Collection Agency Marketing

Feb 06, 2014

Marketing is the key to any successful business. Word of mouth is nice, but pretty ads in magazines and newspapers help bring in customers, as well. However, how do you market something that businesses love, but customers hate? Collection agency marketing is easier than you think, and the majority of help could potentially come from your collection agency merchant account processor.

First off, forget about print ads. Print ads are rarely for this field, so save your money to use elsewhere. For instance, you can pay to be put atop the Google searches for certain words and phrases, such as “collection agencies”, “collection firm”, “collection companies”, etc. While you do not have to pay to be on a Google search, you are not guaranteed to be anywhere near the front of the searches. Try Googling “collection agencies” and you will see that Google computes 99,900,000 sites that refer to “collection agencies”. It is a great investment for a growing collection agency.

Scour the legal section of your local newspapers. You can easily find businesses that are suing individuals over unpaid bills. These are the businesses you need to target. While a phone call is nice, an in-person meeting with an account manager or owner can show initiative, as well as show that they will be dealing with an actual human, should the time arise that they need a collection agency.

Visit businesses in your area that could potentially use a collection agency. Not all businesses, such as a pool hall, but others such as small car dealerships and appliance stores may not know where to turn to collect unpaid fees. Businesses like to support local businesses, so that can help get you in the door to talk to the account manager or owner.

Also, be sure to ask your collection agency merchant account rep or processor about marketing. Merchant account processors deal with multiple businesses every day, all from different business areas, and can give you advice on marketing techniques that they have seen work, and not work. They might also give you the info of other businesses in your area that may be in need of a collection agency. By helping you find business, your merchant account rep is not only helping you but helping themselves as well by helping you stay in business.

Marketing a collection agency is tough, but it can be done. Using free resources, such as consulting your merchant account service provider and the legal section of the local newspaper can give you leads on local businesses that could potentially need a collection agency. You can also pay to be placed atop a Google search for certain words and phrases. This marketing can be done, and with effort on your part, you can successfully garner new clientele.

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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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