Credit repair is a $4 billion industry that's vital to the modern economy. Credit repair companies help people get back on their feet and return to a state of financial wellbeing. Unfortunately, despite the necessity of this service, most banks aren't willing to provide a credit repair merchant account for these companies.
This unfortunate paradox of the credit repair industry makes it difficult for business owners to operate normally. If you run a credit repair business, you need a payment processor you can trust.
Tier one banks are usually unwilling to grant a merchant account for credit repair. Credit repair is deemed a high risk industry because this business model works with risky clients who may not be ready to make their payments consistently or on time.
A credit repair payment processor also tends to experience a large number of chargebacks. Chargebacks occur whenever a customer disputes a transaction. If this happens too often, banks will shut down the associated merchant account.
Most businesses who don't have a regular merchant account turn to payment processors like Paypal or Stripe. Unfortunately, it's against these organizations' terms of service to work with a credit repair company. Even if the business has managed to fly under the radar, the account could still be shut down at any time.
Every credit repair company needs the ability to process credit cards and accept online payments. The convenience of instant payment is essential for clients who have already shown difficulty making their payments on time. If the banks refuse to offer you a merchant account, you need to find another option that will let you return to business as usual.
PaymentCloud provides merchant services for credit repair companies by specializing in high risk accounts. We've worked with every type of credit repair company, including:
No matter what type of credit repair business you operate, you can trust PaymentCloud to provide high-end merchant account services that will keep your clients satisfied.
We understand how valuable a credit repair credit card processor is to your organization. Without a processor, you won't be able to operate your business to its fullest extent. That's why we offer merchant accounts for high risk companies that need online payment processing to be effective.
PaymentCloud offers a simple and straightforward application process. We want you to be in business as quickly as possible, so one of our representatives will contact you shortly after you fill out our online form.
Our senior account representatives understand every aspect of the credit repair industry and can place you with an account that fits your unique needs. Once you file your application and provide the needed documents, we'll work quickly to get your account up and running. Apply today to secure your credit repair merchant account and start accepting payments online.
Create an account begin accepting payments almost immediately. You can also contact us to design a custom package for your business.
From day one, Miles has been an overwhelming help to me in making sure I am making the best choices for building my business. His patience with me as he helped me step by step in submitting my application was so appreciated! …The team has been amazing across the board, and I truly cannot thank them enough!
I've been working with the folks at PaymentCloud for about two weeks now. They have made it super easy and they guide you through everything! Their customer service and support is awesome! I'm so glad that we connected with Michael S. and all the other folks at PaymentCloud. Highly recommend!
The agent who helped me to onboard was attentive and consistent throughout the process... They made sure I knew how to manage my accounts and had them properly set up and in compliance. They turned what could’ve been an intimidating process riddled with errors into a smooth transition for my business.