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 my 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 is specializes in high risk accounts, and one of the best options is eMerchantBroker.com.
eMerchantBroker.com specializes in all types of high risk merchant accounts, from firearms sales to collection services. With eMerchantBroker.com you can be approved for a high risk account in as little as 48 hours. eMerchantBroker.com also provides what others 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 to because 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 eMerchantBroker.com