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:

Debt Collection Credit Card Processing

  1. Many debt collection businesses have a moderately high chargeback rate, due to the various disputes and challenges that can occur when collecting debts.
  2. 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,
  3. 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.

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Frequently Asked Questions for Debt Collection Credit Card Processing

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, 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.

Have another question? Click here to read our full FAQ.

Other Questions? Call: 1 (888) 616-8414


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:


A retail merchant account for debt collection enables businesses to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to a storefront or retail setting with reliable internet access, retail debt collection credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing.

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A mobile merchant account for debt collection enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.

Appropriate for businesses that frequently conduct face-to-face sales outside of a storefront, such as mobile debt collection businesses, mobile accounts are priced similarly to retail, due to their lower chargeback risk.

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Virtual Terminal

Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.

A debt collection payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.

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An eCommerce debt collection merchant account allows you to accept credit card payments via your website’s online shopping cart.

Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Online debt collection sales payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.

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