How Collection Agency Merchants Can Successfully Deal With Delinquent Accounts

Jun 10, 2014
rachid sefrioui public speakerWhen a merchant has to send a customer’s delinquent account to a collections agency, it can be a nerve-wrecking experience. However, there are many collections agencies available to come to their aid. With the economy growing, this is the perfect time to become a collection agency merchant. You may be scratching your head as to how one becomes a collection agency merchant, but it is actually easier than it may seem.

First off, a new collections agency will need a merchant account server. Without a merchant account server you will not be able to process your customers payments, which is basically what any business survives on. eMerchantBroker.com, or EMB, is one of the best in the business. EMB is the #1 provider of merchant accounts for the collection agency industry. We are the preferred processor for Collections Max, and industry leading Collections Software. We have helped thousands of collection agencies, large and small, new and old, get the payment processing solutions they needed to grow their business. Another plus of choosing EMB for your collection agency merchant account needs is that we are easy to work with. There is no application or setup fee and you do not have to have a Visa or MasterCard in order to apply. A new merchant can also be approved in as little as 48 hours.

EMB is also the perfect choice for your collections agency merchant account because we deal strictly with businesses in the “high risk” category. Collections agencies are classified as high risk, as are other business types, such as gambling, adult entertainment, and auction websites. This label means that your business may be at a higher risk of fraudulent activity than other businesses. We at EMB have years of expertise with high risk businesses, and we will gladly advise you to your companies merchant account needs.

A growing economy means more spending, and more spending means more debt and collections calls. This is the perfect time to start your own collections agency. The perfect complement to your collection agency business is a merchant account provider who is experienced with collection agency accounts, and the issues that may arise with them. For this, you need eMerchanrBroker.com. At EMB, we are at the top of our industry, offering technology and services that others do not.  Our staff has years of experience in dealing with high merchant accounts, so rest assured that your account is in great hands.

To start your Collection Agency Merchant Account, be sure to contact us 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.

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