Debt Consolidation

A deeper level of underwriting is required for all debt relief merchant accounts. Industries that usually require high-risk merchant accounts deal with far more chargebacks than typical businesses. In order to maintain a debt relief merchant account, you need to make sure your business meets all the compliance requirements due to the nature of this industry. As a reliable payment processing company, Moneybox is there to take care of the merchant services you require so you can focus on running your business.

Why Debt Relief Businesses Are Considered High Risk

Unfortunately, the debt relief industry is considered high risk because the methods used by debt consolidation companies to gain new clients and to collect payments are often considered aggressive and even questionable. At times, the clients are asked to miss payments so they fall further into default, which allows the debt relief company to have more leverage when they negotiate with companies on their client’s behalf.

You need an experienced merchant services provider to help you navigate various banking regulations and fight for your right to receive payment. That’s where First Card Payments comes in.

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Accept in-person payments via terminal, POS, or mobile with Moneybox Merchant Services Inc.

Debt Consolidators are considered High-Risk

Debt consolidation companies often encounter significant challenges when applying for a merchant account. Many merchant service providers will immediately deny these companies from opening an account due to the industry’s high-risk classification.

Despite the high-risk nature of the debt relief industry, businesses in this sector should not have to pay exorbitant fees for merchant services. Moneybox works with banks to ensure their clients receive the lowest possible fees.

Moneybox is the top choice for debt relief merchant accounts for several reasons:

  1. No application or setup fees.
  2. No early termination or cancellation fees, as FCP offers month-to-month agreements.
  3. Moneybox’s experts can often reduce marked-up merchant fees by 25%.
  4. Moneybox’s strong relationships with over 30 banks and ISOs lead to account approvals and savings for their clients.
  5. Moneybox provides solutions regardless of the issue, such as high chargeback rates, bad credit, card-not-present (CNP) transactions, and more.

Moneybox also offers debt relief merchant account consultation services, including:

  • Chargeback prevention tips
  • Assistance in mitigating merchant processing caps to allow for business growth
  • Provision of a backup debt relief merchant account for added security

Applying for a debt relief merchant account can be challenging due to the high-risk classification. High-risk merchants typically face higher processing fees, account fees, and early termination fees. However, companies like Moneybox have higher account approval rates and can help debt relief businesses establish their payment processing. With the right tools, knowledge, and experience, Moneybox’s experts will guide you through the process and help you secure a merchant account with lower fees.

Debt Consolidation

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