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.
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.
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.
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.
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.
