An Overview of Collection Agency Merchant Account

Collection Agency Merchant Account

A Collection agency business are considered as high-risk for a number of reasons. But with the help of MyPayment Guru, one can avail high risk merchant account for your collection agency business. Once we are able to know that your collection agency is working certain regulations, we will match your requirement with acquiring banking associates that offer collection agency account.

MyPayment Guru approves business accounts for a number of industries in the debt collection segment. We offer modified payment solutions to Collection Agency businesses that offer –

  • Credit reporting amenities
  • Account, bill, or debt collection amenities
  • Debt portfolio collection services
  • Security recovery and recovery services
  • Delinquent account collection facilities
  • Fee-based or reduction tax collection facilities

MyPayment Guru’s experts will work hard to enhance your business by providing suitable high risk payment solutions for your businesses. You can Apply online or call us or send us mail to get more information for Collection Agency Merchant Account now.

Apply for a Collection Agency Merchant Account from MyPayment Guru

To obtain a Collection Agency Merchant Account from MyPayment Guru it is needed that businesses must start by filling up the online form available on our web. Along with the application, it is needed by the merchants to submit the following documents-

  • A legal, government-issued ID proof for example Driver’s license
  • 3 months bank reports needed
  • A bank memo or a pre-printed canceled check submission
  • Social Safety Number or Employer ID Number needed
  • Chargeback proportions must be below 2%
  • 3 months recent processing declarations, if it is required

MyPayment Guru offers various merchant account gateway solutions for collection agency businesses in any division.

Merchant Account Associated with Overseas (with payment processing past)

  • The merchant account offered by MyPayment Guru is done on a case-by-case basis
  • There are no solutions for Collections business persons who procure debt.
  • Need 3-6 months of payment processing past record and statements that comprise company name, entire sales, chargebacks, and repayments including returns.
  • At the minimum, it is required 3 months of business banking statements by the merchant
  • Approvals by us are done within 7 business days to 14 days.

Merchant Account Associated with Domestic Collection Agency

MyPayment Guru offers Domestic Collection Agency merchant account. When you offer an application form to us by means of online process or contact us through our email-id.

Legal identification proof

  • Valid owner’s identification
  • A canceled check or else business bank letter
  • Business banking declarations — at least 3 months’ worth- displays company name, returns, chargebacks, repayments besides total sales
  • Documents of incorporation
  • Approvals within 14 days

Merchant Account Charges for Collection Agencies

The charges you pay to MyPayment Guru are good and inexpensive. Though, our acquiring banks decide on a case basis what merchant account fees you need to pay.

Fees are dependent on numerous issues, such as the merchant’s processing past record, what sort of industry or expectable sales volume. Each business account is different from other but typical fees consist of following things-

  • Monthly Statement Fee
  • Transaction Fee
  • Merchant Account Registering Fee
  • Chargebacks
  • Discount Rate
  • Merchant Account Charge