It doesn’t matter what you do – every business has several different aspects which the merchant has to take care of. From beating competitors to merely surviving, you always have a lot on your plate. Amid being so busy, at times, you lose track of certain important things. So, if you are hearing about the EMV shift for the first time, you are have missed on a very important upcoming change and we don’t blame you.
What is this EMV shift you ask? Well, for starters, what you need to know is that you don’t want to be a party to a transaction that doesn’t support EMV cards. If you are a party to such a transaction, you will bear the liability if there is any counterfeit fraud. Merchants were previously protected from such instances, but come October, this shield will go down.
What does this change bring to your business? One word – risk. That’s correct, since you, as a merchant, are going to be held liable in case of any default, you have added risk to your business that won’t do your risk profile any favors, making it difficult for you to get access to funds and other services from these banks and other financial institutions.
However, this is not the only change this shift brings to the business world. When you hold merchants responsible for defaults, you are effectively providing them with motivation to make sure such defaults don’t take place. Makes sense? It should. When there is so much at stake, wouldn’t you want to play safe?
So, how exactly do you play safe here? By making sure all your debt is successfully collected. All merchants would now want to aim more resources towards debt collection, giving this industry a surprising boom. This ‘indirect demand’ that generates from increased risk is why an increasing number of merchants are considering wetting their toes in debt collection business.
Whether big or small, if you are a merchant, this EMV shift applies to you. Thus, if you are a merchant who wants to play safe, you need a debt collection agency. That is an added expense. But, what if you flip the picture and play the provider? What if you become that debt collection agency? Suddenly, the debt collection industry becomes attractive.
The rise of the debt collection industry is only recent. It is yet to become anything near to being established. Therefore, if you are to get in quick, you can’t expect a walk in the park. There are certainly a few obstacles that you must overcome, the most significant of which is getting access to a debt collection merchant account.
What you need here is an alternative route, what you need here is a specialized provider. If this is what you really need, you should turn to eMerchantBroker, which is a type of provider that specializes in providing personalized debt collection merchant accounts tailored to meet the needs of any aspiring business.