Why you need a credit repair merchant account

Oct 14, 2013
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Going into business takes a lot of work from you and anyone that is working with you. Time, money, effort and hours that you didn’t even know the day had. Muscles that had long ago gone stale are now sore from hours of work and worry. Don’t fret; if it’s something that you love, it all works out in the wash.

If you have decided upon your business, it’s going to need a merchant account. If you plan on working with debit and credit card transactions, it has to have that merchant account to accept those payments, and they work out the details to get that money into your checking account.

Depending on what you do

Let’s say you are in the world of credit and you need an account to start with. You will have to shop around to find the one that best suits you, and your merchant account will be documented as a ‘Credit Repair Merchant Account’. Make certain that you know the name and it gets documented correctly.

It will be in the high risk pool

Don’t freak out though. Most of our day to day businesses are run in the high rate pool of merchant accounts. It’s not that they are at risk for running away; it’s because of the business and the possibilities of chargebacks. Chargebacks? What are those you ask? Well, let’s discuss that….

Chargebacks

Those are when a customer wants a refund and they ask the card company to get their money back. YOU will need to be very diligent about that. Merchant account servicers don’t like chargebacks, and they expect you to follow through to the very end, to make certain the customer is taken care of. They prefer that you take care of a refund before it ever gets to them. So, do so and no one gets hurt in the process.

As a high risk account

You will have a few things to take care of along the way. The new account that you just got authorized for, will have a certain amount removed from each transaction, so make note of this. Your money will sit in an Escrow type account, or Reserve account, until your trial period is over. After the three to six months have passed, and you got through it unscathed, your money is returned to you. It will be deposited in full when you finish your trial period. So keep your nose clean and follow the rules.

Three to six months

It’s really not that long in the grand scheme of things, and you are not alone. Even though you might pay a little extra for your Credit Repair Merchant Account, you are after all in a market that not a lot of folks trust. So you have a long road of reputation to build.

Take the time to walk this street and work out the kinks. It’s a lucrative business if you keep on the straight and narrow. People need to have someone to trust when their world has crashed around them in their credit department. Be that person for them to go to. And don’t despair; other businesses are in the high risk market with you. Just go to the movies, and find their merchant account is high risk too.

So set your merchant account up, there’s lot to choose from and the advantages are divine. Good luck!

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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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