Collection Agency Merchant Account

Finding Collection Agency Merchant Account

Collection Agency Merchant Account

It can take some time to find a reputable provider of merchant services that will give your collection agency a seamless credit card processing solution.

eMerchant Pro has allowed thousands of collection companies to quickly and safely accept credit card payments. eMerchant Pro has been a pioneer in merchant account solutions for billing services companies and collection agencies as a specialist in the high-risk field of the merchant services industry.

We understand better than any other business the need to handle high ticket amounts at large volumes. You will be able to put both card-present and card-not-present purchases using our merchant account.

Our collection agencies have access to our online payment gateway that enables them to charge credit cards, store future reference credit card information, and set up recurring billing. Our recurring billing option is completely personalized and you can set up different pay dates for each customer. 

We assist you to get the merchant account for your collection agency firm.

To give our merchants full flexibility, eMerchant Pro partners with several online merchant account providers. We recognize that many collection companies operate with receivable software that monitors transactions and records payments. Each application can integrate with another gateway, so we provide a variety of options.

Products of retailers for collection agencies 

eMerchant Pro Merchant Services provides collection companies many payment processing options. Our merchant account solution for collection companies provides one of the industry’s most secure payment processing systems. You’d be able to optimize your performance and increase your sales with retail, MOTO, and online processing available. The merchant account of the collection agency may be one to acquire, but our hassle-free, risk-free, application process helps you to get a fast turnaround time and start processing in 24 hours.

Multiple Debt Collection payment options

Credit cards, debit cards, and echecks/ACH are the main electronic payment tools US debtors use. Naturally, the more types of payment you consider, the more money you receive.

Credit cards offer, of course, a handy payment option. Still, for debt collection retailers, credit cards are not usually the safest payment option. For debt recovery, debit card payments and echeck/ACH provide major advantages over credit cards.

ACH / Echecks Advantages for Collection Agencies

Payments from Echecks & ACH electronically debit funds from bank accounts of debtors. The most effective form of processing debt repayments is ACH payment processing and echecks. And expose yourself to less risk than purchases by card.

ACH & Echecks, particularly for recurring payments, are more stable than card processing. The explanation is clear. Rarely do bank accounts adjust. Changing bank accounts is a hassle since household bill payments are also linked to bank accounts.

As are direct salary deposits.

Since bank accounts are very stable over time, updating payment data associated with bank accounts is rarely required. Without interruption, on-going payments continue. Cash flow stabilization and excessive sales leakage reduction. 

Compare this to cards for debit & credit. 

20% of cards are reissued each year because of data breaches, missing or stolen cards, or expired dates. Recurring payment transactions will decline unless modified card information is obtained. And your money won’t come to you. 

Updating card info takes time, money & labor. And no matter how hard you try, you can still not get the details you need to make the payment work.

Applying for a merchant account for your collection agency organization 

To direct you through the application process, a dedicated account debt collection merchant specialist is allocated to you. The goal is for you to receive the highest possible rates with the quickest approval possible. 

It is a straightforward procedure to apply for a collection agency merchant account. You, along with supporting documentation, submit. 

Supporting records include account signer’s ID; voided bank account search where the processing funds will be settled; 3 months of the most current bank statements; 3 months, if necessary, of the most recent processing statements; and documents of the company or LLC.

For fast approval, a complete application package is necessary. Account approvals can be as fast as 1 day, but most approvals take 3-5 days because of the industry-related high-risk classification.

How Underwriters Check Merchant Account Applications for Debt Collection 

The more data you can have that shows your business in the best light possible, the better. 

Underwriters entirely review the application file. They also ensure the correct licensing of debt collection merchants. And that the Fair Debt Collection Practices Act complies with debt collection agencies.

It’s smart to have an account signer who has strong personal credit. Alternatively, consider adding a co-signer who does that. To help the monthly processing ability you are seeking, have enough money in your business bank account. 

Debt collectors with online activities must have a stable website that is fully functional. Be sure all pages & links are running properly. And that, along with anonymity, refund & other policies, customer service contacts are clearly illustrated. 

Underwriters also “cold call” or email during the application process to see how the service is managed.

Make sure the message contains your company name if calls go to voicemail and when the caller should expect an answer. Include the same information if autoresponders are used for emails. Reply as promised, then.

Debt collection agencies need effective structures of merchant accounts to optimize income smoothly. In addition to annual billing arrangements that make it easy to repay debts regularly.

Collection Agencies are all about collecting money from their customers, so failing to have the ability to process credit will stop your agency before it even begins. Apply today for eMerchant Pro’s new merchant account. Our team is specializes in identifying merchant accounts that are friendly to agencies for debt collection firms.