One of the pivotal aspects of running a small business or enterprise, such as a collection agency, is finding a way to accept credit or debit card payments. In credit and debt-based economic system, the necessity of opening a merchant account to accept these forms of payment can break a new business. If you are an entrepreneur, this complication can lead you to ask yourself how to address the need for a merchant account for your collection agency.
Collection agencies by nature are high-risk businesses. The most profitable areas of collecting debt—delinquent business debts—are also the highest risk. There may be a time gap for collecting the debt that can create the image of instability that repels banks from sight. You need a merchant account because you want to accept payment from your debtors in the most convenient fashion, but you can’t open a merchant account without already displaying profit and stability.
Traditional banks become wooden and unbending regarding merchant accounts if you cannot provide proof of cash reserves, an operation history for your agency, credit history, your debt load, and even a fundamental business plan. To top off the complications, if you can’t provide an upfront reserve of several thousand dollars to protect from chargebacks, you will not likely be permitted to open a merchant account with a bank.
This is where alternative sources of merchant accounts such as emerchantbroker.com can give you a competitive edge. This new option allows a collection agency, new or old, to open beat the system by opening a merchant account by bypassing the traditional banks. This allows you to level the playing field for your business and reduce the danger associated with a high-risk, small business.
Emerchantbroker will offer you rates anytime, anywhere regardless of the bad credit history that can plague high-risk entrepreneurs and collection agencies. Adjustable rates compared to those of the banks will help you accelerate your business plan and prove to be the economical choice for your collection agency.
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