- 1. You Will Receive Data in Real-Time
- 2. Recover and Avoid Bad Debts
- 3. Have A Customer-Centric Approach at All Times
- 4. Leverage Easy Payment Trends Like Online and Crypto
- 5. Make Sure Your Collection Agency is PCI and DSS Compliant
- 6. Refocus on What’s Important
- 7. Be More Efficient by Reducing Bad Debt and Increasing Collections
- 8. Ensure Debt Collection Runs Smoothly from Beginning to End
- Get a Collection Agency Merchant Account
If you’re a collection agency, you likely already know the importance of having a merchant account. After all, collecting payments from clients can be difficult enough; why complicate it further by having to jump through hoops to get paid?
At EMB, we understand that your business is important and so are your clients. We offer an easy-to-use and customizable payment solution that will help you collect money faster and more efficiently than ever before. Here are some of the reasons why an EMB merchant account is right for your collection agency:
1. You Will Receive Data in Real-Time
The best part about working with EMB is that we provide real-time data so that you can see exactly how much money collected from each client. You will be able to get information about your accounts and clients whenever you need it without having to wait for snail mail or phone calls.
Your debt collection merchant account will give you the tools you need to collect money owed. These tools include check processing, high-volume solutions, and chargeback protection. Additionally, if your state’s laws require you to take action against a debtor, you can enforce those laws using the updated data.
2. Recover and Avoid Bad Debts
In addition to providing information about money collected, EMB also helps you identify which debts are likely bad or past due before they become an issue. This means less time wasted chasing down payments that never arrive at all. And more time focused on building relationships with clients who actually want to work with you!
Using a collection agency merchant services, you can contact the delinquent accounts directly to get them to pay. You’ll also work with the client if they need extra time or assistance getting their repayments back on track. Doing so will ensure you collect money from clients behind in their payments.
3. Have A Customer-Centric Approach at All Times
An integrated system will allow you to have a customer-centric approach at all times, which means that your customers will be happy with their experience. This will also lead to more repeat business from satisfied customers!
When you have a merchant account, you’re able to accept payments from your clients in a variety of different ways. Not only can you take payments over the phone, but you can also accept online payments and even crypto payments.
This means that your customers will be able to pay for their services without needing to go into a bank or deal with any of the hassle that comes along with it. This can help them avoid late fees and other problems that come from having trouble paying their bills on time.
Additionally, accepting different kinds of payments can help you build trust with your customers because it shows that you’re willing to work with them on making sure they get what they need without any issues along the way.
4. Leverage Easy Payment Trends Like Online and Crypto
Collection agencies have been around for a while, but they still rely on old-fashioned methods of collecting payments. That’s why so many agencies still use paper checks, which are slow and prone to fraud.
With our merchant account, you can accept online payments, crypto payments, and more—so you can get paid faster and increase your bottom line.
5. Make Sure Your Collection Agency is PCI and DSS Compliant
It’s important that your collection agency is PCI compliant so you can accept credit cards from clients who need help with debt collections. But did you know that PCI compliance can also help protect your business from data breaches? That means fewer headaches for the agency owner about fraud or identity theft for your clients! It’s a win-win situation!
We know that PCI compliance is important to you; it’s why we offer it as part of our collection agency merchant services package. And if you want to protect your clients’ sensitive data even further? You can also opt into our Data Security Standard (DSS) certification program. All of this means that your clients will be able to provide their information securely and confidently—and that you won’t have to worry about it.
6. Refocus on What’s Important
It’s easy to get caught up in the day-to-day oFperations of your collection agency. You may feel like you’re constantlFy racing around, trying to keep up with everything, especially bad debts. But Feven more important than keeping your collection agency functioning is maintaining your focus on what matters- ensuring that there are no bad debts.
Also, to keep your doors open and stay in business, you must ensure that your clients get payments for the work or services delivered. Therefore, you should utilize a collection agency merchant services to provide the tools necessary to collect money from borrowers who have unpaid debts to your clients. It allows you to refocus on making money because all invoices are soon settled.
When you utilize eMerchantBroker collection agency merchant services, you get an easy-to-use online dashboard where you can track the status of each case and decide how to manage it. You will also receive reports so that you are always updated on the debt’s status.
7. Be More Efficient by Reducing Bad Debt and Increasing Collections
Merchant services from collection agencies are one of the best ways to improve your bottom line. They increase collections and reduce bad debt, helping you make more money and gain a reputation for getting your clients paid.
Borrowers are increasingly using credit cards to pay the debt, which brings in the possibility of facing a chargeback. If you do not have a high-risk debt collection merchant account, you may suffer disastrous consequences from chargebacks.
Chargebacks are essentially a consumer’s method of indicating that they did not receive what they paid for or service they received didn’t satisfy them and want their money back. Chargebacks can result in lost revenue, higher expenses, and even bank fines for your debt collection agency.
You can reduce bad debt and increase collections with a debt recovery merchant account by:
- Reducing chargebacks and improving debt repayment through more effective customer service.
- Quickly resolve disputes, thus increasing customer satisfaction and loyalty.
- Helping you improve your internal processes to prevent disputes.
- Identification of high-risk customers before they become problematic to help you manage risk.
- Provides real-time reporting so you can monitor all aspects of the debt collections process online.
8. Ensure Debt Collection Runs Smoothly from Beginning to End
As a debt collector, you have a lot on your plate. In addition to running a collection agency, you must make sure that clients and borrowers get the necessary satisfaction. Furthermore, keeping track of everything you need to do to operate your collection agency successfully can be challenging.
Therefore, having a debt collection account that offers more than traditional merchant account features is vital to your collection agency’s success. The debt collection merchant account ensures the process runs smoothly from the first contact with the borrower until the loan’s payment period.
You won’t have to worry whether you accomplished tasks correctly or on time if you utilize a debt collection merchant account because you will constantly receive real-time reports. With a collection agency merchant account, you can also streamline your operations, recover more debt, and keep track of everything in one place.
Get a Collection Agency Merchant Account
As a collection agency owner, you know that recovering bad debt can be a headache. You’ve probably spent hours trying to collect debt from borrowers. Perhaps you’ve even contacted the credit card companies to see if they can help.
But did you know that there’s a solution? What if you could save hours of frustration and get your client’s money faster?
You can do this using the eMerchantBroker debt collection merchant account. It is a payment processing platform for collection agencies. Our platform and tools assist collection agencies in recovering money owed to their clients. You can accept borrowers’ repayments through a high-risk debt collection account using crypto, credit cards, or debit cards.