Credit Repair Merchant Account
Credit Repair Merchant
Credit repair merchant accounts are a necessity for all credit repair businesses. Credit repair has been considered a high risk business in the eyes of credit card processors for years. There are a number of problems surrounding credit repair businesses, mainly the US government. The US government has been cracking down on credit repair businesses that are charging huge amounts of money to customers and not providing the said services. Payment processors have became very picky when placing these accounts. These fly by night credit repair merchants have been flagged by banks and the government for business practices that do not follow regulations outlined by the state and federal governments.
Credit repair merchants are able to open both domestic and offshore merchant accounts. This mainly depends on how clean the credit repair business operates. Some merchants have higher than normal chargebacks and more complaints, these businesses would need to go offshore. Domestic payment processors usually do not accept credit repair businesses however if they do they require the merchants to operate a very clean business with low chargebacks and minimal customer complaints. The credit repair merchant should compile all of their supporting documents and submit them to both offshore and domestic processors. There is a very slim chance of being approved domestically for credit repair if the business is small or has unfavorable reviews. Offshore payment processors are more likely to approve this type of business however the rates will be higher in order for the processor to compensate for the additionally risk.
Credit repair merchants are able to obtain a credit repair merchant account from Offshore Merchants. Offshore Merchants has been setting up credit repair merchant accounts since 2007 and is able to assist your business with consultation, approval and setup of your credit repair merchant account.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.