Credit repair remains an important service for many Americans.
And that’s plausible because desirable credit is a sticking point in the US. Without it, many doors are closed. No wonder many people run to repairers when scores stoop low, and everything is threatening to go south.
Nevertheless, fixing credit is a tricky venture because of the nature of the service. It is, in fact, risky business because many times, customer expectations and the final result are worlds apart. And the consequence is excessive reverse charges or chargebacks.
As you may have heard, merchant service providers see chargebacks as a red flag. Though a business can be considered high-risk for half-a-dozen other reasons, chargebacks are a major concern among merchant service providers.
In essence, an underwriter checks your credit scores, history of credit card processing, business bank statements, as well as website functionality and compliance. Other factors like a negative bank account balance, unsettled bills and late payments could also limit your chances.
Credit Repair Merchant Account Offers
Credit fixing firms seek to improve a client’s credit score by spotting errors and filing disputes with the various organizations. Many clients are those with poor credit related to insolvency or a recent change in the way of life, like a break-up or divorce.
Service providers will readily accommodate your business as long as it offers any of the following;
- Cease collections processing
- Credit repair consultation
- Dispute processing
- Credit re-establishment
- Settlement assistance
High-risk merchant account providers will readily accept your legitimate business without subjecting you to a complicated underwriting process or doing a credit pull.
Credit repair merchant account applications happen online in as little as 10 minutes, as long as you have all the credentials ready. For frictionless use, prepare the following documents upfront before sending a request.
- A legit, government-issued ID, like a driving license
- Voided check
- Recent bank statements (for the past three months)
- Processing statements, (for the past three months)
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios below 2 percent
Lastly, you will need a secure, fully-functional, and compliant website.
To be brief!
High-risk service providers understand the ins and outs of credit repair, which is why they are your best bet when it comes to processing credit card payments.
Because processing payments requires unswerving support, make sure the merchant account provider you choose is ready to go the extra mile for your business.