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6 Best Credit Repair Merchant Accounts For 2023

These reputable payment services providers offer merchant accounts with reasonable rates to high-risk industries like credit repair.

    Chris Motola
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

If you’ve visited our business loans section, you know that credit scores still play a huge role in a merchant’s ability to get funding. Business owners with poor credit may find themselves locked out of some of the better sources of funding. And, in the wake of the COVID-19 pandemic, more people than ever are relying on their credit in the midst of a rising trend in fraud and identity theft.

Maybe you’ve decided to make helping business owners repair their credit your business. More specifically, you may want to help people who’ve experienced glitches in their aid, assistance, or forbearance systems and, consequently, been unable to report their late payments to their credit bureau, dinging their credit.  So, now you’re looking for a merchant account for credit repair companies.

However, getting a credit repair merchant account can, itself, be a bit of a challenge. You’ll probably need to get a high-risk merchant account.

Learn More About Our Top Picks

CompanyHighlightsNext StepsHighlights
PaymentCloud

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Reliable high-risk merchant services provider with negotiable terms.
Reliable high-risk merchant services provider with negotiable terms.

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Soar Payments

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Fully featured high-risk merchant services provider with easy, automated processes.
Fully featured high-risk merchant services provider with easy, automated processes.

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Instabill

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Reputable international merchant account provider.
Reputable international merchant account provider.

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eMerchantBroker

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High-risk merchant account provider offering paper check support and merchant cash advances.
High-risk merchant account provider offering paper check support and merchant cash advances.

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PayKings

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eCommerce-ready high-risk specialist offering international payment and ACH processing.
eCommerce-ready high-risk specialist offering international payment and ACH processing.

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Durango Merchant Services

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Versatile high-risk specialist specializing in placing merchants who have landed on the MATCH list.
Versatile high-risk specialist specializing in placing merchants who have landed on the MATCH list.

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Read more below to learn why we chose these options.

Why Do You Need A High-Risk Merchant Account For Credit Repair Businesses?

Customers with poor credit, at face value and in the eyes of banks, are risky customers who have recently had trouble paying their debts. As a credit repair business, those same customers are your clients, a fact that makes your credit repair industry a high-risk one.

Banks, conservative lenders that they are, view the credit repair industry as one prone to chargebacks and fraud — your business likely provides high-ticket services as well as services on recurring billing plans, factors that make your business particularly susceptible to chargeback risks. Your customers are, more often than not, cash-strapped and in search of ways to maintain their funds by disputing valid card transactions.

All this to say that, for credit repair companies, this means that popular third-party processors like Square, PayPal, and Stripe are out, as are many of the most competitive merchant account providers. Instead, you’ll have to look at high-risk merchant services providers to get your credit repair merchant account.

Should You Get An Offshore Merchant Account For Credit Repair?

Offshore merchant accounts can offer a way to do an end-run around the restrictions of domestic merchant account providers. This strategy works, but it can be expensive–even more so than working with a domestic high-risk merchant account provider. Offshore merchant account providers understand that if a business is trying to circumvent domestic account provider restrictions, they’re likely willing to pay a little extra along the way. Additionally, you may have a hard time resolving any legal disputes that arise if you decide to use an offshore merchant account in lieu of a domestic one.

One limiting factor for credit repair companies is that credit scores are a distinctly American phenomenon. You probably won’t have much of an international market for your services, which limits the amount of advantage you can reap from an offshore account.

The 6 Best Credit Repair Merchant Accounts

Merchant Maverick has found that the five services offering the best credit repair merchant accounts are:

  • PaymentCloud
  • Soar Payments
  • Instabill
  • eMerchantBroker
  • PayKings
  • Durango Merchant Services

1. PaymentCloud

PaymentCloud


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Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Get Your Quote

Pros

  • No account setup fee
  • Reasonable rates & fees
  • Excellent customer service
  • Free credit card terminal

Cons

  • Terms can vary widely
  • Contract may be required
  • Online reviews are rare

High-risk merchant account providers can be among the shadier segments of the payment processing industry. That makes reliable, transparent service providers like PaymentCloud all the more valuable. In fact, many of the bigger “low-risk” payment services will refer businesses they can’t serve to PaymentCloud.

PaymentCloud offers a full set of features to its customers, including shopping cart integration, ACH processing, virtual terminals, and support for POS systems. Gateway services are provided through a partnership with Authorize.Net. And you’ll be happy to hear you’re assigned a dedicated account manager who will advocate for you should you experience pesky account freezes or holds. PaymentCloud users should be mindful, though, of the fact that they’ll need to pay $25/month to use the Authorize.net gateway via PaymentCloud.

PaymentCloud offers both tiered and interchange-plus pricing. As a general rule, we suggest you avoid the former when possible as it obfuscates a lot of your costs. This means you may have to directly request interchange-plus pricing. Harder to avoid are the contracts, which can last up to two years for high-risk merchants.

That said, just about every aspect of PaymentCloud is negotiable, so it doesn’t hurt to check when and if you can be placed on a month-to-month agreement.

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2. Soar Payments

Soar Payments


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Pros

  • Automated custom price quoting
  • Easy application process
  • Fast underwriting

Cons

  • Only available to U.S. customers
  • Opaque tiered pricing
  • High early termination fee initially

Being a high-risk business doesn’t mean you have to settle for second-rate service. If you’re looking for a fully functional suite of payment processing features, you should consider Soar Payments.

Soar Payments offers eCommerce integrations, a payment gateway through Authorize.Net, ACH processing, and POS hardware–which covers just about all your bases. Additionally, it offers chargeback management and fraud prevention, which will help cut down on fraudulent chargebacks and other suspicious activity.

Pricing is typically tier-based for high-risk merchants, which isn’t ideal, nor is the two-year contract and hefty $495 termination fee. The good news is the early termination fee is only charged if you terminate your account, and the fee is removed after your initial term has been satisfied. Additionally, contract renewals are for one year after the initial two-year term.

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3. Instabill

Instabill


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Pros

  • Will work with almost any industry
  • Good customer service
  • International merchant accounts available

Cons

  • Fees may vary greatly
  • Usually requires a rolling reserve

We touched on overseas merchant accounts earlier as a viable option for high-risk merchants. One way to go about getting one is to go through Instabill, a service specializing in overseas merchant accounts.

If your business proves too risky even for most high-risk payment processors, Instabill appears to be able to work with even the riskiest businesses (online gambling sites, for example). The feature suite isn’t the most complete, but you can get ACH processing and mobile EMV POS through integrations or Instabill’s partners. Credit card terminals are available through lease, which we generally recommend against.

Since Instabill is partnered with a number of banks throughout the world, there’s not much information available upfront about pricing. A big point in Instabill’s favor, however, is that there really aren’t that many customer complaints out there about them. Expect higher prices, but also competent customer service and complaint resolution.

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4. eMerchantBroker

eMerchantBroker


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Pros

  • Excellent customer service
  • In-service financing available
  • Paper check processing support

Cons

  • Opaque tiered pricing
  • Undisclosed terms
  • Limited features

eMerchantBroker is a simple, no-frills high-risk merchant account provider. If you’re just looking to sell online and don’t need a lot of hardware or bells and whistles, eMerchantBroker may be a good fit for your credit repair business.

As its name suggests, eMerchantBroker is focused on eCommerce; you won’t find any real support for POS or the associated hardware. The company does offer payment gateway service through Authorize.Net, a chargeback shield, and surprisingly, check processing services. They also offer merchant cash advances to customers, so if you’re the type of business that uses them, you won’t need to worry about switching payment processors.

Like the other services on this list, eMerchantBroker doesn’t disclose its pricing upfront. You should, however, expect tiered pricing, contracts, and early termination fees.

Get Started With eMerchantBroker

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5. PayKings

PayKings


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Pros

  • Multicurrency support
  • eCheck processing offered
  • No setup of application fees

Cons

  • Opaque tiered pricing
  • Undisclosed terms

PayKings is a merchant services provider that specializes in high-risk merchant accounts, meaning they service companies in industries that many other payment services shy away from.

PayKings offers two high-risk payment gateway options — Authorize.Net and NMI — which are necessary to process any sort of eCommerce transaction. Payment gateways generally offer security and customer management-related perks; Authorize.Net, in particular, is a solid payment gateway, especially when it comes packaged as a bundled deal with your merchant services.

International processing is also available through PayKings, which can set you up with an offshore merchant account. Payment gateways such as Authorize.Net even offer currency conversion and the ability to accept payments from around the world.

As is the case with other services on this list, PayKings doesn’t disclose pricing upfront, and you should expect tiered pricing, contracts, and early termination fees.

Get Started With PayKings

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6. Durango Merchant Services

Durango Merchant Services


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Pros

  • Works with most industries
  • Fair pricing and excellent contract terms
  • No early termination fee in most cases
  • International merchant accounts available

Cons

  • No pricing disclosures

Durango Merchant Services has just about everything you’d want to see in a high-risk payment processor, most notably reserving early termination fees for only the riskiest clients.

Durango Merchant Services can cover a variety of uses including in-person, eCommerce, and mobile payments. Businesses looking to save money on credit card processing fees can take advantage of Durango Merchant Service’s eCheck or cryptocurrency processing capabilities.

Notably, Durango Merchant Services specializes in finding merchant accounts for business owners with poor credit, or have landed on a credit card processing blacklist like the Terminated Merchant File (TMF) or MATCH list.

Get Started With Durango Merchant Services

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5 Ways To Improve Your Chances Of Getting A High-Risk Merchant Account For Credit Repair

There’s no magic formula that guarantees approval, but there are some things you can do to increase your chances of being approved for a credit repair merchant account.

1. Have A Solid Business Plan

One thing you can do to ease the concerns of merchant services providers is to have a solid credit repair business plan. Demonstrate that you know what you’re doing, where your profits will come from, and the risks inherent to your business. In other words, make it look like the clients you do attract will be paying their bills regularly with little chance of chargebacks.

2. Be Completely Transparent

It’s important that you’re as upfront as possible about the nature of your business to increase the likelihood of being approved for a credit repair merchant account. Complete transparency should include your business’s history of accepting credit card and online transactions as well as any potential chargebacks that are associated with the services you provide.

3. Have Good Credit

You may not have a lot of control over your industry’s reputation or those of your customers, but one thing you can directly impact is your own credit rating. As is the case with most things financial in the U.S., having a good credit rating will make it easier to get services. And, if your business is credit repair, shouldn’t you have figured out how to repair your own?

4. Explanations Of Previous Chargebacks

Transparency goes a long way for high-risk merchants, and explanations of previous chargebacks can drastically improve that transparency. Increase your chances of getting approved for a credit repair merchant account by furnishing the complete history of chargebacks you’ve dealt with.

5. Have The Necessary Documents Ready

Your application process will go a lot more smoothly if you have the documents your service provider will request handy ahead of time. Typically this means valid personal identification, three months of bank statements, and three months of credit card processing statements (if any). Note that overseas merchant accounts will likely need additional information, so check with the merchant services provider you’re applying to in advance to make sure you’ve got everything you need.

How Do I Choose The Best Credit Repair Merchant Account For My Business?

Being in a high-risk industry like credit repair may narrow your merchant account options, but that doesn’t mean you have to settle for just anything. Even among high-risk merchant accounts, there are good, reputable providers as well as sharks looking to take advantage of desperate businesses. With tiered pricing, the service that appears to offer the cheapest merchant account for credit repair business may not really provide the most value for your money — or even the cheapest rate, for that matter, as only certain transactions will be processed at the advertised low rate.

Need more info on high-risk merchant accounts? We can help.

Looking for a merchant account in one of these high-risk industries?

FAQs: Merchant Accounts For Credit Repair

Can I use Square for my credit repair business?

No, Square does not work with most high-risk industries, including credit repair businesses.

Can credit repair companies use Stripe?

No, Stripe does not offer support for most high-risk industries including credit repair companies.

Are credit repair companies considered high risk?

Yes, due to their clientele having poor credit ratings, credit repair companies are generally considered high-risk by merchant account providers.

What is a high risk merchant account?

A high risk merchant account that can be used by high risk industries (CBD vendors, credit repair companies, travel agencies, gun sellers, etc.) to process credit card transactions. These accounts typically have higher transaction fees than low-risk merchant accounts.

In Summary: The 6 Best Credit Repair Merchant Accounts

  1. PaymentCloud: Reliable high-risk merchant services provider with negotiable terms.
  2. Soar Payments: Fully featured high-risk merchant services provider with easy, automated processes.
  3. Instabill: Reputable international merchant account provider.
  4. eMerchantBroker: High-risk merchant account provider offering paper check support and merchant cash advances.
  5. PayKings: eCommerce-ready high-risk specialist offering international payment and ACH processing.
  6. Durango Merchant Services: Versatile high-risk specialist specializing in placing merchants who have landed on the MATCH list.
Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
View Chris Motola's professional experience on LinkedIn.

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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

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