5 steps to a high risk merchant account for new credit repair companies
Starting a credit repair company can be a lucrative business that will ultimately help a large number of people. However, collecting payment for services rendered can be difficult due to the fact that credit repair companies are given high risk commercial account status. High-risk accounts will have higher fees that can eat into profits, but trying to circumvent the system by falsifying a trading account application is not an option. This can cost a lot of time and money in the long run. Here are 5 steps new credit repair companies need to take to get a merchant account.
1-Set aside some money before starting the business to cover the high fees associated with a high risk account. Unfortunately, in the past there have been too many companies that have promised credit repair services, taken the customer’s money, and then disappeared. This made it difficult for legitimate companies, especially new ones.
2-Take the time to find at least three companies that offer high risk trading account services. Compare fees and be prepared to do some research on each company. Don’t automatically sign up with the lowest bidder.
3-Research each company on the Internet and check with the Better Business Bureau. Whenever possible, consider contacting current customers of the company and asking them how they feel about the merchant account service.
4-Once a company is selected, it’s time to start the application process. The application is pretty straightforward. However, a good credit score helps ensure that a new credit repair company will be granted credit processing services. Approval may take several weeks or months. Follow-up phone calls and emails may be required to verify the status of a high-risk trading account application.
5-Before signing documents, read every word. Make sure payout dates and frequency of payouts are clearly explained. Understand that there may be a longer hold time for applicants with a newly established business or an applicant who has less than stellar credit history.
The process can be expedited by ensuring that all required documents are submitted with the application. Letters of recommendation may be required for some applicants. It’s a good idea to do this as soon as possible. Don’t let the difficulty of getting a high-risk merchant account deter you from starting a credit repair business.
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