[Credit Repair] How one can Select A Service provider Processor


Imagine for a moment that you are the owner of a credit repair company and it is Thursday afternoon.

You’ve had an explosively good month so far – your partners have received tons of leads, all of your marketing efforts are on point, the phone has rang people who need your help, and every few minutes you hear your favorite sound …

The notification that another lead has just been deposited into your Credit Repair Cloud account is good.

It’s even better because your team worked so hard to meet your sales goals for you. Every team member has kept their cool despite a crazy number of new customers.

In fact, you are so proud of them that you think about putting a bonus on their paychecks tomorrow.

After all, they are the reason you can grow so fast, and you know that some of your team members are waiting on payday to fix their car, throw a birthday party for their child, and buy groceries for their family.

So you sit down to transfer your money from PayPal and Stripe to your checking account so you can handle payroll for your team – who really are more like family than co-workers …

All of a sudden it feels like your stomach has hit the floor and your blood rushed to your head …

ALL MONEY is held by Paypal and Stripe for at least the next 21 days for violating the Terms of Service.

You can’t even use a dime of it …

Payroll is due and it doesn’t matter that you had a record month as NONE of your funds are available! …


And the worst is …

It could have been avoided so easily.

Where that comes from: Recurring income

When you own a credit repair company, monthly recurring payments are key to profits and growth.

It’s so simple you can make money even while you sleep!


A recurring income business is like a subscription where customers pay every month, like a magazine or your cell phone bill, cable bill …

It works like this …

  • When you charge your customers an affordable monthly fee
  • And you give fantastic value so that they keep paying you
  • And you add a few more customers every month

Your sales will grow GREATER every month!

For example; If a credit repair company gets 30 customers to pay $ 99 per month, that works out to about $ 3,000 in revenue in the first month. And if the same company just adds one new customer each day, you can see how quickly that adds up. By month 6, your earnings could be over $ 17,000 per month – and by month 12, your earnings could be over $ 33,000!

All a credit repair company owner has to do is add more customers each month to keep the business growing !!

… AND have a way to legally and ethically process and manage all of these payments. Law?!

Why is it important

Here’s why this is important and how payments are collected:

Understand that loan repair is classified as high risk. Hence, it is important to use the correct merchant account that you can use to bill for the loan repair.

Yes, a DEALER ACCOUNT! Not PayPal or Stripe or Square or third party processors. You need an actual merchant account.

You NEVER want to use PayPal, Square, Stripe or similar services to raise money from your customers!

These are not merchant accounts, they are all known as “merchant aggregators” and aggregate all of the seller data into one large merchant account that is not controlled by you!

I’m so excited about this topic because I’ve seen too many horror stories where a lot of hard-earned income is frozen and the business owner is left financially in a really scary place.

If you use one of these third party dealer aggregators and they get wind of it, they’ll ban you and keep your money …

And guess what … there is basically nothing you can do about it!

Do not you believe me?

If you read the Paypal Terms of Service, you will find that the attitude to “credit repair” with “In general, PayPal doesn’t allow credit repair or credit recovery. In special cases, certain certified organizations can obtain approval through a business contract with PayPal. “

Basically, they don’t want anything to do with credit repair organizations, but they can make an exception if you jump through the hoop and happen to get contractual approval.

I recommend you just don’t take any chances because really – if they approve of you then change their minds or consider you high risk, they will freeze your money.

It can take weeks or months or in some cases they can keep your money in the balance or worse – never release your money!

After just a few minutes on Google, PayPal customers have been complaining for years about the nightmare of regaining control over frozen money.

They routinely freeze funds for 180 days.

So whatever you do, don’t let this happen to you!

What you need to know:

To accept credit card payments, you need a merchant account and gateway …

What is a merchant account and what is a gateway?

A merchant account is a type of bank account that you can use to accept credit card payments for your business. The gateway facilitates online transactions and enables their processing.

There are plenty of places you can set up a merchant account, but before you go all over town and add tough inquiries to your personal credit report …

I had the chance to sit down with Tarek Kamal, the owner of 5 Star Processing who many of our #CreditHeroes are currently using. He had some great tips to share.

First, he wanted to make sure you understood that credit repair company merchant accounts are considered risky and a little harder to come by.

This is because the customers that credit repair companies work with often have high payback ratios and reversals. Hence, you need to find non-traditional payment processing companies specializing in the high risk sector like 5 star processing and some of our other preferred providers.

There are also many common misconceptions about credit repair merchant accounts that you should be aware of.

If you add the word “credit repair” to your company name, you will not be able to set up a merchant account.

When applying for a merchant account, merchant processors do their due diligence by going to your website, reviewing the marketing materials, and taking all the necessary steps to validate your business.

So having the word credit repair in your company name is no problem.

In an industry like the credit repair business, you need to do chargebacks. This is not uncommon. However; There are several ways to reduce chargebacks.

  • Be 100% transparent with your customers.
  • Offer a money-back guarantee.
  • Set up some basic automations with client notifications and let them know in advance when they will be billed, how much they will be billed, and why they will be billed.

All of this will significantly reduce chargebacks.

One of the reasons Credit Repair Cloud recommends 5 star processing is because they take the time to train their customers extensively on the merchant application as understanding everything is important.

They have a free class that goes through the required documents, pricing, and the whole process, and they even help connect your new merchant account to the Credit Repair Cloud so you don’t have to.

To apply for a merchant account, visit creditrepaircloud.com/merchant

After you have your merchant account

Now that you have your merchant account, the next thing you need to have the option to automate monthly recurring payments.

That means you need a recurring payment platform to automate the process.

A recurring payment platform is software that creates the billing plans for your customers and collects monthly recurring payments from your customers. Reminder letters are also sent if cards are rejected or are about to expire.

Without this, you cannot automate your credit repair business.

The Credit Repair Cloud is integrated with Chargebee, the cheapest payment platform we’ve ever seen.

A Chargebee “LAUNCH” plan is FREE and that’s all you need to get started.

It’s important to note that Chargebee is the only payment software that works on the Credit Repair Cloud. We have a great integration that makes it easy to receive customer payments.

Once everything is set up, your customers can log into your website with a credit card and are automatically added to your software, with their payments triggered by events in the Credit Repair Cloud.

I recommend that you automatically trigger the first monthly customer payment after the letters of the first round have been saved. Once you have everything set up, your merchant account will automatically debit your customers every month and deposit the money into your bank account.

That’s it!

You’re in business now AND you can sleep better at night knowing your money won’t be frozen randomly!

Did you also know that each and every one of our Millionaires Club members has their millions of dollars in revenue through an actual merchant account?

… Not Stripe or Paypal or Square.

So if you hear rumors or misinformation about cheating the system and using one of these third party processors, set the record straight and tell them exactly WHY this is taking a HUGE unnecessary risk!

And whatever you do – do NOT follow suit! Because now you know better!

Be a #CreditHero

So when you’re ready to finish your 9-5 and make money while you sleep – while changing many lives at the same time – I invite you to join our upcoming Credit Hero Challenge!

We’ll hold you by the hand as you start your own credit repair business! We have another one in a few days, so grab your spot on creditherochallenge.com today

Be sure to subscribe to your favorite platform!

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