Collecting money is never easy. In fact, collecting money from people whom it doesn’t belong to is much more difficult than earning it. People love to take to out loans for various needs in their lives. Many people take out multiple loans to fund all their needs, be in a necessity or not. Getting them to repay all these loans and credits on time is indeed a very challenging task. If you have been in this business for a while, you would definitely know what a task it is to get the payment through.
Collection agency or debt collectors are considered very high risk business by banks and underwriters. The rate of chargeback in this industry is very high, thus increasing the risk factor. Even if you are new to this industry, you must be well aware of the time and effort required to collect any payment. Sometimes, the debtor will pay up willingly, but unfortunately that is not the case majority of the times.
A merchant account is an absolute necessity if you want your collections to be smoother. When your debtors are willing to make a payment, it is advisable to accept it in any form. If you are going to send back the card payment or cheque, insisting on a cash payment, you can say goodbye to quite a few of your payments.
Being a collection agency, you are required by your clients, to accept all modes of payment from the payees, so that the money is collected as soon as possible. None of your clients are going to come back to you if they come to know you have glitches in the payment processing or if your accounts are frozen because your payment aggregator wanted to take a closer look into your business.
We are well connected and provide you well equipped merchant accounts that can make your entire collection process a little easier. Our virtual portals are highly secure and all the details of your company, clients and payees are safe. The gateway setup is in fact very simple and you can access the portals in very little time.
As you are familiar with your industry, the risks involved are very high. The people you are collecting money from are not always too keen to part with their money, especially the added penalties, interest rates, etc. In such a case, a chargeback should come as no surprise. It is exactly for this reason that your company will be listed as high risk and can be denied of many services.
If you are using the services of a credit card processor or payment aggregators like PayPal or First Data, your account provisions can be revoked or changed any time. When these companies realise your business is growing, they also account the fact that the risks are also growing. Thus the features offered to you initially may not continue.
We offer various facilities like check drafting, ACH processing and check processing. We understand any payment be it in hard check or electronic, is money that you must absolutely collect. When your payee wants to make an electronic payment, we can facilitate ACH processing without any trouble. Visa/MasterCard/Discover/Amex card payments are also accepted.
Our gateway setup requires hardly any time and can be done easily. The portals enable your customers to make secure payments anytime from anywhere. Their details are kept safe with us and we also track recurring payments to make it easier for you in the future. The payment process is very simple through our gateway and we don’t collect any setup fees.
We understand chargebacks are unavoidable in your industry. The customers will give you a check today and file against it tomorrow. Many will do anything possible to avoid paying the money. We are here to help in such situations through our tie ups with multiple underwriting banks.
When you are new to this industry, your business is considered very high risk and most of the banks and service providers will refuse any merchant services. This is because, the lack of a history in your credibility to handle chargebacks and default payments increases the risks of the merchant accounts.
After analysing your business and determining if it is high risk or low risk, we will decide the fees and rates for our services. The rates always vary depending on whether you are a start up or established. When you are a start up, the rates are higher compared to other existing companies. These rates are always directly proportional to the risk we undertake by providing for you.
We understand the need for a successful Ecommerce and strive to provide for your business growth. We can process recurring payments even when the cards are not present as our portals collect all the information about your customers and all we require is their signature for approval. We even have iPhones and Droid mobile apps to cater to the more tech savvy crowd who do everything on their phones.
With us, you can get highly secure virtual portals with no application fee and the application process is quick to ensure your business picks up speed ASAP.