Merchant Accounts For Credit Monitoring Businesses

Merchant Accounts for Credit Monitoring

An Overview

Credit Monitoring Merchant Accounts

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.

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Frequently Asked Questions

Here are common questions specific to credit monitoring merchant accounts:

  • 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:

    Billsby, 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, 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 600;
    • 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

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:

Retail Payments

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.

Mobile Payments

​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.

eCommerce Payments

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.

The Payments & Fintech Podcast : Industry Spotlight

Simplifying Money Management

Many people who benefit from credit counseling or credit repair services also benefit from improving their money management strategies. With credit cards of all kinds, multiple bank accounts, and beyond... it's never been more challenging to keep track of finances.

Fortunately, there are fintech and payments solutions out there that can make it all much simpler. On this episode, Amanda Orson, VP, Head of North America at Curve, joins the show to share how Curve is simplifying money management.

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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!