Need a Collections Merchant Account to Process Cards?
Debt collection has seen growth over the last few years with the average U.S household debt rising to over $130,000. Logically, having the ability to collect payment from clients is the single most important role of a debt collection business. Despite this, traditional banks continue to increasingly view the collections industry as high risk, meaning it becomes much harder to actually obtain a merchant account. Leap Payments works with debt collection merchant accounts on a daily basis and can help your company continue to grow and do what it does best.
Roadblocks Facing the Collection Industry
The collections industry is looked upon as extra risky because of its general nature of instability and potentially toxic business debts. Because of this, the business of collecting debts can be difficult and is not considered favorable for startups. There are many roadblocks that face the collections industry. Many other card processing providers often require a long and very thorough history or they will turn you away. If there are any inconsistencies from revenue streams, there could be additional hang-ups and delays when applying for a merchant account.
Use Leap Payments to Open Your Account Today
The debt collection industry can prove to be frustrating when attempting to get approved for a merchant account. Leap Payments knows the best way to get you started in credit card processing fast and easy. We offer great incentives such as lifetime rate lock, 100% US based customer service available anytime and the lowest rates. If you are looking to begin building your business by accepting every form of payment, contact our debt collection specialists today.