iCheck, the Future of Check Processing for Debt Collection Agencies

Jul 28, 2015

Researching federal and state laws, setting up a tax structure and building a customer base are all part of setting up a successful debt collection agency. Setting up a debt collection merchant account that allows you to accept electronic payments as well as preparing collection methods are also a huge part of operating a successful agency. Without the ability to accept electronic payment, the number of ways debtors can pay you is extremely limited.

Thousands of collection agencies, large and small, have turned to merchant accounts for the payment processing solutions they need to be able to grow their business. This alternative solution has filled a big gap left by traditional banking institutions that are unwilling to offer their services to this high risk industry. Debt collection agencies have been placed in this categorization due to the unstable nature of this industry.

eMerchantBroker is the #1 provider of merchant accounts to collection agencies. Recently, their services have expanded beyond just offering this industry a merchant account. Through a new service called iCheck, merchants now have a means of electronic check processing that facilitates faster funding on a wider variety of checks with few restrictions. This wider variety of checks includes: personal, business, government, money orders, travelers and cashier’s certified.

In addition, iCheck makes it possible to accept checks at the Point of Sale or when the consumer is not present. Merchants can also enjoy less trips to the bank since iCheck makes fast electronic deposit of funds possible in as little as 24 hours. No check writer authorization is required, and funding is guaranteed for transactions.

EMB also offers other check processing solutions for merchants that can prove beneficial to debt collection agencies. Check-by-phone is particularly useful for debt collection agencies. This service allows merchants to accept and process checks over the phone; thus, making check processing that much simpler. If being able to still accept paper checks is a concern, EMB has your agency covered. Paper guarantee means you can still accept and process checks as a payment method, without the risks.

EMB’s check services will work for the majority of businesses. iCheck’s features, with the fast payments, ease of use and quick application process, has made it EMB’s premiere check solution and the future of check processing. Don’t let your business fall behind as more and more people are using their smartphones for mobile payments. Taking advantage of services like iCheck and paper guarantee will ensure that your business continues to experiences success.

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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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