How New Technology Can Increase Debt Collection Profits

Oct 01, 2015

Medical collection agencies are always looking for new ways to raise their collection rates. A great collection agency must find new and innovative ways to create positive relationships with their clients and increase profits. If you own a collection agency, know that you don’t have to settle for call lists or mail notices. Technology has made it easier for collection agencies to connect with clients and debtors and get great results.

One of the newest technologies available for debt collection is skip tracing-data mining. This is the simplest opportunity to place revenue in self-pay buckets. Skip tracing-data mining gives collection agencies access to a wealth of information that goes beyond addresses. In only a few moments collection agencies get credit scores, homeowner information, credit history, and more.

Social media isn’t just for fun anymore. Now collection agencies can use social media to find more information about clients. Debt collectors can use social media to trace debtor behavior and to access their income levels, assets, or spending habits. So if a debtor claimed they can’t afford to pay a bill, collection agencies may monitor their social media accounts to see if the debtors are posting pictures of new cars, new homes, or other expensive items. Collectors can use more business oriented accounts like LinkedIn to see if debtors have attained new employment or promotions that will enable them to pay debts.

The use of technology can now increase transparency between collection agencies and clients. Transparency has proven to help build trust between collectors and clients. Great collection agencies give their clients almost unfettered access to patient information like collector notes, all recorded calls, patient payments, and more.

Another technology that has become popular with debt collection agencies is predictive dialing. Predictive dialing are computer based systems that automatically dial groups of phone numbers, and give live calls to collection agencies. The dialer technology will create data on consumer demographics and habits, so the next call can be placed at a more advantageous time.

Performing collection services has become more challenging, but technologies have also given collectors more tools to find debtors and information. If you have a medical collection agency or any other type of agency, turn to experienced payment processors like for help. EMB is the preferred processor for Industry Leading Collections Software and Collections. Call now to establish a debt collection merchant account.

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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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