Are you beginning to think your pursuit of a collection agency merchant account is in vain?
Take heart. It’s not you. It’s your industry.
Merchant accounts are available for collection agencies. You simply have to know where to go to find them.
Debt, for the average person in America, has become the norm. In total, U.S. consumer debt is at $11.4 trillion, including mortgages, auto loans, credit cards, and student loans. Naturally, more debt collection agencies are forming to accommodate this feature of modern life, making up a total of 8,514 agencies in 2016.
Although the need for collection agencies is ever-increasing and urgent, affordable and dependable credit card processing for debt consolidation companies is becoming increasingly hard to find. Very few processors offer reliable credit card processing to debt collectors, and even fewer do so at an affordable rate.
The reason is that most payment processors are wary of debt collectors due to negative publicity on the industry and will deny your company solely because of the the industry type.
Most businesses value debt collecting agencies because they are responsible for getting money from customers and partners who are withholding payment for goods and services. Debt collection agencies offer vital services that allow businesses to recoup some return on what they owed. They also assist those who owe the money by allowing them to pay in some form, even if it's a fraction of what is owed.
Some agencies, though, work outside of the inherently good nature of the business by using dishonest tactics to go about the debt-collecting process, such as calling debtors at inconvenient times and places and harassing them.
Other factors contributing to the negative reputation debt collection agencies have with merchant account providers are unfortunately not under the control of the agencies themselves.
Collection agencies know that a lot of people will agree to make a payment and then cancel it after the fact. This is known as a chargeback. Consequently, banks fear that the agency won’t be able to cover risks & expenses of chargebacks. In this case, the banks & processors are then stuck with the liabilities.
You need a credible, high-risk merchant account provider, such as PaynetSecure, that understands the complicated debt-collection industry. We can get you the processing capacity you need to grow your business. While helping protect your collection merchant accounts from fraud and chargebacks.
An experienced high risk merchant account provider offers a range of services to collection firms. Thanks to the modern financial world, collection agency owners are no longer restricted to the services of their local bank. Instead, you have a choice of working with a banks that offer attractive rates, specialized services & extraordinary customer service.
Does your business need a collection merchant account?
Contact the PaynetSecure.net team to learn more.