Credit Repair
Aacadia Merchant Account for Credit Repair
Why is it so difficult to get an approval for a merchant account for a Credit Repair Business?
And Secondly, Why is it hard to keep that merchant account open?
If you own or manage a credit repair service, you likely understand the difficulties of finding reliable payment processing. While the credit repair industry is a whopping 5 billion dollar industry, it is definitely not worry-free!!
ISO’s and Merchant Account Providers consider a credit repair business to be high risk with regards to accepting credit card payments. If your business wants to accept credit card payments from your customers for “credit repair services” you must have a merchant account specifically approved for credit repair from a merchant account provider and bank who specializes in these types of accounts. Banks can be very industry specific with regards to their customer niches.
Why can’t I just use my Stripe/PayPal or other common Payment Provider to charge my customers?
Stripe and Paypal and other Providers known as Aggregators cannot be used to charge clients for Credit Repair Services. Credit Repair Services are specifically a violation of their Terms of Use Policy. Their Risk Teams will find out that you are violating your agreement and they will hold your funds and close your account.
How can I best obtain and keep my Credit Repair Services Merchant Account?
With Aacadia Payments, our banking partners that approve Credit Repair have extensive experience in approving credit repair businesses. They specialize in providing payments to businesses just like yours. Banks that already have Credit Repair customers will more quickly approve your business, because this is one of their niche markets.
Credit Repair Companies are more likely to receive disputes and chargebacks from customers due to “Friendly Fraud” Chargebacks
A Friendly Chargeback is a situation in which the customer purchased the goods or service and used their credit card knowingly, but later they dispute the charge.
With regards to Credit Repair Services Companies, if the customers do not get what they expected from the service, they will quickly dispute the transactions for Services Not Provided. Consumers expect for their credit scores to quickly rise and for them to be approved for homes and automobiles that they were not approved for previously.
Aacadia Payments can help drastically reduce the number of incoming chargebacks from your customers by helping your company communicate expectations effectively with your customers at the start of your service.
Managing your customers expectations throughout their Credit Repair experience can help reduce disputes tremendously.
Additionally, making sure your customers know how to contact you and being hyper responsive to inquiries will also help reduce confusion and chargebacks and help your company continue to accept credit card payments with Aacadia Payments.
Open your Credit Repair Merchant Account with Aacadia Payments Today!!
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.