Credit Repair Merchant Accounts
Struggling with merchant account issues like freezes, holds, or shutdowns? Get the fastest safe way to process payments with Creditly.
Merchant accounts for the credit repair industry don’t have to be complicated, process payments by filling out our quick form.
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As a Credit Repair business accepting credit cards online, you need a truly reliable merchant account.
Last year, Payment Aggregators, including Stripe, closed down thousands of merchant accounts in the credit repair industry, and the reason will shock you…
Simply put… It’s how their business model works!
They have one merchant account, which they let millions of merchants use. In doing so, they balance the risk between solid ethical business owners with entrepreneurs who would commit fraud, launder money, sell a poor-quality product, or close their doors before a consumer asks for a refund.
This allows companies like Stripe to set you up quickly, but it also allows them to shut you down even quicker.
The problem is that they don’t know anything about you when they set you up. They don’t know who you are, what you sell, or how you sell it.
If they set you up and anything unusual happens, such as a spike in chargebacks, the likelihood of them closing your account is HIGH.
Even worse, if one of your competitors does anything to trigger a flag in their system, they look at the entire industry. And through no fault of your own, a competitor’s misstep could mean a closed account for you.
How can Creditly Help?, and how do we keep our client’s merchant accounts stable?
The KEY component is thorough underwriting.
Our specialists underwrite your account so that we understand your business and marketing model. This allows us to match you with a back-end bank that works with your vertical.
Which greatly lowers the chance of you ever having an issue.
On top of that, when you sign up with us, you’ll have one dedicated point of contact, access to our fraud protection services, recurring billing, mobile payments, hosted checkout, and integration to over 250 shopping carts.
We’ll also work with you to optimize your payments for the lifetime of your account.
Lowering your decline rates so that you can increase revenue, monitoring your chargeback ratios, and helping to mitigate them, plus much more.
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Creditly Offers Merchant Account & Payment Processing Features...
Transaction Routing – We’ll automatically route your transactions across multiple accounts. That way if anything ever happens to one, your others are still up and running.
White Glove Service – You’ll have a dedicated point of contact that you can reach any time you need them.
Decline Recovery – We’ll help you improve your approval ratios and reduce decline rates. That way, you put more cash back in your pocket and process more payments.
Chargeback Mitigation – Stop chargebacks before they begin with. our chargeback alert system. Greatly lower account issues and improve customer satisfaction.
Hosted Checkout – Quickly create checkout links and landing pages with a few clicks. Email them, DM them, or text them to your clients for payments on the fly.
Recurring Billing – Built-in recurring billing for subscription purchases with multiple payment options available
Mobile Payments – Process payments on the go with our easy to use mobile payment solution
250+ Integrations – Integration to nearly every shopping cart, plus we integrate to most apps and software. If you need something specific, our in-house development team will make it happen.
Banking For Nearly Every Vertical – We offer merchant accounts for almost every vertical, including high-risk merchants and much more. Get approved today.
Unlimited High Ticket – Worry free processing of high ticket transactions and high volume. Check our offer of high volume merchant account!
Credit Repair Merchant Account Information
If you have a credit repair business, you should be aware that credit repair is considered to be a high risk endeavor.
This is because credit repair companies often do business “in the future,” meaning that they provide future dates for services to be rendered.
Credit repair businesses help people who have had problems with their credit, who can’t make payments, or who have late payments on their credit records. If you’ve experienced these issues, you might have decided you want to help business owners like yourself repair their credit.
In that case, you’ll need a merchant account.
Merchant accounts enable business owners to take credit cards for payment. And you’ll definitely want to since credit repair operations don’t deal in cash.
But … since your credit repair operation is in the “high risk” category, you might have trouble getting a merchant account to use for that purpose.
That’s where Creditly comes in! We specialize in setting up merchant accounts for high risk business owners.
Creditly will work with its network of banks to make sure you get the right kind of merchant account. We’ll also integrate it with our online payment gateway, in the event you’ll be using your merchant account for card-not-present (CNP purchases, or for any kind of eCommerce).
And if you want your business to maintain a physical presence, we can set you up with high-quality credit card terminals, or even advanced point-of-sale systems.
Best of all, since Creditly has the best approval rate in the industry, your high-risk business is sure to get approved for a merchant account!
CREDIT REPAIR MERCHANT ACCOUNTS
A merchant account is a specific type of bank account that allows merchants to accept payments. Typically, a merchant account for credit repair is used for credit card processing and eCheck processing but can be used for a variety of payment processing needs. To get a merchant account, one must submit an application with a merchant account provider.
These merchant account providers work with acquiring banks, such as Chase and Wells Fargo, to provide merchant accounts to businesses looking to process credit card payments.
There are multiple types of merchant accounts depending on how the bank categorizes the industry of the merchant. If the merchant account is used for card not present (CNP)> or ecommerce transactions then it must be integrated with an online payment gateway. Otherwise, a physical terminal is required to capture payment information.
WHO Creditly WORKS WITH
Creditly works with all kinds of merchants, including, what the banks call, “high risk” merchants. These merchants happen to be in an industry that the banks label as high risk which means that they have a higher likelihood of chargebacks, disputes and fraud.
The most common reason for this is card not present transactions which presents a higher risk of fraud. These merchants can have a particularly hard time finding a high risk merchant account because a lot of payment processors refuse to participate in high risk processing. Even if these merchants find a “high risk payment processor” they can still frequently deal with holds or freezes on their money and shut down merchant accounts.
This is where Creditly saves the day by finding them a high risk merchant account for credit repair provider that wants to work with their business and providing them with all the resources to meet their high risk credit card processing needs.
WHAT Creditly PROVIDES: MERCHANT ACCOUNTS
Creditly provides merchant accounts specifically tailored to a merchant’s industry. We do this by leveraging our banking relationships to apply for merchant accounts on your behalf. However, we do not just apply for any merchant account, we use providers who want to work with your business model and underwrite their merchants. This is important because it lays out all the cards on the table and ensures that a provider gets to know who you are and your business model before working with you.
That way they know what to expect moving forward. This strategy guarantees that we find a merchant account provider that wants to work with you, making the likelihood of holds, freezes and shut downs, much less and providing a stable credit card processing.
Another benefit to this is you get to avoid the nightmare that applying for merchant accounts can be. Not only do most merchant account providers do very little underwriting, but it can take many applications before you find a merchant account that is good for you. Each application that you send out hurts your chances of getting approved for the next because multiple applications make you look desperate to a provider which they perceive as high risk.
AFTER YOUR MERCHANT ACCOUNT IS SET UP
After we get you set up with your first merchant account, we recommend getting you an additional merchant account if you have over $250,000 in sales volume a year.
This is to ensure stable payment processing. Even though Creditly takes all the precautions to prevent you from experiencing a hold, freeze or shutdown, we can never know how banks might act in the future. If they hire someone new or implement a new algorithm, your account could have action taken against it.
In the event of this, if you have a second merchant account that is already up, running and processing payments, you can pivot your revenue stream to this account and avoid holds, freezes, and shut downs all together.
Now all of this may seem complicated and a lot of work, and it would be if you were doing this on your own. However, if you are working with Creditly, we manage all of this for you making your role in all of this very easy.
We even assign you your very own Certified Payment Specialist (CPS), who will monitor your merchant accounts for you, giving you one point of contact for all of your merchant processing needs.
HOW TO GET A MERCHANT ACCOUNT
The first step on your path to a new merchant account is to start with the Creditly application or if you would rather chat with someone to find out more, call us at (877) 307-7711*. We can get you set up in as little as 2 DAYS!
*Hint: This is easier cause we can fill out your application for you!
Choose the right Merchant Account for your business:
THE Creditly EXPERIENCE
At Creditly your journey will begin with your application which we use to collect information about you and your business to match you with the right merchant account provider. From there you will be connected with your very own New Client Specialist (NCS) who will help you complete this application and will be your contact to answer all of your questions.
Once we have the necessary information and have assessed your business model, you will be classified as a Gold, Platinum or Diamond merchant based on your unique payment processing needs. After this you will be introduced to your Certified Payment Specialist (CPS) who will be your one point of contact for all of your payment processing needs.
This ensures that when you call, you are talking to someone that you know and who knows you and your business. They will apply for merchant accounts on your behalf and help you set up your new merchant accounts and your online payment gateway.
After that, you will be ready to start accepting payments. Your CPS will monitor your accounts and keep in contact whenever you want to chat or if they need to alert you of something that requires your attention on top of annual merchant account reviews.
What Creditly Can Do For You...
or call us at: (877) 307-7711 Get Set-up with a Merchant Account.»
Credit Repair Merchant Accounts FAQ
What is a credit repair merchant account?
A credit repair merchant account is a type of merchant account that allows credit repair companies to accept credit card payments from clients.
Why would a credit repair company need a merchant account?
Credit repair companies need a merchant account to accept credit card payments from clients as a form of payment for their services. Having the ability to accept credit card payments can make the sales process more efficient and can increase the likelihood of clients signing up for their services.
Is it difficult to get approved for a credit repair merchant account?
Obtaining a merchant account for a credit repair company can be more difficult compared to a regular merchant account as credit repair companies are considered high-risk due to the potential for chargebacks and disputes. However, as long as the credit repair company has a well-established business and can demonstrate a good credit history, it is possible to get approved for a merchant account.
Are there any additional fees associated with a credit repair merchant account?
There may be additional fees associated with a credit repair merchant account, such as higher processing fees or a higher monthly account fee, to cover the additional risk associated with the industry.
Can a credit repair company use a regular merchant account for credit card processing?
Yes, a credit repair company can use a regular merchant account for credit card processing, but it is likely to be considered high-risk by traditional merchant account providers and may be terminated if they find out. It’s a good idea to find a specialized provider that offers merchant services specifically for credit repair companies as they understand the nature of business and might have more flexible terms.
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Merchant Accounts FAQ
If you want to know more about payments, pricing, or solutions to problems you are experiencing, we are always ready to help you.
What industries doesCreditly work with?
Creditly specializes in high-risk payment processing but we also work with mid-risk and low-risk companies.
Here is a short list of some business verticals we service:
- Antiques & Collectibles
- Apparel & Clothing
- Bad Credit
- Bus Lines
- Cannabis Support Businesses
- Caterers
- CBD Oil & CBD Products
- Continuity Products and Subscription Boxes
- Credit Repair
- Credit Monitoring
- Debt Collection
- Digital Streaming
- Document Preparation
- Fantasy Sports
- Firearms & Ammunition
- Furniture & Home Furnishings
- Health & Beauty
- Hotels & Lodging
- Insurance / Warranty
- Legal Services
- Magazine Subscriptions
- Medical Billing & Coding
- Medical Supplies
- Membership & Recurring Billing
- MLM Companies
- Transportation & Moving
- Non-Profit
- Nutraceuticals
- Pawnbrokers & Pawn Shops
- Pet Products
- Precious Metals
- Property Management
- SaaS Companies
- Seminars & Coaching
- SEO / SEM / Ad Agency
- Smoking Accessories
- Sports Betting
- Survivalist & Tactical Gear
- Telemedicine
- Tobacco & Cigar
- Travel & Timeshare
- Vape / e-Cig / eJuice
- Veterinarians
- Web Design & Development
Why is my business considered high risk?
“High Risk” is a banking industry term. It’s important to note that there are many business models that are seemingly low risk, but fall into the high risk category.
There is nothing wrong with being considered high risk and there are many factors that contribute to risk.
When a consumer buys an item with a credit card, they are given 6 months from the date of receiving the item to dispute the charge.
If your business is no longer operating, who do you think has to refund that money? The processor. This is where risk is created.
Certain businesses, marketing models, and industries have a higher rate of chargebacks, where they get labeled as high risk.
Even if your business is perfect, has never had a chargeback, and operates 100% “by the books”, you could be labeled high risk if you’re business or industry falls into a high risk category.
There are 3 main reasons a business can be considered high risk.
- The business has a greater chance of chargebacks occurring
- The business model may be new or legally regulated
- The business accepts a high number of card not present transactions (over the phone, email, eCommerce)
Do you provide merchant account services outside of the USA?
Creditly offers merchant account services for the USA, Canada and also offers EU merchant accounts.
Can my startup or new business be approved?
We have worked with many new brands and start-ups to get them approved and running. However, banks like to see a long history of transactions and an established history with a merchant before approving them.
But, that does not mean we can’t get you approved. Reach out to us today and we will walk you through your options.
How long does it take to get approved for a merchant account?
Once all of the necessary documents have been received, it typically takes 1-4 days to get approved.
Occasionally accounts can be approved in less than 24 hours, our team will work as quickly as possible to get your account up and running.
