Debt collection has been growing in the recent years with the average US household debt rising to more than $130.000. Quite naturally, the most important role of a debt collection business is to be able to collect payment from clients. It’s important to note that the collections industry is still viewed as high risk by traditional banks and other financial institutions. That’s why it’s not easy to get approved for payment processing for a debt collection business.
Fortunately, there exist reputable payment processors like emerchantbroker.com that specialize in the high risk sector and know your high risk business best of all. EMB is voted the #1 high risk processor in the US and has an A+ rating with the BBB. Moreover, EMB is rated A by Card Payment Options and is named one of Inc. 500’s Fastest Growing Companies of 2016.
eMerchantbroker.com works with debt collection businesses on a daily basis and offers the best debt collection merchant account in the industry. Thanks to exceptional merchant account services offered by EMB, you can grow your business without any difficulty.
The Collections Industry Considered as High Risk
The debt collection industry is regarded as extra high risk. This has to do with the nature of instability and potentially toxic business debts. All these factors make the business of collecting debts difficult and unfavorable for startups.
As a rule, payment processors require a long and thorough history to open a merchant account for a debt collection business. Moreover, this type of businesses should have a consistent revenue stream to get approved for payment processing with ease. The good news is that with emerchantbroker.com, debt collection businesses can easily open a merchant account and get the best for their business wants and needs.
EMB is the preferred processor for Collections Max, and industry leading Collections Software. EMB has helped thousands of collection agencies, both large and small, get the payment processing solutions they needed to grow their business. EMB doesn’t require extensive credit history, and can get your account set up in as little as 48 hours. Thanks to eMerchantbroker.com, you can have a collection agency merchant account geared to your own specific business needs.