Capital Merchant Solutions Inc. is one of a very small group of merchant account providers that can actually set your Credit Repair Business up with a legitimate merchant account! We will set up your merchant account both ethically, as well as legally. What does this mean? This means that when we take your merchant account application, we will complete the entire application with accurate information about your business. It also means that when our bank underwrites your account, they are doing so based on your true information. Unfortunately for both of us, many of our competitors don't do this.... they have a tendency to "white lie" their way through the application process, or they may not "tell the whole truth" about your credit repair business to the acquiring bank. By starting a relationship off based on honesty, the merchant account that CMS provides, in all likelihood, will be the last merchant account your business will ever need!
Please Be Aware...
If you have recently contacted a merchant account provider and they tell you, "Yeah, our processor doesn't have any problems setting up your credit repair business, and we can do it at a rate of 2.XX% with no setup cost." You should be very concerned with that merchant account provider's honesty and business ethics. We have seen this far too many times. A credit repair business inquires about setting their account up. They talk to a "YES we can" type provider. The provider will list on the merchant account application that the credit repair business sells.... business consulting, personal consulting, personal services, copywriting, advice, etc. Basically they would just list some "general business" type that in many cases would initially slide through underwriting and beapproved at the processing bank. Please note we said "initially".
What Happens Next...
This account you just had approved gets set up and you start running transactions. Everything can run just fine for a few days, maybe a few weeks or even several months. But what happens next is not fun. The processor will eventually ask for proof of a transaction, or occasionally they may just do a random transaction audit. They will ask you to provide documentation / records for Transaction # XXXXXXXXXXXX that you processed on a certain date. You submit the data to the processor. They will then contact the customer. They will ask the customer what they purchased from you for $XXX.xx. The customer will tell the processor that they purchased a "credit repair service / product" from you. The processor will then look and see your merchant account application states that you are selling "business consulting". Next, YOUR ACCOUNT GETS SHUT DOWN! Every red flag the processor has will go off. Your account will get shut down, and any transactions that you have ran (but haven't been deposited yet) will in all likelihood be held for at least 6 months. But most importantly, you may be placed on a TMF / Match file. This is basically a merchant account black list. Once you get placed on this file, it's next to impossible to be removed. No domestic processors will accept you ever..... Even if you tried to open a McDonalds franchise, and needed to take credit cards.... you'd be out of luck.
CMS' Solution...
It can be said in one word... Honesty. As we stated above, we collect an accurate merchant account application from you. We submit a thorough and complete application to the processing bank for review. The bank knows upfront exactly what you will be accepting payments for. Yes, a credit repair business is a high risk business as far as merchant accounts are concerned. There is a lot more risk for the acquiring bank to monitor your merchant account. There is a greater chance the processor will lose money on your account (compared to a low risk account). Therefore, a Credit Repair Merchant Account will cost more to set up and maintain than a low risk merchant account. If someone tells you differently, they are simply not being honest with you.
Simple Question...
It's your decision. Would you rather deal with CMS or would you rather gamble with the future of your business? CMS can and will help you honestly, ethically, and legally set up your high risk, credit repair merchant account. The answer should be simple.
To get started, just click here to complete our NO-OBLIGATION, high risk merchant account "Pre-Application".