Credit Repair Merchant Account

Credit Repair Merchant Account

In the aftermath of the financial downturn of the previous decade, countless individuals and businesses found their credit scores in dire straits, making it difficult for them to secure any type of loan, rent housing, or even be hired for jobs. Sensing a need, the credit repair industry blossomed. However, alongside the legitimate businesses seeking to help people, numerous scam artists also came out of the woodwork to prey on the vulnerable. Largely because of these fraudsters, payment processing institutions now view credit repair merchant accounts as high-risk propositions – leaving honest entrepreneurs who genuinely want to help people with their credit problems to face higher fees, more restrictions, and a more difficult approval process.

Is it all bad news for credit repair payment processing, then?

Not necessarily. As long as you keep in mind a couple of critical points, it’s still very possible to obtain a credit repair merchant account. What should you remember?

  1. The credit repair industry is what it is. Financial institutions that offer payment processing accounts for credit repair businesses are not going to change their minds overnight about the risks involved. A bunch of scammers promised the moon to a lot of desperate people and took thousands of dollars out of the pockets of those who could least afford it. You’re in this business to offer people real help, but you’re still operating within the industry as it currently stands. Similarly…
  2. Your credit repair business is what it is. Don’t try to sugar-coat your business model or offer euphemisms about the services you offer when you submit an application for a payment processing account. Also, be very wary of any merchant account provider who claims to be able to guarantee you a low rate for your credit repair card processing account – it’s likely that they intend to be less than honest with the financial institutions involved when it comes to the nature of your business. The problem is, this isn’t the sort of secret that keeps itself very well. All it takes is one random transaction audit – not exactly an uncommon occurrence – and the bank figures out what kind of service you really provide. What happens then?

Your account gets shut down. If there are any transactions that you haven’t received payment for yet, expect that to be held up for at least six months. If you’re lucky, it ends there – but more likely, you’d find yourself on an industry blacklist for merchant account providers, which would make it next to impossible for you to open up a merchant account for any sort of business in the future. In short, it’s a really bad idea to try to pretend your business is something it’s not.

Okay, so what should you do to help secure a Credit Repair Merchant Account?

You need to find a merchant account provider who is willing to work with businesses in high-risk industries like yours. You won’t find rates as beneficial for credit repair payment processing accounts as you might for merchant accounts in other types of businesses, but that’s simply because you’re operating in an environment where everyone has to be a little more careful. Over time, if you maintain low rates of chargebacks and other account issues, you may be able to prove to your credit repair merchant account provider that your company isn’t as much of a risk as some of your industry peers, and with some help, you may be able to adjust the terms of your merchant account to be less onerous. However – very much like you probably advise your credit repair clients – it will take some time and careful management before you see a real difference.

National and International Options for Credit Repair Merchant Accounts:

Durango Merchant Services works with several gateway processors and suppliers with sponsor banking relationships that provide both US based national and international credit card processing solutions. We can provide merchant accounts for the credit repair companies under one of the following two options:

Requirements to open a merchant account for credit repair businesses in the USA:

  • Company entity based in the USA.
  • REPRESENTATIVE of the company based in the USA.
  • Bank Account is in the USA

Requirements of the European credit repair company merchant account:

  • Minimum $ 50,000 USD per month in sales
  • The company must be based in the EU

Merchant Service Prices and Contract Terms:

If you are looking for a credit repair merchant services provider, contact us by email or call us today to discuss setting up a merchant account for your business. We will discuss the following:

Available prices for credit repair payment processing:

  • Discount rates that range between 1.95% and 4.95%
  • Authorization fees ranging from: $ 0.15 to $0.25
  • Monthly installments: rates ranging from $ 5.00 per month to $ 60.00 per month

Other terms of the credit repair industry credit card processing contract:

  • Rolling reserve requirements that range from: 0% of the rolling reserve to 10% of the rolling reserve
  • Variable contract lengths including availability of month to month
  • Free application processing
  • Direct financing with regular deposits (either daily or weekly depending on international vs. onshore)

Additional benefits of the credit repair business merchant account:

If you get a credit repair merchant account with Durango Merchant Services, then you will also be eligible for other benefits that we offer, we can set you up with electronic commerce and recurring billing via our online portal. Businesses can receive the following additional benefits:

  • Competitive rates
  • Acceptance of multiple currencies and deposits
  • Compatibility with major gateways and shopping carts
  • Accept Visa / MasterCard / American Express at your store
  • Integration assistance with more than 100 shopping carts
  • Chargeback prevention tools and advice
  • eCheck processing
  • Our gateway comes with industry leading fraud detection and prevention tools

We provide credit repair merchant accounts for the following:

  • Startups and existing businesses – we help all types of businesses
  • If you have been Previously rejected or discarded by another processor, we can help you get back on track
  • High ticket merchants and merchants with bad credit
  • Minimum processing: $5,000 minimum for national accounts, $50,000 for international accounts

Durango Merchant Services is here to help secure your Credit Repair Merchant Account

Our dedicated team has negotiated on behalf of more than 35,000 clients.  We understand the back and forth and give and take of negotiating processing accounts for high risk merchants, including hundreds of credit repair merchant accounts.

We know that there aren’t always easy answers. But remember, there is almost always a way forward and if you can make it through the first 3 years with a good track record, life will become much easier and your business will be better for it.

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