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….
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!