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Debt Collection Agencies

If your company is in the business of collecting debt, you are most likely
A. Tired of countless low-risk processors denying your application simply because they deem your company to be a high-risk liability, and
B. Struggling to find an affordable payment processor who can keep up with your online debt collections while mitigating chargebacks and fraud
Have other low-risk processors denied your application for a merchant account? This often occurs because the debt collection industry is notorious for friendly fraud and an excessive rate of chargebacks.

The debt collection industry is vulnerable due to its clientele – people who already have bad credit. Those who already owe a lot of money, have bad credit, and likely don’t have much available cash are more inclined to dispute valid credit card charges. As a result, customers often contact the issuing bank and deny charges after receiving purchased services. These types of “friendly fraud” chargebacks are often initiated by debtors so they can get refunds they don’t deserve or because they believe they were overcharged for services. Unfortunately, these chargebacks are considered too much of a financial risk for low-risk processors and collection agencies find it extremely difficult to get approved for credit card processing solutions on their website.
On top of that, debt collecting merchants are faced with excessively high rates simply because they are considered a higher risk industry. High processing fees make it difficult to run your business profitably. You need a merchant services provider who understands your business and offers competitive rates.

At High Risk Merchant Pay, we have a long history of working with debt collection merchants and won’t deny your application solely due to industry stereotypes or a history of being terminated by other credit card processors. We make sure to evaluate each debt collection company based on the assessments our team of underwriters and in-house compliance team make during our simplified underwriting process. As long as you’re a legal, reputable business, we can provide you with a personalized merchant account that fully suits your daily needs and long-term goals.