Dec 26, 2017

Debt Collection Industry and Merchant Accounts

The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The overall household debt...

Jun 22, 2017

Get Your Debt Collection High Risk Merchant Account

Debt collection has been growing in the recent years with the average US household debt rising to more than $130.000. Quite naturally, the most important role of a debt collection business is to be able to collect payment from clients. It’s important to note that the collections industry is still viewed as high risk by traditional banks and other financial...

Oct 28, 2016

CFPB Released Outline Regarding Debt Collection Industry

The process of collecting debts can be tricky to newcomers. It is generally unfavorable to startups as well. Traditional banks and many credit processing providers will stay away from you if you do not provide a thorough credit history. Inconsistent revenue streams are also an obstacle hindering the application process for merchant accounts. CFPB Reveals an Outline On July 28,...

Feb 19, 2016

Victoria’s Secret Lawsuit Claims Violation of TCPA | Debt Collection Merchant Account

Victoria’s Secret, one of the world’s most successful lingerie retailers, is facing a class action lawsuit for violating the Telephone Consumer Protection Act. The lawsuit claims that the retailer sent one customer 97 text messages in a single month. Lead plaintiff Michael Hannegan, claims he signed up for “members-only” text alerts last May. The terms of agreement stated that members...

Jul 20, 2015

Victims of Debt Collections Scam Get $4 Million

Debt collections scams are on the rise, and it was recently announces that nearly 95,000 victims will split an estimated $4 million US dollars in damages. The Federal Trade Commission is cracking down on these scams, which seem to be more prolific these days. From small schemes, to the recent Honda credit repair scam, merchants and consumers need to heed...

Mar 20, 2015

Michigan Consumers Harassed by Fake Debt Collectors

The people of Michigan are being harassed by bad credit repair outfits and debt collectors. The Attorney General Bill Schuette released a list of the highest ranked consumer complaints of 2014. At the top of the list was harassment from credit and financial services. 2014 saw more than 1,700 complaints against credit and financial services like bad credit repair companies,...

Mar 04, 2015

Gripes of Wrath: Debt Collection 2nd Highest Consumer Complaint Industry

Debt collectors are never popular with those they collect from, but for the Federal Trade Commission received the 2nd highest number of consumer complaints about the debt collection industry. According to the FTC’s 2014 Consumer Sentinel Network Data Book, debt collection trailed only identity theft, which has a streak of fifteen consecutive years as the most-complained about transgression, and came...

May 19, 2014

Are Consumer Complaints about Debt Collection on the Decline?

ACA International (the Association of Credit and Collections Professionals) has been investigating complaints to the CFPB Consumer Financial Protections Bureau concerning debt collection methods and claims of harassment by consumers. ACA International is working with collection companies and consumers to find a balance between consumer protections and the ability to receive debt owed. A recent analysis of consumer complaints reveals...

May 15, 2014

Medical Debt to Impact Consumer’s Credit Rating on a Much Lesser Scale

 With medical debt increasing rapidly in the current day and age, the Wall Street Journal has recently made the move of reporting about the uplifting possibility of more regulation on the debt collection processes in this country. Not only this, but also about the activity by Congress to prevent outstanding medical bills from damaging the credit reports of innocent consumers....

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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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