Is your business a part of the credit repair industry? Are you planning to start a credit repair company in the future? If so, the following information will tell you everything you need to know about the credit repair industry and credit repair merchants accounts.
The Credit Repair Industry Profile
The credit repair industry is almost entirely comprised of small businesses, with no single company accounting for more than 5.0% of credit repair industry revenue. In 2015, there was 35,701 people employed in the industry, and over 123,010 credit repair businesses. Despite the industry having shrunk by 5.2% over the last five years, these businesses are still successfully addressing the needs of US consumers.
The average US household had $129,579 in debt in 2015. The average American household in 2017 carried $137,063 in debt, according to the Federal Reserve. In addition, the U.S. Census Bureau reported that the median household income was just $59,039.
How to get a Credit Repair Merchant Account
It is safe to say that US consumers struggle with debt and credit scores. The aim of the credit repair industry is to help these individuals better their individual credit scores by finding errors in credit reporting and disputing inaccurate information with the appropriate organization. Because of the high-risk nature of this industry, the credit repair companies themselves often struggle to get up and running. Why? Traditional financial institutions prefer to steer clear from the risk (e.g. high chargeback ratios) involved with credit repair merchant accounts.
Where to Find a Credit Repair Merchant Account Provider
If the providers you have spoken to are unwilling to work with you, don’t worry. There are still exceptional options available. Consider working with a high-risk provider like First American Merchant. These alternative providers specialize in working with high-risk industries like credit repair. Their merchant accounts are specifically tailored to meet each industry’s needs and challenges, like high chargeback ratios. To ensure your business and customers have the very best merchant services at their disposal, you will want to make sure you do your research before choosing a provider.
First American Merchant’s Credit Repair Merchant Services
First American Merchant is a reputable payment processor and business funding provider. The team at FAM specializes in working with the credit repair industry and has helped thousands of hard-to-approve merchants get the merchant services they need to operate efficiently. Here is what you can expect when applying for a merchant account with First American Merchant:
- No application fees
- Competitive rates
- No VISA/MasterCard required
- Multiple secure payment gateway options
- Quality customer services
- Personalized payment solutions
- Applications are approved within 24-48 hours
As soon as you are approved, you will also be given access to chargeback management tools, payment gateway and fraud filters. Even if your business is new and you have no processing history, your credit repair company can still secure these services. First American Merchant understands the challenges of the credit repair industry and is proud to offer industry-leading services to credit repair merchants.Get Started Now