First Card Payments – Debt Relief Merchant Accounts

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Debt Relief Merchant Accounts

First Card Payments has over 20 years of experience as a debt relief merchant processor.

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, First Card Payments 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.

Approval for High-Risk Debt Relief Merchant Accounts

Debt consolidation companies often face huge difficulties when attempting to apply for a merchant account. Countless merchant service providers will immediately deny debt consolidation companies from opening a merchant account.

Merchant Account Pricing for Debt Relief Companies

Just because the debt relief industry is considered high risk doesn’t mean you should pay higher fees for merchant services. Merchant fees are often marked up way more than necessary, so First Card Payments works with banks and ISOs to make sure those fees are lowered for our clients as much as possible.

Why First Card Payments Is the Top Choice for Debt Relief Merchant Accounts

  • No fees for the application or setup
  • No early termination or cancellation fees since FCP offers month-to-month agreements
  • Most of the time, our experts can knock off 25% of marked up merchant fees
  • Account approvals and savings are possible due to the relationships we have cultivated with over 30 banks and ISOs
  • Solutions regardless of the issue, from high chargeback rates or bad credit to card-not-present (CNP) transactions and more

Debt Relief Merchant Account Consultation Services

Our expertise is what sets us apart. Not only do our relationships with owners, presidents, and CEOs of various banks and ISOs give us leverage to negotiate better terms for our clients, but our chargeback prevention tips and additional merchant consultation services are beneficial for your debt relief business.

Our merchant services experts can mitigate merchant processing caps to allow you to grow your business. We also offer a backup debt relief merchant account as an added layer of protection in the event that the primary account is terminated for any reason.

Applying for a Debt Relief Merchant Account

As a high-risk category, debt relief companies need to have realistic expectations regarding the application for a merchant account. Apart from the fact that applying for a high-risk merchant is difficult to get approval for, it also means having to pay more than more traditional, low-risk merchant accounts. High-risk merchants usually have higher processing fees, higher account fees, early termination fees, and so on.

Fortunately, there are plenty of high-risk merchant service providers like First Card Payments that have higher account approval rates and can help your debt relief business establish its payment processing. With the right tools, knowledge, and experience, the experts at First Card Payments will help you deal with the hassle of getting approval and lowering fees.


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Debt Relief Merchant Account Application Requirements

The easiest way to apply for a debt relief merchant account is through a merchant account provider; however, you just cannot go to just any merchant account provider. Instead, go for a provider who specializes in high-risk industries.

The application for a debt relief merchant account can be found online. In addition to the application, you need to submit the following documents and credentials for underwriters and processors to review:

  • A valid, government-issued ID such as a driver’s license
  • At least 3 months of the most recent bank statements
  • At least 3 months of the most recent processing statements (if applicable)
  • A pre-printed voided check or a bank letter
  • Social Security Number (SSN) or Employer Identification Number (EIN)
  • Business website with clearly stated and visible terms and conditions and refund policies

Credit card processors and underwriters will assess the credibility of the business. As well as the level of risk by looking into 3 major factors: the merchant’s credit score, credit card processing history and charge back rate, and bank statements.

Tips for Debt Relief Merchant Account Approval

  • Settle outstanding bills and debts
  • Accumulate a substantial amount of money in the bank
  • If you have bad credit, consider recruiting a business associate with an outstanding credit history apply for your debt relief merchant account

The fact that the debt relief market is considered high-risk isn’t necessarily because of the business owners themselves. As long as you adhere to best practices, ensure you are following the appropriate regulations, and choose a reliable payment processing partner such a First Card Payments, the chances for approval increase.


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