Debt Collection Merchant Accounts

Merchant Account for COLLECTION AGENCIES/Debt Collection

As a business that operates in the debt collection industry you help businesses collect on unpaid debts that were referred to your business. Businesses that are in this industry can consist of debt collection agencies, debt buyers, and debt purchasers. When it comes to finding a merchant account for your collection agency/debt collection business it can be difficult to be approved by a bank due to the negative reputation many debt collection agencies have and are considered high-risk.

Why are debt collection agencies considered high risk?

Here are some of the reasons why collection agencies are considered high risk:

The chargeback rate has been the highest for the collection agencies.
The fraction of fraudulent businesses in the collection agency sector is also pretty large.
Collection agencies are successful because they are hired by other business where individuals did not pay their bills and their accounts were transferred to the collection agency. This could result them in stopping payments even to the collection agency.
The amount of debt an average household holds has been steadily on the rise. The overall amount of debts remains in billions of dollars. With this significant increase in the debts, the collection agencies have also been expanding.

While collection agencies may not have the best reputation, the industry continues to grow. It is important to find a credit card processor that accepts high risk businesses such as those in the debt collection business.

Being denied services by conventional credit card processors:

While some banks may hesitate to offer and open merchant accounts for collection agencies, it should not stop you from the process of trying to get one.

Most collection agencies rely on credit card payments so it is important to find the right provider when looking for a merchant account that will approve your business.

We work with the debt collection agencies and businesses that collect payments in the following:

Debt repayment companies
Payday loan repayments
Title loans
Student loans
Commercial Collections
Debt Consolidations
Debt Brokers
Medical Bill collections

Apply here

New collection agencies- the startups:

Whether you are an established or startup collection agency you will come to find it is impossible to run business without a merchant account so it is important to find a vendor who specializes with high-risk businesses and get the right merchant account at a reasonable price.

We Offer the Best Merchant Services for Businesses in this Industry

We are experts in getting merchant accounts for debt collection businesses. We take pride in offering reasonable rates and exceptional service. In addition, we provide the devices and tools based on your businesses need. We have worked with many businesses in the debt collection industry and are also able to provide recommendations and reviews.

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