MyPayment Guru provides Credit Repair Merchant Account to businesses
MyPayment Guru offers reliable Credit Repair Merchant Account to industries who are into this business. We are quite good at offering services to our clients and make their business run in an appropriate manner with our payment gateway solutions. Our payment gateway supports several currencies of the world such as dollars, euros and numerous others. Our PCI-compliant payment is suitable for large ticket dealings and actual—time credit card processing making the merchants avail immediate statement of transaction sanction or denial.
Necessary documents needed by MyPayment Guru for Credit Repair Merchant Accounts
MyPayment Guru offers merchant account related to credit repair businesses and certain documents are considered by us so we can speedily process your service application form
The following are the things which are necessary for your Credit Repair Merchant Account–
- Personal Précis or CV
- Merchant Account Application Form
- Photo ID or else Passport
- Processing Past record of Last 3 Months
- Business or Marketing Plan
- Individual Utility Bill
- Processing Bank
- Individual Bank Reference Letter
- Suppliers Contract
- Business Bank Report of Last 3 Months
- Articles or Memo of Association
- Personal Bank Reports of Last 3 Months
- Screenshot of Web Administration Sheet
- Incorporation or Sole Proprietor Certification
Why excessive chargebacks are not considered by any card processing industry?
Any card processing firm does not prefer merchants who have excessive chargebacks in their business. This shows that the merchant has a faultless business. Chargebacks are caused due to several reasons such as customer discontentment, a bad customer facility and lack of mitigation plans and this occurs when the credit card service provider wants the industry to pay the loss of a disputed transaction.
The major reason is that many credit card processors have a little bit of acceptance for businesses with high chargebacks as they are mostly hit with monetary penalties. The processors face potential penalties from credit card firms such as MasterCard or Visa when the business exceeds a 2% chargeback ratio. Industries with extreme chargebacks are too costly for credit card processors and the outcome is severe as the accounts are terminated by them. The credit card processors dismiss high-risk business accounts on account of high chargeback ratios which are above 3%. Another problem that occurs once the high-risk merchant account is closed down; it is extremely hard to get approval for a second business account. In the same way, Credit Repair Merchant Account is only available to firms who have good customer facility and their monthly sales are high which makes them avail a merchant account from MyPayment Guru.
Why credit repair businesses are vulnerable to chargebacks?
Credit repair businesses are exposed to chargebacks mainly on account of the firm and its clients. Patrons who require credit repair industries have bad credit; it is possible they have little cash or not at all. Modest money flow can make people go for dishonest moves to go hold on to their money even if they go against valid credit card dealings.
Besides, there are several customers who have genuine transaction grievances but they do not know how to manage them. Those who call the customer service often get irritated if the problem isn’t handled rapidly or they come in contact with a business representative who lacks customer service services. An unsatisfied customer is certain to result in an expensive chargeback.
A lack of electronic sheet receipts is another major reason that causes a chargeback. When customers don’t have receipts, they lack immediate entry to a merchant’s contact info.
Thus, Credit Repair Merchant Account provided by MyPayment Guru avails all the details of the past history of your business if you are dealing in credit repairs business and accept all the documents according to credit card processing rules.