Jun 23, 2014

Legislation Introduced in Senate to Exempt Debt Collection Attorneys

The Fair Debt Collection Practice Technical Clarification Act was introduced to the House of Representatives in July 2013. According to an article by The Hill from August 20, 2013, “This bipartisan legislation simply excludes attorneys from the FDCPA when they are engaged in litigation activities that fall under supervision of the court.” However, this piece of legislation is not an...

Jun 05, 2014

S. 2328 Bill will Add to the Need for Collection Agency Merchant Accounts

Messer, Stilp & Strickler, LTD., Attorneys at Law reported that “On May 13, 2014, S. 2328 was introduced into the Senate by Senator Pat Toomey (R-PA). The legislation seeks to amend the Fair Debt Collection Practices Act (“FDCPA”) to preclude law firms and licensed attorneys from the definition of a debt collector when taking certain actions.” This bill is identical...

May 23, 2014

Growing Debt Collection brings both Reform and Limitation Concerns

The United States courts are reforming how the process of debt collection lawsuits works, especially in the area of default judgments.  Despite the positives of reform, there are concerns that the proposed changes will prevent creditors’ legal rights to collect the debts that they are rightfully owed. According to a report by American Banker, “The consumer debt case reforms recently...

May 19, 2014

Congress Reinforces Support for Credit and Collections Industry

At the ACA Legislative Conference Capitol Hill reception on May 6, 2014, members of Congress expressed their support for the credit and collections industry. The first annual conference brought together members of the credit and collections industry to discuss policy issues, and introduce industry members from across the nation to legislators. Among the keynote speakers at the conference were: Rep....

Apr 30, 2014

How to Successfully Urge Clients into paying their Overdue Bills

Even in a good economy, some people are just late paying their bills. While it can aggravating for a merchant, being angry with the customer does not help matters. In this article you will learn about the ways to help recover payment, as well as ways you merchant account processor can help you get the money you are owed. Your...

Apr 28, 2014

7 Easy Steps to Setting Up a Successful Debt Collection Agency and Merchant Account

 Despite the impressions you may have, debt collection is a lucrative and necessary business. The majority of debt collection agencies are reputable businesses performing a required function other businesses don’t have the time or resources for. If you’re interested in setting up your own debt collection agency and working from home, here are the basic steps you need to prepare...

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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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