Merchant Accounts for Credit Counseling Services
Traditionally, debt reduction, credit repair companies and credit counseling services are considered to be in a high risk industry. Because of this they can be charged high rates and fees when it comes to accepting payments. However, finding the right merchant account can make a big difference. If you offer either credit repair, tax resolution, credit counseling services online or offline, you're going to want to keep reading to learn more about what you need to look for in merchant accounts.
As mentioned, a company offering credit counseling and repair services is usually considered high risk and can end up paying a lot of fees with their merchant account. That being said, you're going to need one to do business in the modern world. Here are some things to think about before you decide which company you're going to work with for accepting payments.
Recurring Payments - Make sure to get a merchant account that can easily handle recurring billing. This is key for running a successful credit counseling company. Fortunately, you can easily find merchant accounts that offer this feature.
Setup and Application Fees - If you have a startup company in this industry, you don't want to be spending money unnecessarily. The good news is that you can get a merchant account with no setup fees and even no application fees.
Application Process - You should also look for a merchant account provider that has a simple and straightforward application process. You should be able to fill out the basics online safely and securely.
ACH Processing/Check Processing - Another area you want to think about is the ability to take payments via check or accessing a person's bank account. Both ACH and check processing are crucial for credit counseling services.
Multiple Underwriting Banks - Last but not least, you also want to find a merchant account with multiple banks underwriting it. This way, if one bank decides to not provide services to your company, the others will pick up the slack and you won't have to stop doing business.
Using the list above, you should be able to make your search for a merchant account provider a little easier. Keep reading to learn the best way to get help for your credit counseling company.
With so many merchant account options available these days, it can be difficult to find the one that's going to work best for you and your company. If you're in a high risk industry like this one, it's crucial to do your homework and find the one that's going to work best for you.
IBI Merchant Services has worked with many credit repair counseling companies in the past. This has given us a good idea of what they need to do business on a daily basis. Give us a call today to learn about all of your options when it comes to a merchant account.