Merchant Accounts For Credit Repair
Credit Repair Merchant Accounts
Credit repair is a massive $3 billion+ industry, with over 80,000 businesses providing crucial services for their customers. Credit repair businesses help consumers fix poor credit standing through many means, including disputing mistakes made by credit agencies on credit reports.
Unfortunately, many banks and credit card processors consider credit repair businesses to be “high risk”, and are unwilling to provide them with merchant services.
Soar Payments has consistently offered merchant services to credit repair businesses since our company founding. We value the services provided by all types of companies within the industry, including companies which offer credit counseling, credit restoration, credit education and credit improvement.
Frequently Asked Questions
Here are common questions specific to credit repair merchant accounts:
Will a Soar Payments merchant account integrate with my existing credit repair or CRM software?
Soar Payments credit repair merchant accounts, either directly or via a payment gateway, are compatible and integrate with the following credit repair CRM and software platforms:
Credit Repair Cloud, Dispute Suite, Credit Admiral Software, Score Inc. / ScoreCEO, TrackStar, Credit Money Machine, MC Credit Solutions, Dispute Valet, Dispute Composer, DebtPayPro, and Turbo Dispute.
Our merchant accounts can also be integrated with most software platforms which are compatible with the Authorize.net, NMI, or USAePay payment gateways.
Can I charge my customers’ credit card on recurring billing?
Many credit repair businesses prefer to bill their client monthly on a recurring billing basis. Typically, your merchant account will be approved for recurring billing. It is important to remember that each merchant account is individually underwritten and approved, therefore your business’ merchant account approval may have unique terms.
What’s the application and underwriting process for a credit repair business? What should I expect?
After your merchant account application is submitted, it will be automatically reviewed for preliminary approval. In literally less than a second, our system is checking for basic things like whether your business based in the US, whether you ask for a reasonable credit card monthly limit, and so on. Assuming your application passes those automated checks (and if not, don’t worry, we’ll just flag it for a manual review and can usually clear things up quickly) then you’ll receive an instant quote with a contract to review and DocuSign.
Once you’ve electronically signed your credit repair merchant account application, it will be automatically submitted to an underwriter for review and approval. During that process the underwriter will be looking to see things like whether you have had a merchant account before, and if so, whether you had a whole lot of chargebacks (if so, that’s a red flag, and you’ll be asked to explain why that happened, and what steps you’ve taken to prevent it going forward). The underwriter will also be looking at the amount you requested for your monthly credit card processing limit, and will determine if that figure makes sense based on your previous credit card processing history (with exceptions for startup businesses). If you have a website for your credit repair business, the underwriter will be looking to make sure the checkout page is live, and that the prices for your credit repair services match what you said they’d be on your application. An underwriter reviewing a credit repair merchant account application will also be looking at the business owner’s credit score. Obviously someone in the business of offering credit repair services may not themselves have a “perfect” score, but it shouldn’t be abysmal either.
Contingent on the underwriter not seeing anything that they need to ask you about (which will require a further “back and forth”), you should receive your formal approval in anywhere from 24 hours to a few days. Throughout the process you’ll be kept updated via email; and if the underwriter does need some additional info from you, you’ll receive that request via email as well.
Once the underwriter approves your application, your assigned Soar Payments account manager will let you know that you’re approved, and will set you up with your payment gateway or credit card processing equipment, depending on your business’ needs.
What types of credit repair businesses do you accept?
Soar Payments may only consider for approval credit repair companies which meet the following criteria:
- Owner’s credit score must be above 550;
- Web site must not sell or mention tradelines;
- Must not offer free trials;
- Payment plans can be 12 months or less, but not longer.
Want more information? Click here to read our extended list of our FAQ.
Our friendly Customer Support Team is standing by to approve your application
Questions? (888) 225-9405
Types Of Credit Repair Merchant Accounts
Soar Payments offer a full-array of merchant accounts to credit repair, law firms, and other businesses in the credit counseling industries.
Retail businesses can choose from a traditional credit card terminal, wireless, or point of sale system. Whatever you choose, our retail merchant accounts will have you accepting credit and debit cards faster, and for less.
Want “on the go” mid or high risk credit card processing? Our mobile pay options are for you. Choose between iPad or mobile phone credit card swipers, compatible with both iPhone and Android devices.
Virtual Terminal Payments
Accepting payments over the phone, mail or typed in on your laptop is easy with our virtual terminal merchant accounts. No equipment needed. Just log in to your virtual terminal, and type in the customer’s credit card.
Selling online? Our easy to use payment gateways are compatible with, and simply plug in to most major shopping carts. Our mid and high risk merchant accounts are streamlined for eCommerce businesses.
Financial Empowerment Through Technology with Richard Liu of Earnin
Credit repair and credit counseling businesses of all kinds specialize in helping their customers get control of their credit. Financial empowerment is at the heart of many businesses leveraging technology to help those who need it most.
On this episode, Richard Liu, CTO of Earnin joins the show to explore financial empowerment through technology. Earnin is an app that lets people get paid as soon as they leave work, with no fees, interest, or hidden costs. It’s the definition of financial empowerment, and the perfect vehicle with which to explore a crucial topic.
Listen along for his unique insights.
Our podcast explores the fast-changing world of payments and fintech through interviews with thought leaders around the world. From credit card processing to bitcoin, and digital banks to finance software… we cover it all!