As 2014 rolls on, it is important to assess how we go about improving the image of the credit repair industry nationwide. Unfortunately, a few bad apples can ruin the reputation of many reputable businesses in the eyes of merchant account providers and others. Capital Merchant Solutions has spoken with hundreds of credit repair businesses over the last decade, and we know the very real fear that many of you have about unscrupulous people tarnishing the entire industry.
Shady companies such as the one described in this Wall Street Journal article are all too often the face of credit repair businesses in the media. This skews processing rates and fees higher, costing the good guys money for something that they had no control over. It is a sad reality that many processing banks do not differentiate between upstanding credit repair business owners and the ones who cause all of the trouble. That’s where we come in.
We at CMS realize the value that you provide, and use our experience and leverage with the banks we work with to provide you a merchant account at reduced rates and fees. Getting set up with a merchant account to legitimately accept credit repair payments is one of the most important things you can do to help your business grow. Make sure that you are set up to accept credit repair payments, and not general services like “business consulting” or “document preparation”. When a bank does an audit on their internal accounts, you risk being shut down and having funds held for up to six months. CMS will get you approved quickly, honestly, and accurately.
Let us all work together in 2014 to continue to improve the standing of the industry with processing banks, merchant account providers, and the general public.