Either way, many people across the US are finding themselves in difficult financial situations, with lots of debt, low credit scores, and a lack of opportunities to dig themselves out of the financial holes in which they have fallen. However, the credit repair industry exists to help people in these difficult circumstances get back on their feet.
Credit repair companies do important work in today’s world and help a lot of people, but if you want to set up a credit repair business and help to repair credit for your clients, you’ll need to have the correct financial infrastructure in place before you begin. One of the most important things you’ll need is a credit repair merchant account, and this guide will cover all you need to know about credit repair merchant accounts and how to get them.
As explained in the introduction, a lot of people across the US are in difficult financial situations. Some of them have tens of thousands of dollars of debt due to things like student loans and home loans, as well as credit card debts, and so on. Having too much debt or struggling to make payments can harm your credit score and standing.
It’s also possible that errors on your own credit report could be affecting your score, making it harder to obtain loans and get approved for credit cards in the future. And this is where the credit repair industry comes into play. Credit repair companies, as the name implies, work to “repair” people’s credit scores, fixing disputes and looking for ways to boost their scores higher.
The services of these companies can be very valuable, helping people recover their credit scores and strengthen their financial positions so that they can get home loans and other financial aids in the future to assist with different stages of their lives. But in order to run a successful credit repair business, credit repair merchant accounts are essential.
So what exactly is a credit repair merchant account? How do these kinds of accounts work and what are some of the advantages they can provide? In other words, why do you actually need a credit repair merchant account in the first place? Well, it’s all about facilitating payments and making it as easy as possible for people to actually pay for your services.
In the credit repair world, most people are looking online for credit repair companies and services. They’re also paying for those services online, usually using their debit or credit cards to do so. These kinds of online, card-not-present transactions are happening all the time in the credit repair industry, but in order to accept those kinds of payments, you have to have a credit repair merchant account.
The credit repair merchant account is what makes it possible for a business to process a card-not-present transaction and receive an electronic card payment from a customer. The money leaves the customer’s account, enters the credit repair merchant account, and then continues on through to the business’ main account to end its journey. Without a credit repair merchant account, this process cannot be completed.
Unfortunately, even though you clearly need a credit repair merchant account in order to operate in this industry, it can actually be quite difficult to get approved for one of these accounts in the first place. In fact, many banks and financial institutions will refuse to work with credit repair companies, deeming them too “high risk” to associate with.
This can make it very hard to find a credit repair merchant account. But why is credit repair classed as such a risky industry? Well, this is partly due to the nature of the industry and its customers. Most people who need credit repair services are people who are in financial difficulty and may have poor credit ratings due to financial issues in the past.
These people may be less likely to be able to keep up with payments consistently and on time. In short, the clients involved in the credit repair industry are generally seen as risky, and this can make banks hesitant about working with credit repair companies at all. They may worry that payments won’t arrive or could be disputed, or they may even have concerns about potential fraud.
So what can you do if you want to set up a new credit repair company or offer credit repair services and need to open a credit repair merchant account to accept payments? Well, even though there are many banks out there who will refuse to work with you due to the high-risk credit card processing of the industry, there are still plenty of trusted banks that do offer credit repair merchant accounts.
Shark Processing works together with a network of these kinds of banks. We’ve built working relationships with a vast number of trusted, reputable payment processing partners who can offer the credit repair merchant accounts you need to get started, and we’re here to help high-risk businesses struggling to find the right accounts and services they need to operate in their chosen industries.
We have an experienced, expert team of high-risk payment processing professionals, and we work closely with each client to find solutions that meet their specific needs. We can help you get a credit repair merchant account with the best rates and finest levels of service. Get in touch today to find out more about what we can do for you.