMerchantBroker.com. We will work with you, regardless of your financial history to help you obtain a credit repair merchant account.

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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.