Merchant Accounts For Debt Collection
SoarPay offers credit card processing solutions for debt collection companies.
Why We Proudly Offer Solutions for Debt Collection Businesses (Even When Many Processors Don’t)
Debt collection businesses are tasked with collecting on past due bills, and receive fees for doing so. When run well, debt collection businesses can be profitable and stable. However, many merchant services companies do not work with debt collection businesses, for three primary reasons:
- Many debt collection businesses have a moderately high chargeback rate, due to the various disputes and challenges that can occur when collecting debts.
- Debt Collection is somewhat of a “political” issue, and many sponsor banks and their credit card processors have decided that the political costs to their business outweigh the benefits, and therefore refuse to offer merchant services to legitimate and well run debt collection businesses,
- Third, a few “bad apple debt collectors” within this sector have given the industry a bit of a black eye (in the context of merchant services).
Due to these three risks, many merchant services providers decline to accept any debt collection business, no matter their business model.
Soar Payments, by contrast, has consistently offered solutions for the debt collection industry since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to offer debt collection businesses with stable, effective, long term credit card processing options.
Frequently Asked Questions
Here are common questions specific to debt collection merchant accounts:
I have a brand new debt collection business, do you have processing solutions?
It can be tougher for newer businesses in this industry to obtain merchant accounts, but Soar Payments has partner solutions for new debt collection businesses. If you are a new business feel free to reach out to us.
Is Soar Payments compatible with my existing POS (Point Of Sale) or website software?
Soar Payments works with most major payment gateways (including Authorize.net, USAePay and NMI), and offers retail equipment options, so you should be able to find an option that integrates seamlessly with your website.
Do you offer same day approval for Debt Collection businesses?
Unfortunately no bank or processor will be able to approve your account same day. This is due to the detailed underwriting process required for debt collection companies. Debt collection is considered a high risk industry by banks and processors, so approval time usually takes a minimum of 3-5 business days.
Want more information? Click here to read our extended list of our FAQ.
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Questions? (888) 225-9405
Types of Debt Collection Merchant Accounts
Soar Payments offers a full-array of merchant accounts to online, in person, and other businesses in the debt collection industry. These include:
Retail businesses can choose from a traditional credit card terminal, wireless, or point of sale system. Whatever you choose, our retail merchant accounts will have you accepting credit and debit cards faster, and for less.
Want “on the go” mid or high risk credit card processing? Our mobile pay options are for you. Choose between iPad or mobile phone credit card swipers, compatible with both iPhone and Android devices.
Virtual Terminal Payments
Accepting payments over the phone, mail or typed in on your laptop is easy with our virtual terminal merchant accounts. No equipment needed. Just log in to your virtual terminal, and type in the customer’s credit card.
Selling online? Our easy to use payment gateways are compatible with, and simply plug in to most major shopping carts. Our mid and high risk merchant accounts are streamlined for eCommerce businesses.
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