Debt Consolidation Services
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. So, finding a high risk credit card processor that is able and willing to accept your account is the number one priority, because tier one providers don’t have the resources to support debt consolidation credit card processing.
Debt Consolidation Agencies Are Hard to Place
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 that debt consolidation companies experience comes from a variety of factors:
- Unstable client base: The debt consolidation industry inherently works with clients who have a history of missed payments. Many people seek debt consolidation when they're under significant financial stress; they may feel the need to dispute a charge for a variety of reasons.
- Recurring payments: Many debt consolidation companies charge a recurring fee for their services. Recurring payments almost always increase a company's chargeback ratio, as customer's cards may be charged at unexpected and often inconvenient times.
- High risk of fraud: Debt consolidation companies offer a truly necessary service that is made available to a wide array of people. Unfortunately, the benefits of this service can also attract fraudulent practices. Even if you take steps towards risk prevention, a bank may not be willing to take the chance alongside you.
Some payment processors agree to work with debt consolidation companies but revoke the account once the risk becomes apparent. You can't always control your chargeback ratio, but you can choose to work with a debt consolidation credit card processor that wants your business to succeed.
How to Start a Debt Consolidation Business
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 succeed.
PaymentCloud is a nationally accredited debt consolidation payment processor that specializes in working with 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.
A High Risk Credit Card Processor to Help You Succeed
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.
- Secure your payments with high-end data encryption and fraud prevention.
- Lower your risk status with our chargeback reduction suite.
- Dedicated account representatives to help assist before, during, and after approval.
Apply for a Payment Gateway for Debt Consolidation
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 that 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 reach out to you 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.
Let us show you how easy it is to get started.
Contact us at 1-800-988-2215 or by filling out our simple online form