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New Service Focuses on Merchant Account Placements for Credit Repair Companies | News

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SCARBOROUGH, Maine, Feb. 17, 2021 /PRNewswire/ — E-Commerce 4 IM expands into merchant account placements for credit repair companies looking to accept payments online.

Expanding into new merchant categories as the high-risk-payment-processing landscape continues to evolve, E-Commerce 4 IM’s new service centers around providing merchant accounts and payment gateways to credit repair, credit improvement or education, credit counseling, and credit restoration companies that operate within the USA and process transactions primarily online.

Additionally, E-Commerce 4 IM now caters to an expanded list of e-commerce payment integrations, including traditional shopping carts like WooCommerce, Shopify, Wix, BigCommerce, and ClickFunnels, along with credit-repair-focused software like Credit Repair Cloud, DisputeSuite, ScoreCEO, TrackStar, DisCo, and DebtPayPro.

According to E-Commerce 4 IM president, Alex Roy, the move was a response to the quickly changing needs, and the expected growth of, the US-based credit repair industry. “American credit repair companies are set to experience real growth in 2021, but for too many of them the ability to accept online payments is really hampering their ability to grow, or even launch,” explained Alex. “Ethical online credit repair companies work hard for their customers – and raising credit scores can help clients obtain loans, save on insurance, and even benefit from the pride and confidence that comes from a good credit score. In order to serve clients, though, credit repair companies need an affordable, easy way to accept online payments.”

According to their home page, E-Commerce 4 IM specializes in helping businesses in traditionally high-risk industries find the high-risk merchant services they need to accept credit cards – “without fear of being shut down.” Alex explained: “This will not change as we move into the area of assisting online credit repair companies. We know we can assist US-based credit-repair-focused businesses with affordable merchant services, and that our guidance can sometimes be the final piece a credit repair company needs to thrive.”

According to E-Commerce 4 IM, their mission is to provide “specialized processing for specialized industries.” By limiting their online-merchant-account and chargeback-mitigation client types, which now includes credit repair, EC4IM’s staff can better specialize and provide more tailored information.

“We now concentrate exclusively on providing payment processing and chargeback mitigation to companies that offer credit repair, credit education, credit counseling, online courses (of any type), and mastermind-level personal and business growth events,” stated Alex. “Our focus allows us to provide experienced credit repair businesses with industry-specific credit card processing advice. We’ll recommend – and help set businesses up with – a merchant account that will work for specific needs. In other words – if you offer credit repair, credit improvement or education, credit counseling, credit restoration, or all of the above – we’re ready to help you with payment processing.”

The internet-marketing world is continuously changing, and there are many new possibilities for high-risk businesses like credit repair to succeed, as long as they have the ability to accept credit card payments online. Being in a high-risk industry can make setting up financial services, like a merchant account, far more difficult. Common payment providers like Stripe, Square, and PayPal are often uncomfortable with credit repair businesses and prohibit them from using their platforms. There are multiple reasons why financial institutions and software providers consider credit repair companies “high-risk.” One is that credit repair clients often have had challenges due to being cash-strapped. This can cause high chargeback ratios that in turn increases risks for banks and credit card processors.

Another challenge is that credit repair businesses are under tight scrutiny by regulatory bodies. “It’s a common reason why many companies fall under the ‘high-risk’ label,” Alex Roy explained. “E-commerce 4 IM focuses on specific e-commerce industries and therefore puts itself in a better position to educate online merchants and assist them with finding the best path toward accepting online payments.”

To learn more about how E-Commerce 4 IM’s new program can support credit repair merchants with payment processing, visit https://ecommerce4im.com/credit-repair-merchant-accounts/

About E-Commerce 4 Internet Marketers:

E-Commerce 4 Internet Marketers is an internet marketing payment service and chargeback-mitigation provider with a focus on the credit repair industry, and online education. For more information, visit http://ecommerce4im.com or call 1-800-570-1347.

Media contact:

Alex Roy

291150@email4pr.com 

800-570-1347

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/new-service-focuses-on-merchant-account-placements-for-credit-repair-companies-301229373.html

SOURCE E-Commerce 4 IM

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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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