The economy is in a recession, and that means consumers are more worried than ever about their credit scores.

As an e-commerce business owner, you have the opportunity to provide coaching services or additional credit-building services to help your customers improve their credit score.

Now’s the perfect opportunity for you to dive into credit repair, credit coaching, and other credit-positive endeavors to keep customers coming back for more (and without bankrupting them).

Credit building and e-commerce is a perfect combination.

As consumer behavior continues to change and evolve, many retailers are struggling to find ways to make their business models more adaptable.

However, credit-building payment methods and guides can be an attractive solution for e-commerce businesses looking to increase revenue and offer something that consumers can use, no matter the state of the economy.

Here’s what you can expect to stay consistent whether we’re on the rise on spiraling downward, economically.

Consumers Want to Improve Their Credit Score

The idea of having a high credit score is very appealing to people. It can help them get better interest rates and lower interest payments on debt.

This is why a lot of consumers will look for ways to improve their credit score. If you can match that need with low prices and convenience, then you’ve got a recipe for success.

Consumers Need Good Credit

They need it to get a mortgage, car loan and credit card, pay for things online, rent an apartment and so much more.

Credit also affects other things like eligibility for a job or upgrading your cell phone. It’s more than just a “nice to have”, it’s a necessity to survive in the economy we’ve built.

Credit Building Can Fit into Many eCommerce Businesses

From the payment processing you offer to direct credit coaching, there are many ways you can provide credit repair service to your customers.

Maybe you can get a good deal with a credit card network about offering no interest for their purchase. Or you can offer Buy Now, Pay Later services. Maybe a free PDF guide on how the best 3 things they can do to build credit.

There are so many possibilities to keep your business running in a recession by offering credit repair.

Offer credit coaching for consumers to build their credit score during a recession.

Credit coaching is a new, innovative and effective way to help consumers build their credit score during a recession.

People are always willing to pay for solid advice. Even in the toughest times, there’s still a demand for guidance and resources that will help them succeed—and coaches are happy to provide them with those tools.

Credit coaching helps consumers build their credit score during a recession. It’s not about teaching them how to get a free credit report or how to reduce their debt, but rather about providing practical advice on rebuilding their score from scratch.

How to Be a Credit Coach

Become educated about the financial industry. Credit coaching is all about helping people access their finances and make good decisions with their money. To do that, you’ll need to understand how money works and the basics of personal finance.

You don’t have to be an expert, but you should be able to talk with confidence about topics like debt management, budgeting and saving. You’ll also need to know how to help people get out of debt and build better credit scores.

So, a quick checklist to become a credit coach includes:

• Bachelor’s Degree in related field or continuing education
• Certification via National Association of Certified Credit Counselors (NACCC) certification exam
• Knowledge of consumer credit, budgeting, and financial counseling
• Communication skills
• Experience

Experience doesn’t have to be strictly credit coaching-based. It can come from many backgrounds, even personal. Maybe you’ve helped colleagues create low-credit business plans, or designed financial goals and executed a strategy that paid off your student loans in 6 months.

The point is you don’t have to be full-fledged credit analyst or work for a credit counseling agency to start a credit repair business. Have the motivation, make a plan, attend a certification program, and you’re set.

Next, you can start pre-recording webinars and online courses about improving consumer financial health. If their well-being is the goal, there’s plenty of opportunity to make it big.

And don’t forget to share freebies on social media! Offering free advice only strengthens the notion that you’re a credit repair specialist.

Consumers always want to improve their credit score, and they’re willing to pay to make it happen.

In a recession, this is especially true because people are extremely concerned with saving money.

You might think that if consumers are worried about saving money, they may not be interested in paying for something like credit repair. But what you’ll find is that consumers with bad credit scores are actually more likely to spend money on improving their score during a recession.

In fact, during a recession more consumers than ever before are willing to pay for help building their credit score because maintaining good credit has become even more important when it comes time for them to apply for loans or mortgages.

This is your golden opportunity to help others build credit but also earn money and bump your current income up to the 7-figure mark.

These are the 4 main ways to build someone’s credit score.

Whether you’re going the coaching route or offering some value-added credit repair service to your online business, here are 4 ways credit is typically built.

Low Balances

It’s important to keep credit card balances low. If you have a high balance on any of your cards, it will negatively affect your credit score. The best thing to do is pay off all of the debt in full every month and only charge what you can afford.

Obviously, most people don’t do that. Instead, you can offer incentives to making payments on-time (and not just the minimum payment) whether you’re a retailer or a coach.

Paying Bills On Time

If you want to build up your credit score, it’s imperative that you pay bills on time.

It’s easier said than done for many consumers. Eyeing that new bag, dining out 3 nights a week, spending on home gadgets. Money can fly right out of someone’s wallet.

When a bill is paid on time, it builds credit and trust with credit card companies.

Opening a New Credit Card

Too many open accounts isn’t good, and requesting too many cards in a short period of time isn’t good. But opening a new line of credit is an amazing way to build and repair credit.

As a retailer, you can easily offer your own loyalty credit card. As a coach, you can provide advice on which types of cards your clients should have.

Monitor Your Credit

The last way I’d recommend building up a good credit score is by monitoring it regularly. You can’t possibly know how strong your credit score is if you never look at it.

Don’t fall for these myths about the recession and the economy as a business owner.

As a business owner, it’s time to bust some myths about the recession and the economy. The recession isn’t permanent.

It’s not as bad as the Great Depression, either. In fact, we’ve been in recoveries before—there was one after World War II; another in the 1980s; and then another one in 1997 (which lasted until 2001). So this is nothing new!

Consumers are still spending during recessions because they have to eat, stay warm, keep their families safe, and enjoy life.

If people don’t spend money during tough times like these then companies won’t be able to make a profit or hire more workers—and that means no jobs for you or anyone else who needs one.

While you might not be able to become the go-to neighborhood grocer, you can offer other essentials. One essential that is greatly overlooked by entrepreneurs and business owners is credit repair.

Take the opportunity and start credit coaching or providing credit repair during this recession — it’s your ticket to success.

The recession has been a difficult time for many Americans. Many people have lost their jobs, and others are finding it difficult to make ends meet as prices rise and wages remain flat.

However, there is one thing that remains relatively stable in times like these: credit score.

Unfortunately, many consumers don’t realize how important their credit scores can be. It’s not uncommon to see someone’s car repossessed or home foreclosed on due solely to their lack of knowledge about how personal finances work during hard times.

This is your chance to prevent that hardship from happening. It’s cheaper for consumers to spend on credit repair than it is to buy a new car or find a new house.

Take this golden ticket and start offering credit repair services. Remember, coaching and e-commerce are high-risk industries. To get paid from these credit-seeking customers, you need a high-risk payment processor.

Speak with us today about getting connected with a processor that backs your business.