Debt
Consolidation Merchant Account
Debt consolidation businesses have
been under scrutiny from state and federal
governments over the last few years. Many
debt consolidation businesses have been
operating illegally by not providing the
services as promised when they are selling.
Many customers are not aware of how their
debt is able to be consolidated and they
trust the debt consolidation business. Most
debt consolidation merchants make money back
guarantees and the process is dragged out
for several months. Chargebacks become more
difficult as time passes. After six months,
most chargebacks are impossible to perform.
If a customer is unable to receive the
services promised and they start filing
chargebacks 3 months after the purchase,
this is very risky for the payment processor
since they have already sent the money to
the merchant. The payment processor has to
fully trust the merchant.
Debt consolidation merchants with a
track record of clean previous processing
will be able to receive the best rates and
terms. This is a very difficult industry to
be approved for as a start up. There is too
high of a chance that the merchant will not
be able to provide solid debt consolidation
services. Any service that prolongs the end
service or product becomes a high risk. Some
payment processors will setup accounts for
startup companies however there will be a
high reserve in order to protect the payment
processor.
Debt consolidation merchants will
need to ensure the payment processor they
are a safe risk. Offshore Merchants has been
setting up debt consolidation merchant
accounts since 2007. If you operate an
experienced debt consolidation business or a
startup with solid financial records and a
business plan you are able to apply and get
approved quickly. Debt consolidation
merchants will receive approval or decline
within 1-2 weeks depending on the
completeness of the merchant application.
|