Credit Monitoring Merchant Accounts – An Overview
Credit monitoring is a sizable industry made up of businesses that offer crucial services to consumers. Credit monitoring businesses can help consumers fix poor credit standing through many means. Services may include:
- Disputing mistakes made by credit agencies on a consumer’s credit report.
- Helping individuals set up credit monitoring services.
- Offering general advice and counseling for establishing or rebuilding credit.
Unfortunately, many banks and credit card processors consider credit monitoring businesses to be “high risk”, and are unwilling to provide them with merchant services as a result.
Soar Payments, by contrast, has consistently offered merchant services to credit monitoring businesses since our company founding. We value the services provided by all types of companies within the credit monitoring industry, and would be thrilled to work with you.
Frequently Asked Questions
Will a Soar Payments merchant account integrate with my existing credit monitoring or CRM software?
Soar Payments credit monitoring merchant accounts, either directly or via a payment gateway, are compatible and integrate with the following credit restoration / monitoring 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 monitoring businesses prefer to bill their client monthly on a recurring billing basis. Usually 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 monitoring business? What should I expect?
After your online application is completed, it’s submitted to our system for preliminary approval within seconds. Assuming there are no issues that require one of our dedicated team members to manually review, you’ll then be emailed a docusign to complete. This docusign contains all the information pertaining to the merchant account (including rates and fees).
Once signed, and assuming all the proper supporting documents have been uploaded, it will be submitted to the bank for underwriting and approval.
Underwriting typically takes 3-5 business days, and should there be any questions or additional requests from underwriting, we will be in communication with you about them.
Once underwriting completes their review, if you are approved, we will reach out to you with the approval information. From there, we will set you up with your preferred payment method (see below for types of credit monitoring merchant accounts).
What types of credit monitoring businesses do you accept?
Soar Payments may only consider for approval credit monitoring 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 Monitoring Merchant Accounts
Soar Payments offer a full-array of merchant accounts to credit monitoring, law firms, and other businesses in the credit counseling industries. These include:
A retail merchant account for credit monitoring 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 monitoring 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 monitoring 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 monitoring merchant accounts have lower rates of chargebacks and fraud, and as such are priced similarly to retail.
Also called a credit monitoring 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 monitoring software and CRM systems. Accepting payments via virtual terminal is particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce credit monitoring 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 monitoring integrate with most leading payment gateways and shopping cart software, making setup easy. Online credit monitoring 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 monitoring, 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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