Debt collectors are one of the most hated industries. Let us just be honest about it. However, it can be lucrative for merchants. However, do merchants really want the headache that can come with a collections agency merchant account? You bet they do! While it is an unpopular industry among consumers, there has been a rise in collections agencies over the past few years. If you have been interested in getting into the industry, this is the perfect time. However, while you may have your business plan complete, you may have an issue finding a collections agency merchant account.
As lucrative as these businesses can be, they are targets for fraudulent activity and scrutiny. Because of this, mainstream, and most “high risk” merchant account processors will not offer a collections agency merchant account. It is their loss; after all, the past few years have taught us that any and every business can be hit with fraudulent charges and hackings. However, the industry is standing strong with its decision, which has led to a confusing situation for many merchants. You must have a merchant account if you are to accept checks and plastic card payments. So, what do you do? PayPal is not an option, as they flag and close accounts who take on what they consider a “high volume” of transactions. Collections agencies are typically in this category. Cash is not an option, either, as many collection payments are made online or over the phone. Your only option is to locate a collection agency merchant account, which may actually be easier than you think. You just need to know where to look.
You need to look to EMB. EMB, or eMerchantBroker.com is experienced in collection agency merchant accounts, and the issues that come with them. When others jack up you processing fees when you are hit with a fraudulent charge, we at EMB do not. We know that it is just part of the industry, and that at times it cannot be avoided. We also provide up to date terminals, security, and software to make sure that you processing experience a positive one.