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Debt Consolidation Merchant Services
Securing a merchant account for debt consolidation services is more challenging than it might seem. Although this vital financial service is designed to assist clients in managing their financial situations, the inherent high-risk nature of the industry often makes banks hesitant to provide necessary payment processing services.
For a debt consolidation company, the ability to process online credit card payments is essential. Without this capability, servicing clients effectively becomes nearly impossible. Top-tier providers typically lack the resources to support debt consolidation credit card processing, making it crucial to find a high-risk credit card processor that is both willing and capable of handling your account needs.
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Why Debt Consolidation Agencies Can Be Hard to Place
Banks are cautious when evaluating merchant account applications for debt consolidation services, primarily focusing on the company’s chargeback ratio. This ratio, which indicates the number of canceled, refunded, and disputed transactions, tends to be high for debt consolidation companies, leading them to be classified as high-risk businesses. As a result, their merchant account applications are often declined.
The high chargeback ratio in debt consolidation arises from several factors:
- Unstable Client Base: The nature of the debt consolidation industry means dealing with clients who often have histories of missed payments. Under significant financial stress, these clients are more likely to dispute charges.
- Recurring Payments: Many debt consolidation services involve recurring fees, which can surprise clients and lead to increased chargebacks if charges occur at unexpected times.
- High Risk of Fraud: While debt consolidation services are essential and cater to a broad audience, they also attract fraudulent activities. Despite preventive measures, the risk may be too high for some banks.
Although some payment processors initially agree to support debt consolidation companies, they may later revoke these accounts due to ongoing risks. While controlling your chargeback ratio might be challenging, partnering with a debt consolidation credit card processor that understands the industry’s challenges and is committed to your success can make a significant difference.
How A High-Risk Credit Card Processor Can Help You Succeed
Midwest Merchant Services offers merchant accounts to both new and established debt consolidation businesses, equipped with a variety of tools designed to foster your company’s success.
- Secure Your Payments: Benefit from high-end data encryption and comprehensive fraud prevention measures.
- Reduce Chargeback Risk: Utilize our chargeback reduction suite to lower your risk status and stabilize your operations.
- Dedicated Support: Our dedicated account representatives are here to assist you before, during, and after the approval process.
Apply for a Payment Gateway for Debt Consolidation
Don’t spend time applying for merchant accounts with providers who lack insight into your market. Turn to Midwest Merchant Services for dependable payment processing services crafted specifically for high-risk industries. We are a debt consolidation payment processor that truly understands the critical nature of your business model, and we are committed to helping you and your clients achieve success.
To begin the application process, simply fill out our straightforward online form. One of our senior account representatives will reach out to discuss the specific payment processing needs of your business. This representative will be dedicated to your account to ensure personalized care and understanding of your unique requirements throughout the process.
We have experience with every type of credit repair and debt consolidation business—start the process today so you can begin accepting online payments as soon as possible.