USCB’s Settlement Can Bring a Positive Light to the Collections Industry

Feb 13, 2015

Creditors and collection agencies are not well liked by the general public. This information is not new, but thanks to the USCB’s class action settlement and new regulations, the public’s perception may soon change. While naughty creditors have been, and will always be, around to annoy the public, the majority of the creditors are decent people. This is also a great way to break into the business world, if you know the ins and outs of the business.

This case is a landmark case, though lawsuits against collection agencies happen often. According to the Telephone Consumer Protection Act and the Fair Debt Collection Practices Act, you cannot harass or threaten the consumer. In this case, the calls were not live, but recorded and left on the answering machines of home and cellular phones. Even though the case was settled in 2014, the judge just now approved the settlement. While these settlements will not close the rogue collections agencies, they send a loud and clear message to the entire industry.

This message to the industry can actually help lead to a better reputation. While consumers are not fond of the industry, many merchant account providers feel the same. This is because the industry is prone to higher instances of fraudulent charges, among other things. These charges end up costing the merchant and its account provider many times more than the original cost. This can quickly deter a merchant account processor from any company, let alone of that has an iffy reputation amongst the public. However, there are options available for your collection agency merchant account.

There is only one place you need to contact when searching for a collection agency merchant account. That place is EMB. We at EMB specialize in collection agency merchant accounts, and are experienced in dealing with their ups, downs, and everyday occurrences.

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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