Debt collectors aren’t exactly beloved by the public, but they’re an important part of the loan process. When someone has defaulted substantially on payments, whether for a mortgage, credit card bill, or other loan, the company may sell the account to a debt collection service, which will then use its resources to collect the debt. Especially if you deal honestly and ethically, this can be a great business model.
Of course, the business of collections is inherently high-risk. When people default on loans, many simply don’t have enough money to keep up with payments.
Thus, when they pay, their payments may not process correctly—or they may make only minimum payments for months or even years. Some people will even intentionally attempt to defraud you, trying to make it seem like they’ve paid off their debts without handing over any money. Because of these difficulties, collection agencies often have a hard time establishing an account with a traditional payment processing merchant.
Collections can be a great industry if you can handle the stresses and risks. You need to keep up with the demands of your field, and you need a payment processor that can do the same. Free Merchant Terminal allows you to be confident in the way you take payments and assess risk.
Potential Fraud Protection
Immediately notice fraud or potential fraud when processing payments.
Take Large or Small Payments
Take large debt payments all at once, or smaller payments over a long period.
Advanced Payment Services
Provide alternative payment options for individuals who’d rather pay using technologically advanced payment services.
24/7 Customer Service
Access customer service 24/7, personalized for your business.
Debts come in all sizes, and whether you’re collecting a smaller payment or one that reaches into multiple thousands of dollars, you need a payment processor that’s strong enough to process all of them.
At Free Merchant Terminal, you can use a variety of payment options, so your clients can make payments of all sizes with ease. That includes modern options such as Apple Pay and traditional options such as all major credit cards.
When dealing with large payments, as is common with payments that collection agencies take, security is paramount. It’ll help make sure your customers feel safe making their payments, and it’ll give you peace of mind.
You can host your payment portal on Free Merchant Terminal’s private servers, so your customers know they’re paying a reputable source. These extra security features can help soothe worries on both sides.
When you’re working in such a high-risk industry, you want to work with a payment provider that has experience helping other high-risk merchants. That way, you’ll know that your payments are in safe hands.
Free Merchant Terminal helps numerous high-risk merchants manage their payments every day. Join the club of satisfied customers who credit Free Merchant Terminal for their continuing success.