Household debt is at an all-time high, and it’s more important than ever for debt collection agencies to have access to convenient and robust payment processing solutions to collect debt payments. One of the best solutions is a collection agency merchant account.
At SeamlessChex, we understand the challenges debt consolidators face with collection practices, including unstable client bases and high fraud risk for merchant accounts. Our team’s mission is to provide collection agency solutions that help you meet these difficulties and navigate your debt collection processing needs quickly, efficiently, and securely. Your online or retail business can use our merchant account services for your debt and card processing needs.
We make it easy to implement streamlined, affordable payment processing technology for debt collection payments. We offer a variety of business solutions that allow your collector team to accept eCheck, ACH, and debit card payments, as well as one-time or recurring account payments. Businesses and debt collectors love our merchant account services because they help simplify the debt collection process.
Best of all, our debt collections are easy to integrate with your existing accounting software!
Don’t see your retail industry listed? Connect with SeamlessChex debt collection experts to find out if a debt collection merchant account is right for your business!
If you’re a debt collection agency that has struggled to find an affordable, efficient way to accept payment from debtors, we have the merchant tools you need to manage high risk debt collection. We serve a variety of high risk industries and businesses, helping them avoid chargebacks and achieve successful debt collection.
Our online debt collection merchant accounts offer the following advantages:
Signing up for our merchant accounts is fast and simple. Our merchant accounts don’t require credit checks or a credit card number to begin using our collection agency credit card processing and other services. Ready to learn more or find out how our payment processing solutions can help you streamline your retail business? Sign up today.
The best methods for a debt collection business depend on many factors, including transaction costs, timing considerations, and debtors' willingness to provide their bank account information to the collection account.
Both ACH and eCheck are efficient, secure debt collection methods for high risk payment processing, and it’s essential to consider your specific merchant needs and the preferences of other individuals involved in collecting the debt payment.
While ACH transactions may offer lower transaction costs and easier recurring payments, the debt payments will take a few days to clear, and using ACH requires the entry of bank account information, which some people may be hesitant to provide to businesses.
eChecks, on the other hand, are flexible enough for one-time or recurring merchant payments but may involve higher fees than ACH services.
To apply for these types of bank accounts, you’ll need to provide the following information to your payment processor or merchant services provider:
If you’re considered a high risk retail or online merchant, you may need to provide additional merchant documentation or comply with a company’s unique risk management procedures. If you have additional questions about how to apply for a merchant account, please contact us. Our merchant and debt collection industry experts would be happy to help.
Credit card processing for collections agencies is usually considered high risk due to the risks associated with debt collection activities and because chargebacks and disputes tend to be very common in this industry. When payment processors categorize business industries as high risk, they look at factors that affect the stability and financial stability of a retail merchant, including the likelihood that the business will face legal or regulatory issues, the company’s relative chargeback risk, the merchant’s financial stability and reputation and refund rates, and more.
There are many reasons collections agencies may face challenges or restrictions when attempting to accept credit card payments. Card processing for credit cards can present challenges for merchant accounts, such as credit chargebacks.
Usually, though, it has to do with the fact that debt collection agencies are generally considered “high-risk merchants,” which may make it more difficult to accept credit card payments as a form of business payment processing.
The best way for collection agents to get around this roadblock with credit cards is to find a merchant services provider, like Seamless Chex, that specializes in working with companies in high-risk industries and can provide streamlined credit card processing services for these businesses.
Debt collection agencies can accept payments with various methods.
These merchant account services in the debt collection industry include:
The choice of payment method depends on the debt collection agency’s unique preferences and applicable regulations affecting the merchant.
For debt collection agencies, we provide industry-leading benefits like the following merchant account services:
While many different payment methods are available for debt collection merchants, we usually recommend ACH or eChecks payments to the merchant businesses we work with.
In addition to being secure, flexible, and streamlined, these merchant account payment methods allow for one-time processing or recurring payments and won’t break the bank in transaction fees. Contact us to learn more about our collection agency merchant accounts and services. Our team would be happy to share more about our debt collection merchant services for high risk collection businesses.
Start accepting and sending customer payments today.