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As a leading U.S. provider of high-risk merchant services, First Financial 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.[i] We’re proud to help you accept credit and debit cards so you can increase your business stability and reach. Click this button to get your merchant services account approval today!
Questions Call: 1 (800) 950- 0212
Despite your business’s categorization as high-risk, you can keep your costs under control and be successful in the student debt consolidation space. Scores of companies start up and thrive yearly.
First Financial’s high-risk merchant accounts provide all the safety, support and service low risk accounts do. Every high-risk merchant account comes with:
First, they tend to spend their cash quickly, so getting the credit card company to shoulder some of the responsibility ensures you’ll be paid. Secondly, they can forget to pay bills more often than their older counterparts. Automatic credit card payments guarantee the reliable revenue stream to keep you in business long-term.
First Financial Can Help Terminated and Rejected Student Debt Relief Companies
The reluctance of banks to provide merchant accounts to student loan consolidation companies stems from the higher than average incidence of fraud in the industry. In the past ten years, the National Consumer Law Center has been investigating student loan consolidation companies for violating consumer protection laws. These violations include:
As bad as these sound, it gets worse. A few student debt consolidation companies have turned their businesses into full-blown scams. Unfortunately, shady and illegal practices by a few affect the entire industry.
First Financial 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.
Apply for Your Merchant Account Today!
Open the doors to your student loan consolidation company the minute your merchant account is approved. Once you pass the first review, we’ll ask you to scan and upload a few documents. Feel free to follow us on our Facebook and Twitter pages to understand the best ways to optimize your merchant account!
[i] Sparshott, Jeffrey. “Congratulations Class of 2015: You’re the Most Indebted Ever for Now.” Wall Street Journal. 8 May 2015
[ii] “Searching for Relief: Desperate Borrowers and the Growing Student Loan “Debt Relief” Industry.” National Consumer Law Center. 19 June 2013.
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