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.
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.
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.
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.