Student Loan Mod Merchant Credit Card Services
Education is one field where the number of people opting for loans is rising day by day. With this increase, there has been a definite boom in high risk and fraudulent cases as well. Many students get roped into fraud transactions and on the other hand, also fail to submit their EMIs and final payments on time. This is where a loan modification service or business comes into action. If you already have a business or are planning to start a new company for providing and managing student loans, you very well know what all obstacles are involved in the procedures. Managing the transactions is definitely a challenge where several card payments are done by the students to pay off their loans. With merchant accounts available to you, these payments can be carried out quite conveniently via payment gateways.
Student Loan Modification Industry
This industry focused on helping out students with their loans, has seen a great jump in the past few years. More and more students are taking guidance from loan modification online merchants to solve their loan hassles as easily as possible. However, the fact is that this industry is not considered as much established as other industries. Incomes and profits are quite low here and this is why there are not plenty organizations or individuals offering loan modification services around. This high-risk segment is mostly referred as a complicated sector. There are times when many clients are not satisfied with the services and as a result, they claim chargebacks. This is why credit card processors do not trust this industry as much as they are thrilled to offer services to other industries.
Keeping these aspects in mind, a secure merchant account can help you establish your start-up business in the most stable, secure and reliable way. Since a lot of risks is involved in carrying out transactions in such sectors, many companies avoid offering merchant accounts to loan modification professionals. On the other hand, same accounts are offered for service if the corporate or upcoming new business involves low risk. All the underwriting banks which offer merchant accounts normally do not want to get involved in offering their services to high-risk companies. This is where you need to find the right provider before having your merchant account created for safe running of your business.
How our merchant account service can benefit your company
Forming a reliable and safe merchant account with us for student loan modification start-ups is the most secure idea to establish and enhance your business. Here is a quick guide to understanding everything you need to consider before getting your merchant account functional-
- No Set-up Fees – This is one of the main reasons why people go ahead or drop out of having a merchant account for their business. Always ensure to check thoroughly which company is asking for how much fee as it will affect your business and revenue majorly.
- Friendly Staff – It is extremely important for the professionals on the other side to be communicative, understanding, and friendly. If they don’t show much interest and can’t offer solutions, your motive of having a merchant account will not be successful.
- Payment Processing – With the right merchant account, you can pay money via a virtual terminal with no signature or card not present. A decent merchant account will fit in all these eCommerce capabilities to serve you better.
- Recurring Billing – Accepting recurring payments is another important issue to consider.
- Iphone/Droid Mobile Apps – Since the working of most of the businesses is done online now, it becomes a necessity to accept payments and close billing via mobile apps. Ensure that the merchant account you are creating has this option too.
- Chargebacks – Many credit card providers demand a refund when they are not satisfied with the service. Always find out if these companies follow the chargeback trend or not. Even if they do, a good merchant account will accommodate your problem and will function to serve the concerns without asking for additional fees.
- Credit Cards Accepted - Whichever merchant account you select while starting your new corporation, ensure that all kinds of credit cards will be accepted by them- Visa, Mastercard, Discover and Amex in particular.
- Multiple Underwriting Banks – There might emerge a situation when your bank might stop processing your payment, thus shutting down your new business. This is why you should prefer a merchant account which uses several multiple underwriting banks.
- High Risk vs Low Risk – You must consider how much risk factor is involved in your industry as it might affect your business growth. However, a merchant account is recommended in every condition.
- Card Present / Signature – Most of the businesses online accept payment through a credit or debit card these days. Ensure your merchant account is compatible to that.
- ACH Processing/Check Processing – There might be few customers who would like to make payment via a cheque. In these situations, you should be able to manage check processing with the help of your merchant account.
With our team being at your service, we will ensure that you get the best deal as compared to any other processor in the market. Our customer support team will always be available for you to assist your concerns whenever you are stuck with an issue. Try us out for an overwhelming experience!
Domestic or offshore account: Which one to choose for perfect benefits
This has been a major concern in the minds of several merchants who wish to create a merchant account for their newly started as well as already existing business. If a merchant is running a high risk business, he or she might bear severe consequences as far as long-term credit card processing issues are concerned. Opting for an offshore account might be more expensive as compared to domestic options. However, going for domestic accounts might result in temporary benefits as the processor will be able to manage risk for a limited time only.
There are generally two differenttypes of merchants- new start-ups and the experienced ones. If you have an already established business, then it’s expected that by now you must have done your research and have had a first-hand experience with several processors. Subsequently, you must have concluded on which category of merchant you fall- a high risk or a low risk one. Moreover, you must be sure how important it is to keep your decline rates as well as chargeback rates low. If these points are met and Visa and Mastercard companies do not consider your business as high risk, then the best option for you would be a domestic account.However, if you have found your place in the high risk category and are considered “unqualified” by the same bank firms, selecting the offshoremerchant account would be a better idea.
Additionally, if you have a new company and are wondering which account to go for, then choosing the domestic account would be the only option for you as there will be no disqualifications based on volume or risk factors. Therefore, remember that a domestic processor should certainly be your first option. However, if these processors are not able to bear the risk factor for too long and your transactions do not clear in time, you mustdecide to switch for an offshore account for better business and revenue.
Getting Your Account Approved
The dark side is that the high risk involved in the loan modification industry does not offer the merchants many alternatives for having safe transactions. To ensure you are treated with apt services and offers, you must choose our merchant services as they suit your requirements perfectly. We will offer you the best features you deserve, that too at a price you can happily afford.