Bad credit is common these days. So, you can find many credit repair companies offering their services in the marketplace. Are you interested in a credit repair merchant account for your business? Read below to get to know more about the industry. Also, learn how you can easily get a reliable and affordable merchant account for your credit repair company.
Credit Repair Industry
The aim of the credit repair industry is to better individuals credit scores. Credit repair companies find errors in credit reporting and dispute inaccurate information with the appropriate organizations.
Many online credit repair merchants can efficiently operate outside a bricks-and-mortar structure. However, taking into account high chargebacks existing in the industry, traditional banks and many processors aren’t willing to help them process payments. Traditional financial institutions prefer to stay away from the risk involved with high risk credit repair merchant accounts.
It’s important for credit repair businesses not to ignore their chargeback ratios. The increased number of chargebacks can result in a situation when the merchant account will be shut down. Moreover, it can make it impossible for the business to get another.
That’s why it’s critical to find a respectable high risk payment processor to get a merchant account for your credit repair business. Go with a credit card processing company that understands the unique needs of your business and specializes in the high risk sector.
Credit Repair Merchant Account From First American Merchant
To start accepting credit card transactions, credit repair businesses should apply to high risk merchant account provider. Only, it’s vital to find a true professional in the field like to get the best for your business needs.
FirstAmericanMerchant.com, a reputable payment processor and business funding provider, specializes in the high risk industry. FAM carries an A+ rating with the BBB and has years of experience in helping thousand of hard-to-approve merchants get the best merchant services.
What should you do to apply for a merchant account with FAM? You just need to fill out FAM’s quick, online application and enjoy:
- No application fees
- Competitive rates
- No VISA/MasterCard required
- Multiple secure payment gateway options
- Quality customer service
- Personalized payment solutions
- Applications are approved within 24-48 hours
As soon as you get your approval, FAM can set up chargeback management tools, payment gateway, and fraud filters.
First American Merchant is experienced in working with new and already established businesses of all sizes. No matter you’re a merchant who has been rejected or terminated by other processors, FAM is ready to work with you. Regardless of whether you’re an online company with no credit, bad credit, or high chargebacks, FAM won’t shy away from your business.
Get the Best Your Credit Repair Business
Chargebacks are highly important when it comes to a credit repair business. To mitigate chargebacks, FirstAmericanMerchant.com offers unmatched programs that can help you keep chargeback ratios down. FAM boasts an alert and prevention system for high risk merchants, including credit repair businesses. This is thanks to the partnership with Verifi and Ethoca.
To apply for a credit repair merchant account with First American Merchant, you should provide the following items to processors and underwriters along with your applications:
- A valid, government-issued ID, such as a driver’s license
- A bank letter or a pre-printed voided check
- 3 months of the most recent bank statements
- 3 months of the most recent processing statements if applicable
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios under 2%
- Secure, fully-operational websites
You should prove processors and underwriters that you have a legitimate, reputable business. Underwriters will assess the risk associated with your business by looking for any red flags, like whether you’re following all credit repair rules and regulations or not.
If you’re a new credit repair company and have no processing history, no worries. First American Merchant can work with you to establish your merchant account today. FAM is well aware that collecting payments is the most important part of your credit repair business.