A great number of people are helped when a lucrative business of credit Repair Company is started by someone. Credit repair companies are issued a high risk merchant account status, for which collecting payment for services rendered can be a difficult job. These high risk accounts have higher fees which can affect the profit but falsifying an application for a merchant account is not an option. It may cost a lot of money in future.
The following five steps are to be followed for new credit Repair Company to get a merchant account. These five steps are shown below:
- Since high fees are associated with a high risk account, some money to be kept in reserve, before starting the business. Many companies in the past have promised credit repair services and then taken the money from the client and disappeared. This has made things difficult for new companies to take an entry to the market.
- Devote some time and find at least 3 companies that offer services for a high risk merchant account, compare the fees and do some survey on these companies. Think over pros and cons and then sign up for the right choice.
- Check with Better Business Bureau on the internet. Get the feedback from current client of the company.
- After selecting the company, start with the application process. A good credit rating helps ensure a new credit repair company will be granted credit processing services. It takes some time for the approval to come through. The status of the application for a high risk merchant account can be checked through e-mail or by follow up phone calls.
- Read the document attentively and then sign. Please make sure that pay-out dates and frequency of payouts are explained clearly. Remember there may be a longer holding time for applicants with newly established business.
Process will move faster if necessary documents and recommendation letter are sent in with the application. Face with the challenges that may come across your way initially, but back-track from your decision. Your credit repair company will reach its target faster.