Obtaining a merchant account has proven to be a challenge for many credit repair companies because they are considered to be high risk.
Here’s what you should know before applying for a credit repair processing account and more on how Blue Wave Merchant Solutions can help.
What Every High-Risk Credit Repair Company Should Know
Merchants in the credit repair industry have it hard enough to begin with. Imagine asking your bank for money for your business, and then having to explain that your business model is based on helping people that have a history of credit card delinquency.
Obviously, the banks first concern is that you will not be able to pay them back. This stigma alone makes obtaining a credit repair merchant account somewhat tricky.
To add to this problem, many credit repair companies are known for going over the allowed chargeback threshold due to the fact that a large number of them are fraudulent.
To explain this further, lets go back to the Recession of 2008. The aftermath of our country’s economic issues found many businesses and individuals in need of credit repair. This lead to an explosion in the credit repair industry, giving rise to a great many businesses focused on meeting this new demand.
Unfortunately, this incredible influx brought with it those of a less scrupulous nature, intent on taking advantage of the vulnerable state many people found themselves in. As a result, financial institutions to this day consider credit repair companies seeking merchant accounts to be high risk. These companies have no choice but to face a much tougher approval process—and even if they are approved, they often face higher fees and less latitude in the services they’re allowed to provide.
With the vast majority of credit repair companies having moved into the online-only marketplace, securing a merchant account has become even more of a necessity—and having a trusted, reliable merchant account provider that offers you more than any other can make all the difference for you and your business. Blue Wave Merchant Solutions will be the merchant account provider that makes the difference for you.
How Can Blue Wave Merchant Solutions Help Me?
With a 95% approval rate and over a decade of experience, we here at Blue Wave know how to help high-risk credit repair businesses in your exact situation.
We offer a wide range of benefits and advantages for high-risk credit repair companies, making us your ideal partner for all your merchant account and payment processing needs. With a vast network of financial institution partnerships and the industry knowledge to help you navigate these complicated waters, we’re able to provide high-risk credit repair companies the range of options and superior service they need to stand out from their competitors.
Just by calling or clicking today, we offer you the immediate advantages you need to get started right away, including:
- Fast approvals: as soon as 24 – 72 hours
- No setup or application fees
- Free payment gateway integration
Upon approval, the benefits of partnering with Blue Wave only get better, including:
- Competitive pricing: The best rates tailored for each client
- Integrated payment gateways for all business types: e-commerce, mail order/telephone order (MOTO) and brick-and-mortar
- Simplified Payment Card Industry (PCI) compliance
- Fraud protection tools
And long after you’re on your way to establishing the low-risk credit history your business needs, Blue Wave will be by your side with ongoing support, including:
- A dedicated account consultant
- Reliable, in-house customer support
How do you get started? Simply apply here to get your application decision in as little as 24 – 72 hours.
Have questions? Contact us here and one of our dedicated consultants will reply as soon as possible.