Virtual Terminal Solution that Allows You to Accept Payments Via Telephone for a Collection Agency
Collection agencies are considered to be high risk by most acquiring banks for various reasons. Most countries require these agencies to have a business license, a bond or both. In U.S.A, collection agencies are subjected to state and federal regulations. This makes finding an appropriate merchant account challenging for most collection agencies.
However, Instabill has stabilized this and collection agencies can now have merchant accounts. We have partnered with acquiring banks that are now offering collection agencies even those operating under federal and state laws merchant accounts. After all, this industry involves many a high volume merchant account that requires services, and there are options on the market to handle it.
Our collection agency merchant account comes with the following features:
- Secure gateway for payment
- MasterCard and Visa
- GBP, USD, Euros
- Startups welcome
- Exclusive of Caps
Our underwriting process is fast and efficient. Once you apply for your merchant account, we match you with the right acquiring bank. Within one week your collection agency will be able to process credit cards.
Get a virtual terminal for your collection agency for free
Debt collection merchant depends on employees to contact debtors and collect payments. Some of these debtors offer to pay via the phone. With our merchant account, you get a virtual terminal for your collection agency for free. The virtual terminal is integrated into the payment gateway of your business. There are other companies, such as Revel Systems, that do similar POS services on the cloud.
With this terminal, you can accept credit and debit card payments through the phone and mail orders. We also have a designed the payment gateway in a way that enables you to create virtual terminal for multiple users. This enables you to optimize the call center as well as your ability to process credit cards.
Maybe you are wondering about the fees for our collection agencies merchant accounts. At Instabill we charge you affordable and competitive fees. The fees that you pay for your merchant account will be determined by the acquiring banks on case by case basis. After matching you with the right acquiring bank, it will consider several factors before determining the fees. This includes your processing history, projected volume of sales per month, location of the business and the average size of your ticket.
Applying for a merchant account for your collection agency is free and it will not take long. Our account manager is always available to assist you in every step of the application process. You can contact Instabill any time to inquire about our merchant account.