There are both high risk and low risk merchant accounts out there. A credit repair business is going to be classified as high risk. This means that it will be harder to set up a merchant account of this sort.
Credit repair has unfortunately suffered from a slew of imitators and scam artists. This has made it harder for legitimate merchants to get credit repair merchant accounts. Merchant processing services are wary of credit repair businesses and deem them high risk. However, there are plenty of legitimate, trustworthy and successful credit repair businesses out there and whilst it is not impossible to get an account of this sort, it is just difficult.
Getting into the credit repair business requires knowledge, diligence and money. You should have some money set aside if you want to start up this sort of business. You should also have a thorough knowledge of all the applicable laws.
Credit repair businesses face very high fees for processing electronic payments through checks, credit cards and debit cards. These fees could even be as high as $2,000. This is where the need for money set aside comes in. You will need to have funds available to take care of these fees early on, until your business is firmly established.
Knowledge is needed not only to understand the laws applying to your business, but also the situations and needs of your customers. It will be important for you to be able to appreciate the budgets of your clients. As necessities such as gas and food continue to cost more and workers continue to get laid off, budgets shrink. It will be your job to understand all the complex factors involved in an individuals budget and still be able to work out a way for them to pay off their debts in manageable monthly payments that can get them out of the red in a matter of years rather than decades.
Persistence will be key, both when establishing your business and while running it. You will need to be persistent in order to get your clients debts down to manageable amounts. However, before you even get to that stage, you will need to be tenacious while starting your business. It may very well take you months to find a credit card processing service for your business to enable you to set up a credit repair merchant account. Very few merchant processors are willing to accept credit repair companies.
Also, consider that there is high demand for these types of accounts. The credit card processing service providers must not only weigh the high risk nature of this type of business, but also the high demand for this type of account. However, reasonable services are out there. A credit repair business has the potential to be extremely successful, and indeed many are. It will just require diligence and knowledge on your part as the merchant when applying for services and accounts to get your business started with.