Applying for a Credit Repair Merchant Services Account
Because credit repair is considered to be a high-risk business, the application process will be a bit more complex than other industries would be. You can apply for a credit repair merchant account today. But be warned, if you go with a generic, non-high risk merchant account providers, the process can be even longer with extreme limitations, spotty service or even just a flat out decline.
You’ll be asked to fill out an application, which can be quite lengthy at other merchant account providers, and submit the following documents:
- Your government-issued ID
- A bank letter or voided check
- Three months of recent bank statements
- Three months of processing statements
- Your Social Security Number or Employer Identification Number
- And you must have a chargeback ratio under 2%
If you are one of the many new credit repair merchants, you might not have three months of processing statements to turn over. If you’re an especially small business with no employees you may not know your Employer Identification Number. In some cases, you may not even have one. Do not worry, our credit repair merchant account representatives can walk you through exactly what you need and answer any questions you may have. Call us at (800) 993-6300.
After you’ve collected all of these items, the credit processing services provider will run your application by their banks underwriters, who has the actual, final decision on your accounts approval. This can take quite a while, especially with some of the larger, generic payment processors.
Here at Leap Payments, we do our best to make the application process fast and easy. We will guide you through it, and in most cases, we will tell you whether or not your application is accepted within 24 hours. While we cannot guarantee acceptance, we can tell you that our acceptance rate is far higher than any of the other credit processing services out there.
What Application Processors Look for
To get your credit repair credit card processing business up and running at maximum profitability, having the ability to accept debit and credit card payments. Just because most banks and processors classify credit repair businesses as high risk doesn’t mean they should be barred from having the same opportunity to process credit cards as any other company does. Because the finance industry considers you to be high risk, you need the best high risk merchant service provider. We want to help any way we can. So here are a few helpful tips when you’re preparing to apply.
Stay Compliant.
Be sure to always follow any rules that apply to credit repair businesses. Bank underwriters will examine your payment processing history for any red flags. If you are uncertain what is legal or what are considered best practices, consult with one of our high risk merchant account representatives before making a decision.
Good Credit Score.
Your credit score will affect your approval odds when applying for a high risk merchant account. But as a credit repair business, making sure your own credit score is even more important. It can look suspicious to bank underwriters if it seems like you should be utilizing your own services. Another warning sign that could get your application rejected is a heavy history of chargebacks. That is true for any kind of merchant. You should also avoid any unnecessary risks. As a credit repair service, taking needless risks is another red flag in the eyes if processors and underwriters.
Reduce Outstanding Debt.
If you have large loans or significant outstanding debt, now is a great time to try and reduce that. Underwriters do not like to see a lot of outstanding debt. Pay as much of it down as possible. In a perfect world, paying all of it off would be the best strategy.
If you are proactive, follow best practices and partner with the best high risk credit card processor, there’s no reason you can’t get reliable, quality merchant services.
As you can see, the process can be pretty involved. That’s why we work closely with applicants to make the application process as easy as possible and to give you the best chance of being approved.
Make Leap Payments Your First Choice in Providers
Leap Payments knows how the credit repair industry works and how to best build a system that works for your business’s needs. Many credit repair companies open merchant account with Leap Payments for these reasons and many more:
- Lock in Lifetime Rate Guarantee
- Custom Online Processing Solutions
- Terminal & POS Integration
- Instant, Same Day or Next Day Funding*
- Always 100% U.S.-Based Support
- Online Credit Repair Payment Gateways
*Next day funding is not guaranteed for all merchant accounts. Available only for qualifying merchants. To see if you qualify, call (800) 993-6300 now and speak to an account specialist.
With a customer support team that is 100% U.S. based, we are always ready and eager to help you anytime, whenever you need. We can assist account questions, give advice on the best credit card readers and even show you how to set up your credit card processing account. Contact a Leap Payments Credit Repair Account Specialist today.
Contact Us Below & Secure Your Lifetime Rate Lock Today!
Or Call: 800-993-6300