You have just stepped into the high-risk zone. No, there won’t be any strange music and no one will disappear into a new time zone. What you will find, is a great many high-risk merchant accounts servicers that can help you get a merchant account for your collection agencies. The positive aspects of having one are many, you shouldn’t operate without one.
Your collection agency is in good hands with most merchant account servicers. Of course, like anything, you will need to verify they aren’t fake and just there to steal your money. So, do your due diligence and be sure they are a REAL agency.
Next, apply for your merchant account. Most of the high-risk merchants have a 99% approval rating. The reason being, they work with high-risk businesses all the time. It’s not that they are ‘HIGH risk’; they are just working a business that may have a high amount of chargebacks, also known as refunds.
Not all do
Not all have that 99% approval rating. There are some merchant account servicers that will not bend over backward for a collection agency merchant account. They will indeed take the extra time to get the information about the new account and verify that you are in business and not fake. Those are the merchant account servicers that you want. They don’t sugar coat anything and they put their cards on the table for you to see.
Your collection agency merchant account is an awesome thing to have. It will free up many hours of work for you and give many options to your clients. It systematically applies twenty-four-hour payment times for all those clients that you have made arrangements with. When you are sleeping, they are making payments. Your office does not need to be a building with four walls and a roof. It can be a little office online with an intricately designed website.
Your clients have a safe haven with your virtual terminal to make payments that travel through a secure encrypted gateway to process their cards. Your money is deposited into an account that you can access anytime you darn well feel like it. You also can safely transfer that money to your account when you please.
With an account
You are safely ensconced in a secure merchant account that helps you with fraud protection, card protection and looks after your best interests with your account. They offer you the virtual terminal that gives you the button with payment processing for your website. That much security can’t be wrong.
So, take a little extra time to ensure that you have a legitimate merchant account servicer, and then take advantage of all their services. They will take good care of you and your account. It behooves them to cover your security because it helps their business as well. So take them up on their offerings. Help you help yourself, as well as your customers. Good luck!