Collection Agency Credit Card Processing Solutions
We provide secure payment processing for a broad range of collection agency merchants.
Signature Payments has been providing high-risk merchant accounts to businesses for over 25 years. In fact, we specialize in secure payment processing for high-risk clients that might not qualify for merchant accounts from traditional providers. If you’ve also faced challenges setting up debt collection – friendly credit card processing for your business, we can help. As experts in the debt collection industry, we have a team of in-house specialists ready to help you get your debt collection merchant account approved
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What is a Collection Agency Merchant Account?
Any business that accepts card-based payments must have a merchant account, which is a dedicated bank account reserved for credit card, debit card and rewards card deposits. However, many payment processors are reluctant to work with businesses in certain niches.
A collection agency merchant account is essential to process payments in this unique industry however collection agency merchant accounts are considered high risk by many payment processors. There are a few risk factors associated with collection agency merchants that make them more prone to chargebacks and therefore categorized as high risk. Those risks include:
- Reputational risk
- Dissatisfaction with services delivered
- Recurring or continuity billing model
Most banks are not willing to take a risk and be connected to collection agency merchant account providers, making the task of obtaining collection agency credit card payment processing almost impossible. Qualifying for collection-friendly merchant services requires working with a provider that specializes in high-risk payment processing and understands the unique needs of collection agency businesses.
How Can Signature Payments Help?
We specialize in helping businesses in high-risk industries qualify for secure and affordable payment processing — even if they’ve been turned down by other providers. Our in-house payment security specialists understand the unique challenges of growing a successful debt collection business — whether in the physical world or in the online one.
If you’ve been turned down by other providers in the past, discover how Signature Payments can help you get approved for a collection agency merchant account — quickly and easily. In addition, our cutting-edge fraud reduction tools and chargeback reporting capabilities can help dramatically reduce payment abuse in your growing business.
To get started, simply fill out our free online application form. It takes just minutes to complete, and our review team will follow up with you immediately to guide you through the next steps.
If you have any problems filling out the online application, our security specialists are always here to help.
Signature Payments is a full service provider offering…
Our application can be accessed online for quick and easy completion in just a few minutes.
Our application review process is quick and easy so you can begin accepting payments in no time.
No Hidden Fees
Our team will work hard to get your account approved at the lowest possible rates with no hidden fees or extras.
We partner with multiple banks and offer domestic and offshore solutions for the flexibility you need.
Collection Agency Frequently Asked Questions
What type of businesses does Signature Payments accept?
Signature Payments accepts a wide range of businesses related to debt collection including:
- Student Loan Debt Collection
- Debt Collection for Lenders and Loan Service Provider
- Debt Consolidation
- Health Care Medical Debt Collection
- Installment Lending Debt Collection
- Payday Loan Debt Collection
- Personal and Commercial Debt Collection
- Debt Collection for Auto Lenders, Title Lenders, Mortgage Lenders
- Debt Collection for Memberships / Subscriptions
- Any Business that Collects Payments from Debtors
How do I apply for a debt collection merchant account with Signature Payments?
The process couldn’t be easier. Just fill out our online application form (it only takes a few minutes). We’ll follow up ASAP regarding the next steps.
Do I really need a merchant account for credit card acceptance?
Yes. Without a merchant account, you won’t be able to legally or securely accept credit, debit, gift or rewards cards from the major card brands. If you don’t already have one, we can help you get approved for a merchant account right away. To start, simply fill out our online application form.
What kinds of payments can I accept?
As a Signature Payments customer, you’ll be able to securely accept all the major credit and debit cards offered by Visa®, American Express®, Discover® and Mastercard®. Your bail bond merchant account also allows you to process payments made via check, mobile wallet and electronic benefit transfer (EBT).
Will I need any special hardware to start?
For in-person sales, you’ll need a physical POS terminal or smart device capable of reading credit and debit cards. For online sales, you’ll need a Signature Payments payment gateway, which is the virtual equivalent of a physical credit card machine.