Debt Consolidation Merchant Account
The average amount of debt held by a typical American household is on the rise. Since 2013 there has been a ten percent jump in the amount of credit card debt that the average family holds. This is very positive news for debt consolidation companies because it means that their services are more in need now than ever before.
The Great Recession brought about an even greater need for debt consolidation. Families found that they had no alternative to borrowing more loans to pay off the debts that they acquired as a result of losing their job or a loss of funds that might have been in defunct financial institutions. It was a long and slow recovery for a lot of people, and personal lending and short-term loans started to gain popularity leading to the need for debt consolidation.
There is one challenging obstacle that tends to get in the way of companies that offer debt consolidation services. The lack of options for establishing a merchant account to run their business. A lot of traditional solutions for these accounts such as your local bank refuse getting involved with businesses related to debt consolidation.
What Alternatives Do These Companies Have?
Debt consolidation companies require merchant accounts even if the banks are avoiding dealing with them. These companies need to have the ability to run their operation and to process debit and credit card transactions for their customers. As a matter of fact, most of their customers are accustomed to banks being resistant to creating these accounts for debt consolidation companies. It is a hindering progress and makes it more difficult for people to get the loans they require.
Luckily for us all, there are companies that can see what the banks are apparently missing and understand the value of debt consolidation companies. There are some companies that will happily set up a merchant account for a business such as this.
Flow Payments Is Here to Help
Flow Payments is here to help when it comes to getting merchant accounts for those who want to set up an account for their debt consolidation business. In fact, we specialize in providing accounts to this particular industry, and we have a lot of knowledge and experience related to what is required of debt consolidation companies to get approved for a merchant account.
Flow Payments has some requirements of our own before we will issue a merchant account, but those requirements are pretty standard and simple compared to what you would find elsewhere. A few of these requirements are as follows:
- 3 Months of Most Recent Bank Statements
- A Social Security Number for the Account
- A Valid Government ID
- Articles of Incorporation
- A Voided Check
- Business License
What Will Be Examined Before Approval?
All of these requirements are commonsense and help protect Flow Payments from bad players in the industry. Keeping ourselves protected means that we can continue to provide quality service to our clients. This will allow us to continue to open merchant accounts for the people who really deserve it going forward.
Clearly, Flow Payments has to review several aspects of a potential customer before we simply grant them the merchant accounts that they want. We will need to take a look at critical factors such as their history with credit card processing. Does it appear that they have done a good job of bookkeeping and keeping their bills paid?
We are also going to look at how well the company owners we are opening an account for have done in terms of their credit score. We need to check the credit score to ensure that we are opening an account for a company that is not just going to default immediately. It is a concern that any company would have, and Flow Payments makes sure to stay ahead of it by checking on those scores.
Check out what Flow Payments can do for you and consider opening a merchant account with us today. You will not be disappointed.