Debt Consolidation Merchant Accounts

Why First Card Payments

• No application or setup fees (unlike just about everybody else). We don’t believe in nickel and diming you or hiding fees that you won’t see until later.
• Most times there will be no early termination fees or cancellation fees, which means this agreement is month to month, so you can leave anytime without consequences.
• Whether you’ve been in business many years or you have at least 6 months of prior processing history, 99% of the time First Card Payments will save you a minimum of 25% of the markup of your current fees.
• Over the past decade we have accumulated over 30+ relationships with banks and ISOs. Some of these relationships are personal and directly with the owners, presidents, and CEOS of these companies. That can only be a big advantage for approvals which may need special considerations.
• No matter the situation- termination reasons (high chargebacks, bad credit, card not present (CNP))- we have additional solutions that will accept almost any situation.

How To Apply For Debt Consolidation High Risk Merchant Account

With the current pandemic, more people are buried deeper into debt; more and more Americans owe credit card companies millions of dollars and must find ways to get out of this financial situation.

As the problem of unemployment and financial debt climbs, debt consolidation companies help people get a grip on their finances. And for these businesses to move forward, they must apply for debt consolidation high risk merchant account.

Accepting credit card and e-check payments gives clients and consumers an option to pay off their debts at the same time helping your debt consolidation business capture as many clients as possible.

To be able to accept credit card transactions, a debt consolidation business can refer to the steps below on how to apply for a debt consolidation high risk merchant account:

1. You can go to the nearest high risk merchant account provider or go to their official business website to accomplish the online application form.
2. Along with the fulfilled application form, you must submit supporting documents:

• Passport or colored copy of driver’s license for the signer of the account
• 3 months of most recent business bank statement
• Business formation documents like Articles of Incorporation of LLC
• At least 3 to 6 months payment processing statements
• Voided check from issuing bank to which processing funds will settle
• For virtual applications, the required documents can also be securely uploaded online.

3. High risk merchant account processors and underwriters will review the credentials for approval. Normally, it will take 3 to 5 days for approval due to the high risk classification tagged on your business.

Besides, underwriters will check if your business is compliant with the merchant’s rules and regulations. In addition, underwriters will assess risks by looking into different factors such as your credit card processing history, credit score, and bank statement.

So, be wary of high risk merchant account service providers who promise to have instant approval, because, in reality, there is no such thing as instant approval. The fastest approval one can get is 48 hours from a high risk merchant account application.

Additional tips for high approval rate:

1. If your personal credit history is not good, have a co-signer who has a good personal credit history for a favorable approval rating.
2. Make sure that your business bank statement shows impressive cash flow to support the processing volume at the same time to improve the likelihood of application approval.
3. Fully disclose fees, rates, and cancellations in the contract policies on your website.
4. Avoid advertising
5. Do not ask for power of attorney from the customers or clients.
6. Include accurate information about your debt consolidation services.

When applying for a debt consolidation high risk merchant account, always choose a reputable and experienced merchant account service provider.

Any high risk merchant account providers cannot guarantee any approval, but by simply following these tips, increase your chances of getting approved.

That’s what merchant account providers are here for, to help your debt consolidation business navigate the application process.

Consulting

Our expertise is what sets us apart. Unlike our competition, we are in this for the long haul and we want to help, consult and guide your business for quick approvals and long-term merchant processing success. We will strategize with you to keep your merchant processing efficient, easy and affordable. We will help you keep chargeback ratios down, as well as helping you grow without being limited by merchant processing caps, so you can expand. We like to set our clients up with backup accounts, thereby giving you an added layer of protection if an account gets terminated for any reason.

We are not just a Bail Bond business merchant account provider; we are in your corner, fighting for you behind the scenes.