Oct 01, 2015

How New Technology Can Increase Debt Collection Profits

Medical collection agencies are always looking for new ways to raise their collection rates. A great collection agency must find new and innovative ways to create positive relationships with their clients and increase profits. If you own a collection agency, know that you don’t have to settle for call lists or mail notices. Technology has made it easier for collection...

Sep 28, 2015

Could Changes to Illinois Collection Act Come to a State Near You?

Updated license requirements have reached the Illinois Collection Agency Act along with a 10-year expansion of the Act itself. The new laws will stay into effect through Jan. 1, 2026. There were some major changes that occurred for the legislation that may make ripples throughout the industry. Some major changes to note: all references to debt collectors were removed from...

Sep 14, 2015

Better Solutions for Check Processing for Collection Agencies

Running a successful collection agency takes determination, strong management, leadership, and an understanding of state and federal laws. Today’s collections environment is extremely competitive and managers must find and exploit any competitive advantages they can find, like online payment processing, that can quickly process checks paid by clients. EMB is the #1 source for check processing for collection agencies that...

Aug 27, 2015

Senate Considers Using Private Debt Collection Agencies to Control Debt

A recent Government Accountability Office report states that the IRS’ uncollected tax debts rose 23% to $380 billion, while collection staff fell 23% after budget cuts. The report infers that the agency has too few controls over its tax collection process. It depends greatly on the Inventory Delivery System (IDS) which is the automated tax collection process. The IDS organizes...

Aug 26, 2015

Check Processing for Collection Agencies

Creating a successful debt collection business involves researching and implementing a variety of state and federal laws, setting up a tax structure, and building a sustainable customer base. In order to maintain a thriving business, debt collection merchants must provide electronic payments. Without this ability, the number of ways to collect debts are extremely limited and will almost guarantee failure....

Aug 26, 2015

What to Look for in when Getting a Collection Agency Merchant Account

Every merchant needs a merchant account. From car dealerships to e-cig sellers to even collection agencies, every business needs to safely accept and process plastic card payments. While some businesses have an easy time finding a merchant account, others, like collection agencies, do not. There is a stigma in the industry with this business, and they have labeled it as...

Jul 20, 2015

Victims of Debt Collections Scam Get $4 Million

Debt collections scams are on the rise, and it was recently announces that nearly 95,000 victims will split an estimated $4 million US dollars in damages. The Federal Trade Commission is cracking down on these scams, which seem to be more prolific these days. From small schemes, to the recent Honda credit repair scam, merchants and consumers need to heed...

Jul 20, 2015

Where Could The CFPB Push the Collection Agency Industry?

There is word out there that many debt examination processes have continued for months or years and that some are yet to be concluded. Could the debt collection industry be lost? The Consumer Financial Protection Bureau (CFPB) has come out to defend the agencies claiming that they are still learning, which is a reasonable argument. But the big question on...

Jul 16, 2015

Feds Review Collections Laws

The Federal Reserve is looking over current collections laws. This is long overdue, according to merchants and consumers. While the vast majority of collections agencies and their employees are good people, the few bad employees that threaten and harass consumers have ruined the industry for many. Even so, the industry is booming, and the reviewing of the laws could not...

Jun 17, 2015

Huge Consumer Debt Payoff Means Big Business for Collection Agencies

In the first quarter of 2015, it is estimated that US consumers paid off $35 billion in card debt. This number seems astronomical, but it shows that the economy is growing. Credit card default are also declining, with numbers showing $350 million less defaults in the first quarter of 2015, as compared to the first quarter of 2014. While these...

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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 on 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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