It's not nearly as easy to secure a debt consolidation merchant account as it should be. This important financial service exists to help clients fix their monetary situations; but because the industry is high risk, many banks are unwilling to offer payment processing services for it.
Online credit card processing is necessary for a debt consolidation company. If you can't accept online payments, you can't help your clients. Tier one providers don't have the resources to support debt consolidation credit card processing, so finding a high risk credit card processor willing and able to accept your account is the number one priority.
When a bank decides whether to grant a merchant account for debt consolidation services, they always consider the company's chargeback ratio. This ratio reflects the number of canceled, refunded, and disputed transactions that your company experiences each month. Unfortunately, debt consolidation companies often experience a high number of chargebacks; as a result, they are labeled as high risk businesses, and their merchant account applications are frequently declined.
The increased chargeback ratio debt consolidation companies experience comes from a variety of factors:
Some payment processors agree to work with debt consolidation companies but revoke the account later because of the risk. You can't always control your chargeback ratio, but you can choose to work with a debt consolidation credit card processor that is familiar with the industry and wants your business to succeed.
When you're working in a high tension financial industry, you need a debt consolidator’s credit card processor on your side. You need a payment processor that understands your business model and wants to see you and your clients find success.
PaymentCloud is a nationally accredited debt consolidation payment processor specializing in high risk accounts. We offer state-of-the-art processing services to help high risk businesses like yours make an impact on the market. Trust us to keep your payments secure and assist your customer base as they put their financial lives back together.
PaymentCloud grants debt consolidation merchant accounts to both new businesses and seasoned companies. We have a variety of tools to help your company reach success.
Don't waste time applying for merchant accounts with providers who don't understand your market. Reach out to PaymentCloud for reliable payment processing services designed specifically for high risk industries. We're a debt consolidation payment processor that truly understands the importance of your business model, and we are ready to help you and your clients succeed.
To start the application process, just fill out our simple online form. One of our senior account representatives will contact you to discuss the payment processing services your business needs. This representative will be assigned to your application in order to better understand the specific needs of you and your business. That way, we can handle your account with personalized care every step of the way.
We've worked with every type of credit repair and debt consolidation business- start the process today so you can begin accepting online payments as soon as possible.
Create an account and start accepting payments almost instantly. 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.