Debt Collection Company Complaints and How They Stigmatize the Industry

Mar 18, 2015

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 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.

Let us help you get a high risk merchant account today!

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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.