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.