With a worldwide economy in crisis, consumer debt rises each year. Struggling families often pay off one credit card using another and find themselves falling deeper into the consumer debt hole. To many filing bankruptcy feels like their only option, but as a debt consolidation merchant, your business helps to give people their lives back and form new habits to build a brighter future with a debt consolidation merchant account.
Why do many banks consider debt consolidation merchants to be high risk businesses?
The simple answer is that in most cases the customer is not present to sign for the purchase. This includes payments accepted by credit card, debit card, or electronic checks. This automatically puts your debt consolidation business at an increased risk for fraud. But, there are other reasons:
- People who utilize debt consolidation have struggled in the past, and banks worry they may struggle to pay in the future.
- If your debt consolidation company is a start up, there is no credit history.
- Your debt consolidation business may have grown from small to medium or high volume.
- Large ticket transaction processing.
CoCard’s Solution for Debt Consolidation MerchantsCoCard makes getting a high risk merchant account simple. CoCard has built relationships with our established network of offshore and local acquiring banks. Our banks have liberal underwriting policies which means their approval rate is much higher than traditional, domestic banks. CoCard’s accounts include:
- Zero application fees
- No volume caps for your debt consolidation business
- Multi-currency processing with daily or weekly payouts
- Low fees for your debt consolidation business
ACH Processing for Debt Consolidation MerchantsAs your debt consolidation company endeavors to free your clients from credit card debt, the last thing your business wants is for your clients to pay you with another credit card. CoCard has built into our merchant accounts the ability to offer ACH payment processing options for electronic checks. Short for Automated Clearing House, ACH payment processing allows debt consolidation merchants to process checks in large batches for more streamlined services. Benefits of accepting electronic checks through CoCard include:
- Eliminating envelopes and postage, saving your clients money
- Quick access to funds, allowing you to process within hours of accepting payment
- Setting up recurring billing payments for the convenience of your customers
Contact CoCardCall now to speak with one of CoCard’s expert account executives; they know the ins and outs of merchant accounts for the Debt Consolidation Businesses
Get Matched through CoCardOur extensive and secure network of acquiring banks allows our account executives to find effective and affordable solutions for e-commerce businesses in Debt Consolidation industry.
Start Processing Your Transactions with CoCardWhen you’re approved through The Merchant Store you can begin accepting credit cards through our payment gateway and get paid! We offer weekly and even daily payouts for our clients. Call us today: