The Benefits of Credit Card Processing for Collection Agencies

Oct 15, 2013
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As you begin your new business, you have lots to worry about. For a collection agency, it is even harder than normal. Although it is a lucrative business, collecting money for other companies and businesses, it is not one of the most loved kinds of business….. ever.

Start With

The first thing you can do to help your business along, is get a collection agency merchant account set up with a merchant account servicer. Your secure gateway and all the fraud protection you need will be with them. Your information is encrypted, and unless some hacker has decided to whack your information, your money will be safe.

Next Thing

By taking out a merchant account, you assist your customers with their payments. Whether they have a payment plan to adhere to each month, or you have one time payers, your account is open twenty four hours a day, seven days a week. When they are ready to make a payment, you are open.

Of Course then

You need to make sure you have a virtual terminal, or rather that special button on your website that says you make the payment here! Or the button that says, “Pay NOW”, or something to that effect. Then they follow the instructions and pay their bill.

With this

You can put in an address verification system that states what their address is and it will cross reference it with the address on file. That will help cut down on fraud…. Although, it’s not likely going to be one of your issues. After all, not many people will fraudulently pay on a collection agency site. Probably not something you need to worry about, but it is food for thought.

So don’t fail them

Don’t fail your customers. If you have opted to not have a merchant account to process those cards, you are handicapping your business right out the starting gate. You have a lucrative option and you need to set this up for you and for the customers. So go shopping and find one that will work for you. Cover their services and feel good about your choices. The payback is money coming in all day long and you didn’t have to hire an employee to sit at a desk to do that work. The computer program at the merchant servicer has that covered and you are taken care of.

Merchant Accounts - Merchant Cash Advance

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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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