Consumer Debt Shows a Growing Confidence in Economic Recovery, and Business Opportunities

May 27, 2014

It is believed that a strengthened economy equals more spending. This is currently true, at least according to numbers from Equifax. While increased debt is not necessarily good for consumers, it is good for the economy, as it shows interest in spending and loans. It is also good if you are thinking of starting a collections business; however, finding a merchant account processor can be difficult. However, if you know the right place to look, having a collections merchant service can be easier than you imagined.

According to figures from Equifax, one of the major credit reporting companies, the New York Fed estimated that consumers owed $8.69 trillion in mortgage debt at the end of the first quarter, 2 percent more than they owed a year earlier. This figure includes both first mortgages and home equity loans. While consumer debt is not good for those consumers who are in debt, it shows that consumers are comfortable enough with the economy to borrow money. This is the largest increase since 2008 when the recession occurred.

While the increased debt shows growth for the economy, it can also lead way to new business opportunities, such as collections services. Collection services are sought out by companies after consumers fall into debt. A collections service can lead to a lucrative business, however, finding funding and a merchant account provider can be tricky. This is because collection service companies are considered to be “high risk”, as they are at a higher risk of fraud compared to other companies. This label is a turn-off for the majority of merchant account processors, and many are not skilled in dealing with high-risk clients. You will need a merchant account provider who specializes in high-risk accounts, and one of the best options is specializes in all types of high-risk merchant accounts, from firearms sales to collection services. With you can be approved for a high-risk account in as little as 48 hours. also provides what other high-risk merchants do not: Advanced security, software, and terminals. Just because your business is considered high risk doesn’t mean that you shouldn’t have the same security, technology, and terminals as more “safe” businesses.

The increase in consumer loans and debt can bring forth a good rating for the economy. It can also bring forth many new collection agencies, as some of these new consumer loans are liable because of the delinquent. This is the perfect time to embark on a new career as a collections service agent. Regardless of what others tell you, it is easy to obtain a merchant account, especially if you choose


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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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