How New Technology Can Aid Collection Agency Merchants

Sep 12, 2016

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.

Let us help you get a high risk merchant account today!

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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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