Dec 26, 2017

Debt Collection Industry and Merchant Accounts

The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The overall household debt...

Jun 22, 2017

Get Your Debt Collection High Risk Merchant Account

Debt collection has been growing in the recent years with the average US household debt rising to more than $130.000. Quite naturally, the most important role of a debt collection business is to be able to collect payment from clients. It’s important to note that the collections industry is still viewed as high risk by traditional banks and other financial...

Feb 06, 2017

A Lawsuit Against N.Y. Debt Collectors

The Consumer Financial Protection Bureau (CFPB), an agency of the United States government responsible for consumer protection in the financial sector, and the New York attorney general filed a lawsuit in November 2016 against 2 New York debt collectors. The debt collectors were accused of deceiving and harassing millions of consumers to pay inflated debts. The companies inflated consumer debts...

Oct 28, 2016

CFPB Released Outline Regarding Debt Collection Industry

The process of collecting debts can be tricky to newcomers. It is generally unfavorable to startups as well. Traditional banks and many credit processing providers will stay away from you if you do not provide a thorough credit history. Inconsistent revenue streams are also an obstacle hindering the application process for merchant accounts. CFPB Reveals an Outline On July 28,...

Sep 12, 2016

How New Technology Can Aid Collection Agency Merchants

When you typically collect a payment, how do you do it? By phone? In person? Regardless of the method, the same thing happens: You scan or enter the card info into your terminal, and then wait. You must stay in one place, as the terminal is connected to your computer and to the wall electrical outlet. You cannot travel, you...

Sep 01, 2016

Exclusive Payment Processing Services For Collection Agency Merchants

Debt collection agencies are associated with getting their clients’ payments so not letting credit processing capability stop your agency before it even gets started. It is highly important for merchants to apply for a collection agency merchant account from a reliable payment processing company. Choosing the Best for Your Collection Agency Take your time to find a reputable payment processor...

Jun 07, 2016

My Collection Agency Merchant Account Was Declined Out Of Nowhere, Turns Out I’m A High Risk Business?

Merchants running a debt collection agency know their business is “risky.” Debt collection can be rather tricky, so merchants should find a reputable payment processor in the field to apply for a merchant account. Reliable Collection Agency Merchant Account To minimize the risks associated with your debt collection business, you should consider turning to a trustworthy payment processing company like...

Apr 19, 2016

Federal Oversight Of Debt Collection Agencies Draws a Lawsuit

The National Consumer Law Center (NCLC) and the American Civil Liberties Union (ACLU) have recently filed a lawsuit against the US Department of Education. They requested the documents that showed the process of collecting student loan debt. The Lawsuit against the Education Department According to the Federal Reserve, in the last 8 years, the total student debt has doubled, reaching...

Apr 18, 2016

Friendly Credit Card Processing Rates For Collection Agencies, Hospitals And Medical Billing Firms

EMB, as a premier payment processing company, offers special rate plans to merchants involved in the collection agencies, hospitals, and medical billing industries. These exclusive rates can help you benefit from your business and increase revenue. Ideal Merchant Account Rates The rate plans offered by EMB are a perfect choice for those high-risk merchants who need reasonable options for credit card...

Mar 25, 2016

Citibank Charged With $8M Fines Over Debt Collections

The Consumer Financial Protection Bureau (CFPB) has recently charged Citigroup Inc. (Citi), an American multinational investment banking and financial services corporation, with fines and restitution. According to Richard Cordray, CFPB Director, the bureau is currently developing new rules for the debt collection industry. The fine ($8 million) and restitution were imposed based on the following facts. The company was supposed...

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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