Credit Repair Merchant Accounts – An Overview
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
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.
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. These include:
A retail merchant account for credit repair enables companies to accept face-to-face credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to a retail setting with reliable internet access, retail credit repair credit card processing accounts typically have the lowest risk of chargeback and frauds and therefore are afforded the lowest merchant account pricing.
A mobile merchant account for credit repair enables your company to accept in-person payments via a swiper that plugs in to your mobile phone or iPad.
Ideal for credit counseling companies that conduct in-person sales outside of a traditional storefront, mobile credit repair merchant accounts have lower rates of chargebacks and fraud, and as such are priced similarly to retail.
Also called a credit repair payment gateway, this enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment).
Our virtual terminal accounts integrate with most major credit repair software and CRM systems. Accepting payments via virtual terminal is particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce credit repair merchant accounts allow your company to accept debit and credit cards via your website’s checkout page.
Our eCommerce credit card processing accounts for credit repair integrate with most leading payment gateways and shopping cart software, making setup easy. Online credit repair merchant accounts are vulnerable to fraud and chargebacks, therefore, we offer pre-integrated fraud protection.
Our Personal Guarantee
Soar Payments offers every client three guarantees (whether your business offers credit repair, credit counseling, or related services):
- Instant Online Quote. When you submit your application, you’ll get an instant price quote to DocuSign. No offline paperwork, no faxes, no waiting.
- Industry Minimum Pricing. You will automatically receive Industry Minimum Pricing in your online quote. No more frustrating haggling with sales reps.
- USA-Based Customer Support. When you call or email, you’ll always speak to our friendly support team, based in Houston, TX.
Our friendly Customer Support Team is standing by to approve your application:
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