When you typically collect a payment, how do you do it? By phone? In person? Regardless of the method, the same thing happens: You scan or enter the card info into your terminal, and then wait. You must stay in one place, as the terminal is connected to your computer and to the wall electrical outlet. You cannot travel, you cannot aid a customer… you can’t even go to the bathroom if you need to. This is all changing, and collection agency merchants can take advantage of this new breed of payment acceptance technology today.
Apple Pay was first out of the gate, but now mobile wallets are everywhere you look: Android Pay, Google Pay, Chase Pay and even Walmart Pay are making smartphones a real alternative to carrying credit cards. And the potential for mobile wallets to limit a merchant’s fraud liability could help them really take off in acceptance for small businesses. However, this is a double-edged sword. While it may help limit fraudulent activities, not all collection agency merchant account providers offer the technology and resources you need to accept mobile payments.
This is where problems happen. You need a merchant account to help process funds and payments, and without one, you risk problems. While you can rely on one of the above-mentioned options to process payments, you need a reputable merchant account provider to help you when something happens. And we all know that something will happen – it’s just a matter of time. Collection agency merchants have a higher rate of chargebacks, which can cause a big problem if you are not prepared or knowledgeable enough in your own industry to handle them. This is where a good merchant account provider comes in. They know how to handle these issues, and you can still maintain your relationship afterwards. You can also still accept mobile payments – which is something that can help your entire day run smoother.
When you are in need of a mobile payment source, don’t simply go to one of the big named techie giants. Ask your merchant account provider their recommendations. They are who you rely on the most – and they will be the ones who will help you sort out any issues that many arise.