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Collections Credit Card Processing

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If you run a debt collection agency, you may find that you have need to accept payments by ACH, credit card and debit card. The nature of debt collection makes it difficult for agencies to acquire merchant services of this type.  There are many times that it is tough for debt collection agencies to actually receive payments without this in place.  Fortunately, there is a high quality merchant services provider available for collection agencies. 

It is common for all types of merchants to have access to ACH, credit & debit card payment processing, but with collection agencies it can be a bit more of an issue to attain.  If you enlist the services of a credit card and electronic check processing company which has a good reputation with major credit card and banking institutions, you will be able to enjoy the benefits which come from a proper merchant account for your collection agency.

The Downsides of Using an Inferior Service

Some ACH and credit card processing companies which are attempting to break into the collections market may falsely label your merchant services account as a retail account.  This is not the proper category for collection agencies and if the processing bank discovers this false pretense, your merchant services account may be shut down and earn placement on the TMF list.  A spot on the TMF, or Terminated Merchant File, list means that your merchant account will be shut down permanently.  An established merchant services provider will be able to assist you in having a properly categorized account, which actually accepts ACH, credit card and debit card payments. 

If you already have a merchant services account for your collection agency, you may be paying more for your account than necessary.  You need to make sure to enlist the assistance of a credit card processing that specializes in collections, which will provide you the best service for your money and not charge you more than it should.

An Evaluation of Your Business for Better Processing Options

It is important to do your due diligence when looking for the right service provider for your agency.  A quality electronic check and credit card processing service will help you find out what type of merchant services are available for your company, whether your collection agency is new or well established.  This way you will have clear picture of what your options are, and what you may need to do to be eligible for the type of payment processing services that you need. 

  • The way that your business is set up will be evaluated. 
  • The way that your business advertises its collection services and how it is valued are factors which will determine how much of a “risk” your collection agency is from the stand point of a credit card & ACH payment processing company. 
  • The riskier your business seems, the harder it will be to attain a merchant service account or the more it may cost. 
  • The right service provider will work with your collection agency to put it into a position to acquire such services. 
  • The right service provider will work with your collection agency to help it retain these services at lower rates as your risk factor decreases.
  • The less likely it seems for your business to be plagued with chargebacks through credit card processing, the better your merchant service options will be. 
  • Working with an established merchant services provider will keep your business from being penalized by the banking institutions. 
  • A top notch electronic payment and credit card processing company does not allow merchants to keep processing such payments when it is dealing with higher ratio of chargebacks to payments than is acceptable.  This may mean that you will have to deny such payments from your more risky clients, but having the option to accept credit card payments from clients with a better track record would still be there.

The Benefits of Working with a High Quality Provider

Your collection agency will have an improved rate of collections with the ability to accept more forms of payments.  The right merchant services account provider will outline the steps that your collection agency must take to be less of a risk in a risky business.  They will help you pay the best rates for credit card processing as the reputation of your business improves.  They will also have safeguards in place to help protect your business from check and credit card fraud. 

  • Tools such as processing volume limits, delayed funding, and cash reserves may be set up in order to lessen instances of chargebacks.  Your company wants to collect debt owed, but certainly wants to do so productively.  A top notch merchant services provider will make sure every precaution is in place to help keep the reputation of your agency on the upswing.

You should realize by now that having an established merchant service provider, specializing in debt collections & account receivables, is a better option for your agency than going with one that may land you on the TMF list.  You know that it is important to be able to accept more forms of payments, but you certainly do not want to earn a bad reputation through higher chargeback to payment ratio.  The right credit card processing provider will help with this, but you will have to do your part as well.  You will need to decide from which clients to accept electronic checks and credit card payments. 

You will definitely want to become an established collection agency, in turn, paying better rates for high quality merchant account services.  Choose to work with a company that is geared to help your collection agency reach its full potential.  Your debt collection business can benefit from the acceptance of credit card payments.  This is not an option which is only open to retailers and medical service providers.  There is a top notch credit card and electronic check processing provider who has a strong reputation with banking institutions who is waiting to assist your collection agency.

The clear choice is Payment Savvy, call us now!


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