Credit Repair Merchant Account and Credit Card Processing
Even though credit repair companies have proved to be very successful, they are considered high risk merchants. The credit repair industry has become very popular over the last few years and many companies currently offer credit repair services. Some companies are known to scam their clients and take payments without providing any services. Unfortunately, the increased number of trustworthy companies and the risk profile for credit repair companies is still growing. Therefore, legitimate and reliable companies are facing challenges, such as; high fees for accepting electronic payments and difficulties in obtaining merchant accounts.
The real problem with high risk merchant accounts
A tough economy has created countless credit issues for consumers, while driving people to the services provided by credit restoration companies. Although many of these companies have successfully entered the market, started to build successful businesses and attracted customers, many banks are still reluctant to approve themselves for merchant services.
Many merchant account providers consider credit repair and credit restoration companies as restricted or prohibited merchant types. Others simply call them “High Risk Merchants.” Meaning that regardless of how many loyal customers you have, how high your credit score is and how successful your business is; if your company is doing something related to credit restoration, you will be denied for a normal merchant account.
Merchant accounts suitable for business
As was mentioned above, credit repair companies are high risk and often have to pay huge fees for their merchant accounts, if they are approved at all. The application and approval process is very delicate and credit repair merchants need to work with a true high risk processor in order to be approved.
When choosing a merchant account, one of the most important things is to make sure your account can handle; recurring billing. Recurring billing means you can bill your customers on a regular basis and you don’t need to call them every time you charge their card. This is essential for merchants that charge large fees (credit repair companies) so they are able to easily split the fee over several months.
Another crucial item for your company is the ability to accept ACH payments. Many customers looking for credit repair do not want to use their debit or credit card. Being able to debit their checking account makes it much easier to work with these customers.
It is important to have multiple merchant accounts. If one of your banks stops providing payment services and closes your account, you still have other card processing accounts to guarantee that your customers are able to make successful payments.
Why do you need a payment processor?
When you are a high risk merchant and offer your services online, a payment processor can be quite helpful simply because you will need a reliable payment gateway to accept different credit and debit cards. Non face to face businesses rely on card processing services to conduct business with their clients. Your customers will not feel comfortable sending a check or money order.
Credit repair companies will soon realize that merchant account approval is not an easy feat. The majority of banks and payment processors consider the practices of credit repair companies as a violation of their policies. This is when your company needs advanced processing solutions, allowing you to work with banks worldwide and ensure your clients have no problems with transactions.
Have you been denied by credit card processors?
This is a common issue considering the high risk of credit repair companies and the fact that they are not considered reliable by many banks. As a result, many merchants have to work with a processor that specializes in high risk accounts. High risk payment processors accept the increased risk that is prevalent in the credit repair industry. The rates for high risk companies are higher, nonetheless; you will be able to accept payments without any additional hassles. This can be a very daunting process to find a payment processor that will accept the additional risk of your business. However, there is a simple solution; Global Pay Ltd. They will work with your business to obtain approval quickly and easily.
Whether your business has been facing difficulties due to high chargeback rates, being a start-up company, or your high risk merchant account has been closed, Global Pay Ltd can help. The range of services that we offer will assist you in finding the best payment solution for your company.
At Global Pay Ltd, our niche is high risk merchant accounts, but standard merchants may also benefit from our services. We are happy to talk to you, without any obligation. In addition, Global Pay Ltd. will provide your company with an online payment terminal for your high risk business and make sure your company runs efficiently and smoothly. Your customers will be able to make payments with a number of different card types. Contact our office today and speak with one of our account executives to find out how we can setup your business with cost effective high risk payment processing services.