Adding student loan debt relief services to your debt consolidation business is a fantastic way to boost revenues and grow your business. An essential part of adding this new service is being able to provide your new customers with a variety of payment options, including ACH and debit and credit cards.
However, it can be difficult finding the right high risk merchant service provider for student loan relief merchant account. In fact, with the current regulations on student loan relief businesses and potential regulation changes to the student loan industry, it is not uncommon for many merchant providers to simply say student loan relief services are just too risky for them. It is easier for them to deny applications than approve a merchant account for your business.
Even though your business has good intentions to help people, there are some unsavory businesses in this industry. They will take advantage of a person’s misfortune, such as charging them hidden fees or requiring the customer to use their services for a set number of months to avoid an early termination fee.
Businesses like these are what make it difficult for honest businesses in this industry, like yours, to be approved by merchant account providers. In addition, there are also potential risks from consumers generating chargebacks for services that help with consolidating their student loans and reducing their student loan payments.
Here at Leap Payments, we understand high risk industries and how best to help businesses in these industries obtain the merchant account solutions they require. Furthermore, some other merchant account providers will not even consider any application from a startup student loan relief business because they have not established themselves.
Even if you have been in business a number of years, since this type of card processing is in a highly specialized area, many providers cannot even offer a viable type of solution. Our goal is to provide you with a customizable solution so you can increase your customer base, grow your business, and offer a wider range of debt consolidation and student loan relief services.
We have worked with new businesses, just opening up their doors, as well as businesses that have been around for years. Whether you are a small local business operation, medium or large-sized company, we can help you get approved for a high risk student loan relief merchant account.
Our merchant account solutions are designed to help lower the risks of chargebacks and fraud. We can help you navigate this high risk industry and develop a solution based on your specific needs, from telephone and online card processing to in-office processing.
Best of all, there are never any hidden fees, and you’ll have access to our U.S.-based customer support 24/7. To learn more about a student loan relief merchant account or for further questions, please feel free to contact Leap Payments at 800-993-6300 and speak with one of our student debt merchant account specialists today!
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