Collection Agency Merchant Account
Collection agencies need merchant accounts to collect the debts and overdue payments they pursue. But getting a collection agency merchant account can be challenging. Many banks and other financial institutions consider collection agencies ‘high risk’ customers. However, if they contact The Southern Institute, just about any collection agency can qualify for a debt collection merchant account. They have been working with collection agencies for years and they have been able to provide a wide range of merchant accounts to meet their specific needs of companies in the collection services industry.
Understanding The Collections Industry
While many banks turn down collections agencies looking for merchant accounts because they consider them too high a risk, The Southern Institute, with their understanding of the industry, have opened merchant accounts for collection agencies even if they have been turned down by banks in the past. They know a high risk merchant account is essential for them to do business. As long as the company’s representative has a valid, government-issued ID, an Employer Identification Number and a current business license, they can qualify for the debt collection merchant account they need to do business.
Reasonable Processing Fees
Another reason collection agencies seek merchant accounts from The Southern Institute is because of their reasonable processing fees. Many financial institutions charge collections agencies very high processing fees. They claim this is done so they can mitigate the risk involved with processing the debit and credit cards payments collections companies receive. The Southern Institute charges some of the lowest processing fees in the industry. Not only do they use discretion in assigning fee schedules, they do not randomly change the fees or raise them without giving the collections agencies a notification well in advance.
A Great Reputation
The Southern Institute is well-respected and has a great reputation in the financial services industry. They are also held in high esteem by collection agencies because of how dependable they are in providing merchant accounts for companies in the collections industry. The Southern Institute knows how to deal with the legislative changes targeted at companies in the collections industry. They can set up the right debt collection merchant account to ensure they meet all legal requirements. This ensures the collections company can continue to quickly and easily process the credit and debit cards of the consumers who owe a debt.
Works With Newcomers
With the average American household carrying almost $17,000 in unpaid debt and debt spiking by 11% in the past decade, debt collection is a growing industry. However, companies that are new to the debt collection industry often have a difficult time being able to open merchant accounts. Without those merchant accounts, processing the delinquent payments these companies collect is near impossible. The Southern Institute can help. They have consistently enabled new companies in the collections industry to get the merchant accounts they need, even when other financial institutions have turned them away.
Tools To Prevent Chargebacks
One of the reasons many traditional financial institutions refuse to open merchant accounts for collection agencies is because those types of companies are often plagued with a large number of chargebacks. Many collections agencies gladly turn to The Sothern Institute for help with their merchant accounts. The Southern Institute is able to not only offer collections agencies merchant accounts, they also equip those accounts with fraud filters, payment gateways and chargeback management tools. This enables collections companies to safely process those crucial credit card payments and other types of transactions.
A Streamlined Application Process
For many collections companies the process of applying for a merchant account can be time consuming, confusing and complex. It can also be frustrating for collections agencies, especially because it often ends with their applications begin rejected. The Southern Institute has changed that. They have created a merchant account application process that is faster, simpler and more streamlined than its competitors. And it results in almost 100% acceptance for collections companies. This enables those companies recover money owed to banks, businesses and other creditors.
Apply Online Or By Phone
Another way in which The Southern Institute has made applying for a merchant account more convenient is by giving the collections agencies that apply two options. They can apply for their merchant accounts either over the phone or online. No matter which one they choose, the new streamlined application process makes it fast and easy. In just a matter of minutes the application process can be completed and the collection agency will know within 24 to 48 hours whether or not they qualify for a merchant account. Having the option go online and submit the merchant account application or do it with a fast phone call makes the process even more convenient.
Faster Processing – Collection Agency Merchant Account
For companies in the collection industry being able to quickly process the debts they have collected is very important. They are often collecting money from people with questionable financial resources. When the collection agency is able to convince those debtors to make a payment, getting the money out of their bank, credit or debit card accounts quickly is essential. The merchant accounts The Southern Institute creates for collection companies enables them to get their payments in a flash. That can make all the difference in the world in ensuring the companies get the monies they were promised.
Serving A Variety Of Collections Businesses
There are several types of businesses that work within the collections industry. Some pursue debts individuals and businesses owe. Usually they’re hired by creditors to act as their agents. There are also some companies in the collections industry that purchase debt from creditors for pennies on the dollar and are able to make a significant profit if they are able to collect on the debt. The Southern Institute can provide merchant accounts to collections companies with all these business models. They can also customize the merchant accounts to make collecting the debt easier, no matter the business model they use.
24-Hour Customer Service
Should a collection agency have any type of problem with their merchant account, The Southern Institute customer service team is available 24 hours a day to help. They can be reached by phone or contacted online. No matter which method the collection agency chooses, they can rest assured someone will be available to answer their questions or provide them with the guidance and solutions they need to use their merchant accounts efficiently and effectively. For a collections agency, knowing they can quickly get any problem they are having with their merchant account solved in a matter of minutes any time of the day or night is very important. In the collections industry fast merchant account repair can enhance credibility and make the difference between success and failure.
If your company needs a collection agency merchant account, contact The Southern Institute today. They understand merchant accounts are essential for collection agencies to do business and have worked with countless collection companies for years. The Southern Institute routinely sets up merchant accounts for collection agencies of all types and sizes. Even if your company has been turned down by banks and other financial institution when you applied for a merchant account, The Southern Institute can help.
Customized Merchant Accounts
The Southern Institute can customize merchant accounts to meet any collections agency’s specific needs. The application process is fast and easy and most collections agencies qualify for a merchant account. Their streamlined application process can help companies in the ‘high risk’ collections industry get the specialized merchant accounts they need.
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