A credit repair merchant account is high risk. This means you’ll have difficulty opening one with a traditional bank or financial institution. Fortunately, there are alternative ways to get a credit repair merchant account for your business. All you need is take the time to do some research and find a reliable and secure merchant services provider like First American Merchant to turn to.
To get a merchant account for your credit repair business, you should apply to a trustworthy merchant account provider. The merchant account provider will complete the application and send it to the underwriting department for review. As soon as the application is approved, you can start accepting payments.
The underwriter is the ultimate decision maker for your account’s approval. The underwriter is called to ensure the business is a good risk, in terms of chargeback and regulatory risks, for the credit card processor. The underwriter is looking for stable, well capitalized businesses that have a clear understanding of US credit repair regulations.
It’s quite clear that a startup or small business will lack these credentials to the same degree as a large established business will. That’s why small credit repair businesses often end up with higher rates or have rolling reserves to cover the processor’s additional risk.
Regulatory and chargeback risks involved with your business aren’t a problem for reputable merchant services providing companies like firstamericanmerchant.com. First American Merchant is a respectable business loan provider and payment processor that specializes in the high risk industry, and offers exceptional services and the lowest possible rates to merchants of any type. FAM has is an award-winning company that boasts an A+ rating with the BBB and has years of experience serving high risk businesses.
First American Merchant has multiple banks and processor in its network that support credit repair companies. With FAM, you can be sure to open a legitimate, legally formed merchant account for your credit repair business. First American Merchant provides all-inclusive credit card processing services to credit repair merchants: both startups and businesses processing millions of dollars a month, DIY credit repair software providers and all-inclusive credit repair services.