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Collection Agency Merchant Account

Collection agencies are classified as high risk by both banks and payment processors worldwide. Debt collection merchants have to partner with a payment processor that will be able to set them up with a merchant account that is designed for high risk debt collection transactions. Many collection agencies feel that their business is not high risk and should not be classified this way. The truth in the matter is that this industry is liable for a higher amount of chargebacks and transaction retrievals. This alone categorizes collection agencies as high risk. It is true however that some merchants are able to control their business better than others. These collection merchants will be rewarded with lower rates and fees. How would a merchant qualify for this? Collection merchants requesting lower rates and fees will be required to provide previous processing history and bank statements in order to prove that their business is operated correctly and that they have a lower than normal chargeback ratio. Banks and payment processors will want to process for these businesses and will offer lower rates in order to acquire their business.

Collection agencies will have a number of features included with their high risk collection agency merchant account. Merchants will have access to running transactions through a secure online payment processing gateway. The gateway will include; fraud scrubbing tools, SSL security, online reporting and free technical support. Virtual terminals will be available to collection agencies for processing collection payments received over the phone.

Merchants operating collection agencies will need to apply for a high risk merchant account. There are several documents that will be required for merchants to move forward with approval. The merchants will need to provide; a signed application, photo ID, bank statements, processing statements (if available) and bank account information for where the payment processor will be depositing payments into. Collection merchant accounts are usually approved and setup within a week if the merchant is able to provide all of the documentation immediately. If the payment processor has to wait for the correct requested documentation, the bank will be unable to approve the account.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.