How Can You Set Up a Debt Collection Merchant Account?

Debt collection agencies hold a critical role in the economy, and they’re vital when it comes to collecting money from delinquent personal or business accounts. The collections services provided by these debt collection agencies will have specialized licenses and expertise which makes their role in the economy vital. They also often have specialized licenses and training, and they understand how difficult it can be to collect bad debt. As such, they have developed specific, research-backed techniques that are good at tracking down debtors and finding ways to get them to pay off their debt. As a professional organization, they have a strict code of ethics and adhere to the policies laid out by the Fair Debt Collection Practices Act. They also understand the various nuances of specific industries, such as healthcare, bad loans, and more, and they will be able to work with organizations in debt to set up payment plans. 

Debt collection agencies, like all other businesses, will need access to high-quality merchant accounts and card processing solutions to be able to financially afford their business model. Setting up a debt collection agency merchant account can be difficult, however. Many financial institutions are fearful of doing direct business with these agencies, citing concerns over their reputations and tactics. This can make it difficult to create a debt collection agency merchant account. 

The fear is also pervasive when it comes to creating a debt collection agency merchant account. Merchant accounts are often reluctant to deal with debt collection agencies as a result of fears over the high-risk nature of these transactions. The unique needs of many debt collection agencies can thus make it more challenging for these agencies to set up appropriate access to these vital financial services, often leaving a debt collection agency merchant account unable to do business. This means you need a vendor who is specifically equipped to work with debt collection agencies. Fortunately, Zenti is able to handle any debt collection agency merchant account needs that you may have. 

Merchant accounts for debt collection agencies can still be created, but it will take additional effort on your part to find the right type of merchant account services. You’ll likely also need services that do more than simply provide you access to high-risk payment gateways.