Debt Reduction Merchant Account
Specializing in merchant accounts for debt reduction, debt consolidation, and loan modification business types which do not qualify for a traditional merchant account. Our experienced staff can assist you in acquiring credit card processing for your business. We also offer ach check processing to add alternative payment methods.
- Debt Reduction
- Debt Consolidation
- Loan Modification
- Student Loan Consolidation
Why is having a merchant account good for a debt collector?
Collecting debt from individuals who owe money is never an easy task and individuals who are employed in the business must hold a stern approach when collecting any money that is owed to them or their business. Millions of people take out bank loans each year to help with an individuals’ financial needs. However some are taken out with a clear plan to pay back the loan and other take them out due to desperation or sheer panic. Debt collection businesses are categorized as being high risk by banks because although individuals may take out loans there is no certainty they will be able to pay back on time or at all. It is not as simple as phoning or sending an email in many cases debt collectors have to go to the home of individuals to provide some sort of urgency.
What distinguishes us from our competitors?
Free set up process
The opportunity to accept transactions from both domestic and offshore accounts
Impeccable customer service
100% support throughout your application process
Competitive and low fees
How can purchasing a merchant account help transform your business?
If you ware wanting to gain payments in a timely manner having a merchant account in the debt collection business is more of a necessity than a want. When debtors eventually contact you to say they have the money to pay off their debts, some may suggest they can only pay through an online payment and not by cash. If the debt collector does not take online payments this can often create further delay. Debt collection companies should be required to accept any means of payment that an individual offers and with our service you can charge debtors online with little hassle as you will no longer have to be knocking on their door demanding cash. If the individual who owes you money is able to find a way of delaying payment they will do so, so making sure that they can make payments online is a must for any well-functioning debt collection business.
One of the biggest concerns that companies have when they are moving to online payments is sensitive information being leaked. We can ensure you that your personal data will be safe with us due to our highly secure virtual portals. Owning a debt collection agency can be a stressful and high risk job as you only gain an income if the customer is willing to pay and although the customer can be issued with a court order to pay any outstanding fines this can be time consuming and you could end up spending more money in court fees. One of the main reasons why your company will be added as a high risk business is due to chargebacks that can occur due to certain interest rates and can hinder your company gain some of the more exclusive services that we offer.
How are we different to our competitors?
When you opt to use a payment aggregator like First Data or Paypal you allow them to have the power to cancel your account provisions at any time they wish. When signing up to payment aggregators you may receive bonuses that businesses of this sort do not often gain when signing up for banks. However, it is important to note that although your business may be growing as a result so will the risk that companies like Paypal see in your business and therefore these features may be taken away from your account. We offer a variety of different ways in which you can utilize online payments, although card payments from Visa, Mastercard and Amex are allowed we also offer check processing and ACH processing.
Our application process is easy and does not take much time to complete, although assessing your application can take a number of weeks so if you need online payments instantly we would advise that you apply for a merchant account well in advance. Our gateway is not difficult to understand and is relatively easy to set up, and the bonus of purchasing from us is that there are not set-up fees, so the only thing that you are actually paying for is the service itself. Some companies try to implement hidden charges that they add on to your bill at the end, but this is something we strongly disagree with. It would be beneficial if there were minimum chargebacks, however in an industry like debt collection it is inevitable to happen due to the uncertainty of receiving the necessary payments on time. You could travel a long distance for an individual who wants to pay their debts via cheque and by the time you go to the bank they could have already spent this money, as they know it is unlikely that you will be making the same journey any time soon. We also offer the opportunity to charge individuals from the safety of your phone with our application that can be found on the majority of mobile devices.
We are able to process any recurring payments, often formed as a direct debit without the credit card needing to be present. This is pivotal in the debt collecting business as individuals can often not pay all of their debt in one lump sum and often ask if they can schedule a payment plan that allows them to repay some back each month. If you are only accepting cash this would be difficult to achieve as you would have to meet in person each month to receive the payment which can be time consuming for both parties.
Call us today or apply online. Our experienced staff will determine your specific needs and recommend a solution that meets your specific situation. We understand that one size does not fit all and can tailor your credit card processing to meet your individual needs.
Call us today We look forward to working with you
* Student Loan Doc Prep Welcome