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.