Credit Repair Merchant Accounts
Having good credit in today’s financial climate is a necessity. A good credit score means that an individual will get lower interest rates on credit cards or loans, such as putting a down payment on a house or buying a new car. Yet many people have bad credit due to issues such as late payments, bankruptcies, and outstanding debts. One could also get bad credit due to errors on their credit reports. A recent survey found that one in five people have incorrect entries on their credit reports, the potential customer base for a credit repair business is quite large. The drawback is that a credit repair business is considered a high risk merchant in the eyes of a bank, which means higher rates are charged when processing payments or being denied outright for a merchant account. However, the professionals at Merchant Processing Advisors can help credit repair businesses find payment processing at competitive rates as MPA specializes in helping high risk merchants.
Credit repair services are in high demand as many individuals are finding themselves needing help to salvage their credit rating. The average person can be confused on how their credit score is compiled, especially due to the fact that there are three main credit reporting agencies (Experian, TransUnion, and Equifax) that each have their own set of data furnishers (lenders, debt collection agencies, credit card companies, etc.) that report a person’s credit information to them. A lot of errors can crop up on a credit score, such as having a single debt reported multiple times or if an old debt that had been paid off still listed. All this confusion is leading to a boom in the credit repair services field, but banks are leery of providing them with a merchant account due to the high risk of the credit repair agency dealing with people of dubious credit history. The banks are worried about the possibility of fraud and chargebacks. Fortunately, Merchant Processing Advisors has contacts with financial institutions around the world and a selection of merchant account providers that will offer competitive rates as well as anti-fraud and chargebacks features. You can contact us to get more information, or you can fill out our high risk merchant application form to start the entire process now. Merchant Processing Advisors will offer you a quote within 24 to 48 hours. Now is the time to take advantage of the current financial situation, so call Merchant Processing Advisors today.
Our services are provided at no additional cost to you.