- Case by case basis of collection agencies
- No solutions with collections merchants with purchase debt
- 3-6 month of payment processing history and statements which also includes the company name along with total chargebacks
- At-least 3 months of the business banking statements
Although a collection agency is found to be working with a high-risk business and with the payment service providers that offer a merchant accounts for such businesses types whether it is the collection agencies that depends on successful debt collection as well. The core needs of the collection agency merchant accounts ensure services with certain requirements which could be found with the business:
Security: The collection agencies work with all types of industry with risks and the payment processors with less of the chargeback is found to work well with the collection agency merchant accounts such as PayCly.
Fare pricing: The fare pricing with the PSP of the choice along with the broad array of networks and with collection to the local one that lowers the processing fees.
Still a collection agency with PayCly is found to be working with the well-managed services as compared to few others that might work unfairly and with the legal approaches only. The collection agencies are working well with the income that depends much upon the successful collection of debts. The collection agency merchant account works with the basis of financial industry and still they are better as compared to banks and loan agencies which are a part of merchant account.
Here are some of the services which has been found to work with the following collection agency merchant account:
- Own anti-fraud and chargeback prevention software which makes it less risk bearing organization
- With integration of API and HPP
- Free Recurring billing
- Payment integration with multiple currencies
- Partnership found with monetary institutes
- Mobile banking and 24/7 customer support
The business of collection agency merchant account is found to be good as it is capitalizing where the merchant account services is already considered to be with high-risk industries. The processing company which works with debt collection agencies and here are some of the work which are a necessary profile of this industry:
- Debt collection agencies
- Debt buyers
- Debt purchases with healthcare along with commercial and attorney spectrum
- Corporate collection and retail departments
The industry which are found to be working with the numbers along with the collection agencies with credit card processing which is considered to be into high risk with the few particulars as compared to other such industries. Although, a reliable partner is not found with the business and when the PayCly works with your collection agency then things work well with the business.
Here are some of the merchant account fees for collection agencies:
- Chargeback fee
- Discount rate
- Merchant account registration fee
- Monthly statement fees
- Transaction fees
The various traditional financial institutions find comfort with collection agency merchant account and the same could be said for the new found industry which are already mentioned here but to find it more convincing are known to be as high-risk merchant accounts. The collection agencies work on any particular mortgage or debt which are said to be unpaid debts and takes 24 to 48 hours to posses the same but at times it may take longer because of the approvals and some are to be unread as benefits.
The other particular which makes the business to be stronger and find the right merchant provider such as PayCly is that it has to be legal along with reputable businesses with processors that segregate different amounts of debts all according to industries.
With approvals turning into collection services and the debt clearance working in the favor of the business the underwriters find it easy to remove financial burden. The merchant’s credit scores along with the chargebacks are also to be kept in mind and the excessive chargebacks makes a business to reach the level of being declared with no assets. In that case the attorneys help is sought and much of the services are revived again but with the business considered to be with chargebacks less than 2% are found to be in favor.
The electronic receipts are found to be in terms of customer satisfaction index which is a part of the global call center industry. The customers dispute and redressal are found to be in sync with the industry where much of the calls are found to be with the change in address or many other such issues. So, it could be certainly to be known that the business of collection agency merchant account is very hard in terms of work ethics but still our or any other such agencies believe that the harder the work the more findings are to come out of it. Certainly, PayCly has been formidable in many such specific industries and with the collection services it has carved a better path of its own in this specific front as well.
Tags : High Risk Merchant Account, International Payment Gateway, 2D Payment Gateway , Travel Payment Gateway, eCheck Payment Gateway, eCheck Payment Gateway Singapore