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Are You in Need of a Credit Monitoring Merchant Account?

A credit monitoring merchant account is classified as high risk for a variety of reasons, making it difficult to find a reliable processing partner. However, Double Helix Processing specializes in working with high risk merchants and we have multiple acquiring banking partners that offer credit monitoring merchant accounts.

Business owners and individuals alike need a secure and reliable way to monitor their credit scores especially in today’s day and age, which is something that is needed on an ongoing basis. What is important to consumers is having that access with how often credit scores change over the course of one month to the next. Factors such as outstanding balances, on time payments, and the number of monthly credit inquiries play a critical role in a person’s overall credit score, making it likely to continually change. It is this very reason that personal access to credit monitoring on a consistent basis is an essential service in today’s marketplace.

We, here at Double Helix Processing, understand that your credit monitoring merchant account will help assist your clients in reviewing the completeness and accuracy of their credit reports, see the history of any current changes that might negatively impact their scores, and empower them to prevent identity theft by being vigilant by regularly accessing their credit reports. The challenge with having unlimited access means billing the client on a membership or subscription type basis making this type of billing model ranks your credit monitoring merchant account as high risk. Don’t fret, Double Helix Processing is here to help.

Has Your Existing Credit Monitoring Merchant Account Been Shut Down?

When your business is set up to accept payments on an automatic billing cycle through your credit monitoring merchant account, there’s a high risk of incurring higher than usual chargebacks. If you’re unaware of what a chargeback is, it’s when a customer disputes a charge on their debit or credit card purchases by calling the number on the back of the card of their issuing bank and disputing the purchase.

They might give any number of reasons as to why they’d like a chargeback; the charge is one they do not recognize, they never got the item or service they purchased, the product or service wasn’t as described, defective merchandise, and so on. When it comes to businesses that utilize a credit monitoring merchant account, the most common reason is that the customer never authorized the company to bill their card on an ongoing basis.

Regardless of the reason they use to dispute the transaction, it starts this whole process of the chargeback with the customer contacting their bank and the bank contacting your credit card processor, who then gets in touch with you. What happens next is that the disputed funds are taken from your bank account and do not become available to you again until the dispute is resolved, and in the case the customer proves that they did not authorize the transaction, the funds will not become available to you at all and will be given or “charged back” to the customer.

You may be asking yourself; will I get a chance to dispute the customers claim and given a chance to speak up in this scenario? Yes, you are given an opportunity to contest the customer and prove that the charge indeed, was authorized. In this case the funds would be released back to you, but the time spent, and the difficulty of the entire process is a major hassle.

How Does Being High Risk Affect Your Credit Monitoring Merchant Account?

Businesses that are considered high risk need to know who the right processors are. The high risk merchant account providers that are willing to process transactions for your high risk business, reputable companies like Double Helix Processing, are offering solutions to those businesses that need it most. These payment processors are willing to work to place those businesses associated with high risk industries like credit monitoring.

Businesses that sell products or services on a continuity or recurring billing model, like those that are set up with a credit monitoring merchant account are the type of business model that brings a higher likelihood of chargebacks when clients are billed. Clients may not remember giving consent for the transactions or remember they even signed up; too many chargebacks will lead to your account getting shut down. The main reason to make sure you have the right credit monitoring merchant account for your business is to avoid the chances of your merchant account being shut down. The bank can close your account and hold funds without notice. This means you have no way of selling your services, it stops all of your cash flow entirely, and the money from the services you sold could be held by the banks potentially for months.

Credit monitoring merchant accounts are considered high risk due to the following reasons:

  • Claims of fraud.
  • Dissatisfaction with services delivered.
  • Recurring or continuity billing model.

The label of high-risk merchant isn’t a bad one. Factors such as your industry, location, and even the clientele can categorize your business and apply that respective label. However, this shouldn’t send you into a panic, just because you may be more difficult to get processing for, doesn’t mean you should struggle to get the credit monitoring merchant account and payment processing for your business needs.

Many times, the approval process can be quick and Double Helix Processing provides free quotes. Check out our list of high-risk industries as categorized by the banks.

Why Does this Matter and How Can Double Helix Processing Help Get Your Credit Monitoring Merchant Account?

Because payment processors like PayPal, Stripe, Square, and others do not do their underwriting during their application process, it is likely that your credit monitoring merchant account could be initially accepted at the time of applying – but, once the company thoroughly reviews the application, they will quickly inform you that they do not accept credit monitoring merchant accounts and will immediately shut down your account, and freeze your account – meaning that zero credit card payments will be processed until you obtain a specialist in helping high risk classified industries like yours.

There’s a large variety of companies in the high-risk category who struggle to find a conventional payment processor, but alternative solutions do exist. Payment processing companies with experience working alongside businesses in the high risk credit monitoring category, and Double Helix Processing is the best in the business to help set you up with a credit monitoring merchant account and get your business accepting online payments to continue your business operations.

Why Should You Choose Double Helix Processing?

We understand the unique needs of the different Credit Monitoring related business types and have established numerous acquiring banking relationships to become your best resource in getting Credit Monitoring merchant accounts set up and accepting online payments. Our expertise is your ticket to getting the stable processing you need to further your business.