Credit Card Processor for Collection Agencies
If your business limits the methods of accepting payments from debtors, you will lose quite a few payments as then they will only ask for more time. This makes it critical that you open up a merchant account for your company so that you can accept payments in any form, be it in the form of a check or a credit card payment.
To make the process of collection smooth and quick without any hindrance, you as the collection agency are required to accept payments in any form offered by the debtor. Your business will end up losing many clients if it cannot fulfill its obligations, especially because it could not collect the form of payment being offered by the debtors. The fact that a payment aggregator is skeptical of your business can add fuel to your downfall.
You can just avail our services and open a merchant account for your collection agency, which will allow your business to create a payment gateway that can readily accept all form of payments being made by debtors. The fact that our virtual terminals are extremely secure and user-friendly makes our services even more desirable and your entire collection process easier to handle.
The chargeback associated with your industry is high as many people are not ready to repay their loans quickly, especially when there are other costs added to the amount borrowed such as interest and penalties for not paying back the money on time. It is due to this very reason that collection agencies are dubbed as high-risk businesses and are not catered by many services that offer merchant accounts, which is where we come in and lend you a helping hand.
Giving money to people is quite easy as almost everyone is ever ready to take it and use it to fulfill their needs and requirements. However, taking money from people to repay their loans or other debts is tough as people are reluctant to give back, even if they were eager to take it in the first place. The process of collecting debt from people only sounds easy, but the actual work of making sure that all the payments are repaid is not at all easy and can take a lot of unsuccessful attempts by collection agencies and debt collectors.
It is due to this reason that collection agencies are considered to be at extremely high risk. The majority of the time, people are not willing to quickly pay back the money that they have loaned. If your business is lucky enough, it might encounter a few individuals who would be ready to pay up quickly. Even if your startup is a new entrant in this industry, you will be well aware of the harshness of the dealings faced when encountering debtors. As the chargeback rate in this industry is very high, there are a lot of risks involved in opening accounts for collection agencies.
Denied and shut off by other credit card processors?
Companies like First Data or PayPal reserve the right to shut off or make changes to your business's account at any point in time. This is because they believe that the risk associated with your business is quite high and will require them to take safety precautions, which will allow them to shut off or deny your account at any time they feel the need to do so.
The fact that your customers can make a payment in any form that seems natural to them means that you will have to accept their payment. We understand this and, hence, have designed services that will allow you to accept check payments which will be cleared with our ACG procession and check processing. We also offer to check drafting to make your life easier. We also have virtual terminals present that allows for online payments to be transferred. Various credit cards and debit cards like Visa, MasterCard, Discover and Amex are accepted by us.
As all customers using online methods of making transfers need to ensure that the services they are using are safe, we ensure that all the data entered by your debtors while making a transfer is protected. All information is secure, and you can directly track your business's payments as well to ensure that your business runs smoothly. The best part is that we do not take any setup fees or application fees.
As we have formed partnerships with underwriting banks, we have created a secure payment gateway for your startup.
New startups find it difficult to operate in this industry as many service providers are reluctant on helping out by opening merchant accounts for them. The reason for this is the high risk and chargebacks that come with a new venture. The fact that there is no history of your credibility adds more risk to your business.
Our fees will be based on the analysis that we do for your business. Our prices may be high for startups, but there are no application fees rendered by us. The risk associated with your business will determine the fees that will be charged.
Domestic and offshore account
You can open up a local or an offshore merchant account depending on the needs of your business. Offshore comes with some advantages over domestic ones. A domestic account can give you lower rates and offer better security, but you may need to consider offshore accounts if your business needs it.
We also offer iPhone and Android apps which make the payment process easier for our users. We also have virtual terminals that allow customers to make payments online, and recurring payments can also be made with just the signature of the customers.