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Collection Agency Merchant Account

Best Collection Agency Merchant Account
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Josh Phelps
May 25, 2023


A collection agency merchant account provides high risk payment processing solutions for companies that operate in this unique vertical. It allows collection agencies to obtain payments from debtors who want to reconcile their debts by paying them off.

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Best Collection Agency Merchant Account

The best collection agency merchant account is Zen Payments who has years of experience providing payment processing solutions. With multiple banking partners and custom applications, we provide ways for you to manage your debt recovery operations while ensuring compliance with both legal and industry regulations.

How To Open A Collection Agency Merchant Account

To apply and open an merchant account for your debt collection agency, follow these five easy steps:

1. Search For High Risk Payment Processors: High risk processors have experience making accounts in unique verticals. From adult streaming to firearms and CBD , these payment providers see every type of vertical, and find ways to give them the ability to accept credit cards.

2. Select A Top Collecting Agency Credit Card Processor: The best are seasoned veterans with clear paths forward. Zen Payments is a major contender for a few different reasons.

    • Low Fees : We offer extremely competitive rates that help you save costs. Larger companies can negotiate lower fees and review the Schedule A that works best for them.
    • Fast Approvals :When you’re waiting on payment solutions, every day matters. We get you approved quickly through our instant merchant account approval process.
    • WooCommerce Payment Gateway : As one of the top website builders in the world WooCommerce works with WordPress to integrate key tools for online users. Our gateway integrations work seamlessly to connect to your merchant account.
    • Top Customer Support : The Zen Payments team is based in the USA and returns your calls promptly. We have knowledgeable payments professionals who can answer all the questions you have about a collection agent merchant account.
    • Banking Resources : Most importantly, we provide the best bank account for your business needs by customizing a sustainable account solution for you.

3. Apply Online : The application process should be fast and simple, after all, speed is imperative. We have an advanced auto-application that you can fill out quickly without a headache. Afterwards our team will reach out to request any additional information they need for your file.

4. High Approval Rates : Collection agencies deal with many issues from a payment processing viewpoint. High chargeback rates and high ticket sales are common for debt collection agencies. As such, you may be rejected by other payment processors. Not to worry, Zen Payments has approval rates of over 98% for qualified companies.

5. Reporting And Analytics: Debt collectors have to track each account specifically to find out when payments are made and how much people owe. Our Tunl payment gateway has extensive reporting features that help you track and monitor every customer transaction.

Underwriting For Debt Collection

Underwriting For Debt Collection

It’s important to keep in mind why collections are considered high risk, and find ways to reduce it. The Fair Debt Collection Practices Act became law in 2010 and limited many of the techniques and aggressive methods debt collectors used to collect from debtors . Be sure your company follows these regulations so you can be sure to get approved through your processor’s underwriting team.

Get Started With
Zen Payments


Our merchant service specialists are the best in the business and will work with you from start to finish to get your account approved!

Ready to Start Proccesing?
Fill out this form and a merchant services representative will be in touch!

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Josh Phelps is an experienced sales professional with eight years of expertise, including four years in payment processing. Throughout his career, Josh has successfully secured approvals for thousands of businesses, demonstrating his skill in navigating and optimizing the payment processing landscape.


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