Every merchant needs a merchant account. From car dealerships to e-cig sellers to even collection agencies, every business needs to safely accept and process plastic card payments. While some businesses have an easy time finding a merchant account, others, like collection agencies, do not. There is a stigma in the industry with this business, and they have labeled it as “high risk”, because it is at a higher risk of incurring fraudulent charges. While this may deter some from starting their dream business, it should not. A great collection agency merchant account can be found.
One of the most important things to look for is an understanding of the industry. A great collection agency merchant account provider will have experience with the industry, and will know the latest news and updates. Some “high risk” merchants claim to know, but when asked they give a generic runaround. Be sure to quiz your perspective provider before signing on the dotted line.
Another thing that makes a provider great are reasonable processing fees. I don’t mean the lowest fees, I mean reasonable fees. Every business type has an industry-standard fee setting, but many providers use their own discretion when assigning fee schedules. You should know your fees upfront, and you should also know if or when a fee is going to change. Nothing is worse than figuring out that your processing percentage went up without any notification. A great collection agency merchant account provider, like EMB, will notify you ahead of time.
A great collection agency merchant account provider will also have a great reputation not only amongst merchants, but also the processing industry. A great reputation shows that they are serious about their jobs, and that they know their stuff. Collection agency affairs are sometimes difficult to figure out, and legislation is always trying to change the industry. A great collection agency merchant account provider knows this, and they also know that the industry is much needed. This industry is tough, but consumers and other merchants rely on it to get their financial matters in order.