Premier One Payments understands the difficult area of student loan relief and more specifically the risks that accompany credit card processing. As a student loan relief business, having the ability to accept credit card payments online and over the phone is of the utmost importance for you, your company and your clients. Increase income and grow your customer base by accepting credit and debit card payments from students to help them in the loan consolidation process with a student loan merchant account. Opening a student debt consolidation merchant account with Premier One Payments allows you to safely and securely process all card payments for your services.
How Can Premier One Payments Help Student Debt Relief Companies?
The unwillingness of banks to provide merchant accounts to student loan consolidation companies comes from the higher than average incidence of fraud in the industry. The National Consumer Law Center has been investigating student loan relief companies for violating consumer protection laws. These violations include:
- not including a right to three-day cancellation in the contract
- demanding payment before initiating services
- false advertising
- requesting power of attorney from the applicant
- passing government programs off as their own
- not disclosing fees and pushing inaccurate fees
- providing inaccurate information about consolidation, garnishment, rehabilitation, bankruptcy and more.
And it gets worse! A few student debt relief companies have turned their businesses into scams. Unfortunately, shady and illegal practices by a few affect the entire industry.
Choosing the Right Option
Premier One Payments knows it’s only a few student debt relief companies that have engaged in deceptive practices. Every day, we review applicants dedicated to reducing the monthly payments of new graduates at the low-earning end of their careers. These businesses also aim to shorten loan terms and create payment processes that ensure young Americans get these bills paid, preserving their credit. The faster they’re out of debt, the better the economy gets for all of us.
As a high-risk business, loan modification merchants have to secure specialized credit card processing services to operate. In order to choose the right option, there are several features you should look for from a merchant account provider. Most importantly, the application process should be simple.
Apply for a Student Loan Relief Merchant Account Today!
As a leading U.S. provider of high-risk merchant services, Premier One Payments is committed to supporting student loan consolidation companies. Currently, 71% of all graduating students carry debt, nearly double 1993 levels. A dire need exists in the American economy for the debt relief student loan consolidation companies provide. We’re proud to help you accept credit and debit cards so you can increase your business stability and reach.