Credit Repair Merchant Account
Merchant account services help businesses operate effectively and provide customers with goods and services. There are a number of businesses that have been labeled as high risk by many banks and merchant account institutions. Some examples of high risk businesses are pawn shops, hookah or vape shops, debt collection companies, and merchants that provide firearms or ammunition. Even dating websites and merchants that offer other adult services are often restricted.
Merchant Account Services
When a business is unable to secure merchant account services, they will inevitably lose business. Credit card processing and other services are vital to daily business operations. High risk businesses will pay a premium for these services, if they can find approval at all. Some businesses have not yet built up a strong positive credit history and are unable to qualify for traditional merchant account options. Ironically, businesses that have bad credit are often trying to help consumers rebuild their own credit.
Credit Repair Companies
Credit counseling and debt relief companies offer a valuable service to customers. They assist with paying down debts and sometimes work with creditors to reduce overall balances. These companies are often considered high risk because of the nature of their business. However, there are a select few merchant account service providers who are willing to help.
Merchant Account for Credit Repair
Some innovate service providers like The Southern Institute recognize the value in every business. They are willing to help businesses when others have refused or labeled their risk level too high. Merchant services allow businesses to accept credit and debit card payments. They also process electronic check processing and other forms of payment options. Having the ability to establish automatic payments is essential for any business that wants to offer a valuable service and make a profit.
Types of Credit Repair Merchant Accounts
It is important for companies to have options available to meet the needs of their customers and their type of business. There are several different ways that merchant account services help businesses properly serve their customers. Credit repair merchants and other industries that have been deemed high risk may have a difficult time finding a service provider. All service providers will offer a few basic types of processing options, even if they do not offer every option to every merchant. Here are a few examples of convenient merchant accounts for credit repair businesses:
- Retail Point of Sale
- Virtual Terminal
Each of these options make businesses more competitive. They also help keep customers satisfied. Since many people do not carry cash these days, they prefer to conduct their business transactions electronically. In fact, most customers prefer to keep their financial records on their smartphones. When they can pay with a mobile app or through a virtual portal, they believe they are being efficient.
Any type of merchant account option for credit repair is helpful for business owners who are just beginning their new career. If this new business is in a physical brick and mortal location, a retail or virtual terminal is probably the best option. The retail platform is also called a point of sale machine because they are used when a customer is present with the merchant at the time of the sale. Mobile and eCommerce merchant accounts are helpful for outside sales, trade show events, and other times when a physical connection is unavailable at the time of the sale.
Low Rates For Merchant Accounts
A low processing fee for credit cards and other electronic transactions help businesses keep their prices low. When merchant account service providers charge an extremely high fee, it can force merchants to push that additional cost onto the customer or end user. The Southern Institute offers a competitive rate on all merchant services, even those considered by other providers as high risk. These professionals know that in order for businesses to stay afloat, they need to be able to offer electronic payment methods.
The Southern Institute knows there is more to a business than a business credit score or a marketing plan. They consider many other factors when evaluating an application for merchant accounts. In the end, they are able to do business with virtually every provider. Moreover, The Southern Institute can still manage to offer their important merchant services at a low rate.
Merchant Account Processing Rates
Full service merchant account service providers bill their customers in a few basic ways. Some providers charge one flat rate, usually calculated monthly. This amount may be limited by the total number or amount of sales within the billing period. Another billing method is to determine a percentage amount that will be assessed for each transaction. For example, a 3% processing fee is calculated at the time of each sale and is based on the total amount of the sale. These processing fees are then either billed monthly or deducted directly from the merchant account. These are a few of the most common ways that services can be billed, but there are other methods as well.
International Business Accounts
Because eCommerce and modern technology make it easy to sell products globally, many businesses have global marketing plans. While this is certainly good for business owners, it also makes them a higher credit risk. Essentially, all international business transactions are considered high risk by merchant account service providers. It is simply the nature of the business. Many fraudulent activities originate overseas and are transacted in a domestic setting. It may take longer for banks to realize an authorized transaction took place and nearly impossible to recoup the losses.
The higher risk of international payment processing should not be a deterrent to businesses who want to expand their market. Partnering with a credit repair merchant account services provider who understands the nature of the business will help. These specialists understand the credit repair business and other higher risk ventures. They still want to provide merchant account services and help these businesses succeed, whether they want to do business locally or globally.
The Southern Institute
The group of professionals at The Southern Institute understand exactly how difficult it is to find an excellent service provider. This is especially true for credit repair businesses and other genres that present higher risk clientele. Even businesses that are building their own business credit rating are subject to rejection of merchant account services. The Southern Institute is here to help those businesses succeed. They offer a plethora of merchant account services and can work with businesses to grow their business internationally. They offer competitive rates and provide fast processing. Approval decisions are fast because they know businesses need to stay moving to stay relevant. The Southern Institute makes this happen for many high risk business entities.
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