Credit Monitoring
Are you in Need of a Credit Monitoring Merchant Account?
A credit monitoring merchant account is classified as a High-Risk industry with regards to payments, making it difficult to find a reliable processing partner. However, Aacadia Payments specializes in both low and high risk merchants and we have several banking partners that offer Credit Monitoring merchant accounts.
Consumers need a reliable and secure method to monitor their credit scores and activity, which is an ongoing need. Mostly due to how often Credit Scores can change, from one month to the next.
There are many factors such as outstanding balances, on-time payments, and how many monthly credit inquiries all transpire to affect a Consumer’s Credit Score. Therefore, the scores are actually always changing, making monitoring a necessity.
Aacadia Payments understands your credit monitoring merchant account is essential in order for your business to survive and thrive. As a result, your credit monitoring business will help assist your clients in reviewing the correctness of their own personal credit histories, see any current changes that might positively or negatively impact their scores, and help them stop identity theft by being diligent in accessing their own information.
Giving your customers unlimited access means billing your customer on a Recurring or Subscription type basis is required. This type of billing model provides another reason your credit monitoring merchant account is High-Risk. But No Worries!! Aacadia Payments is here to assist you in establishing a successful Credit Monitoring Merchant Account.
Have you been Shut Down or has your Credit Monitoring Merchant Account been closed?
When your Credit Monitoring business sets up your customers to be automatically billed, there’s a higher risk of incurring chargebacks or even excessive chargebacks. A chargeback is when the customer disputes a transaction they on their debit or credit card by calling the number on the back of the card and claiming not to have authorized the purchase or stating they are not happy with the service provided for a transaction in which they engaged.
The Customer might give any number of excuses as to why they’d like to dispute the charge. Some reasons may be that the charge isn’t one they recognize, they never received the item they purchased, the merchandise was defective or the product or service wasn’t what they expected it to be.
Regardless of the reason someone uses to issue a dispute, it starts a chargeback process. The customer contacts their bank and that bank contacts your credit card processor via a bank debit.
The disputed funds are taken from the business bank account and are not available again until the dispute is settled. If the business cannot provide the required proof that the cardholder authorized the transaction, the funds will never become available to the bank and will be “charged back” or reversed back to the cardholder.
As the credit monitoring merchant, you are given a chance to respond and an opportunity to refute the customer and prove that the charge was, in fact, authorized. If this is proven, the funds would be released back to you. But even if you WIN, the entire chargeback process is an annoying and costly hassle you will want to avoid.
How Does Being High-Risk Affect Your Credit Monitoring Merchant Account?
Businesses that sell products or services on a continuity or recurring billing model, like those that are set up with a credit monitoring merchant account, are the type of business model that brings a lot of chargebacks.
This happens because customers think they are being billed without consent because they did not read the Terms and Conditions properly, they could be billed or fail to remember the details that they originally engaged. Excessive disputes can cause your merchant account to be terminated or your funds placed on hold.
How Can Aacadia Payments Help my Business Get a Reliable Credit Monitoring Merchant Account?
Aggregators like Stripe, PayPal and Square do not complete underwriting when new customers are boarded, however, it is still likely that your credit monitoring merchant account will initially be accepted at the time of applying.
However, as soon as those Aggregators see that you offer a Credit Card Monitoring Service, they will quickly advise you they cannot process for your type of business. Additionally, they will close your merchant account immediately and freeze the funds on account. This means that no credit card payments can or will be processed and any deposits on the way wil, most likely, not be received.
There are hundreds of High-Risk Payment processing companies out there and many have experience working alongside businesses in your industry and Aacadia Payments is one of them.
Aacadia Payments can help set you up with a sustainable credit monitoring merchant account and get your business accepting online payments quickly with transparent fees and a robust Gateway and processing platform.
Get Started
Speak with a merchant account expert and get approved!
We’ll work hard for your business and want to make sure that you are completely satisfied with our merchant services. Your continued success as our customer is our top priority.
Send us a note using the form on this page or you can contact us by phone during business hours Pacific Time.