Why One May Own A Collection Agency Merchant Account

Businessman in suit

Collection agencies have been in business for as far back as the existence of commerce and activities like gambling or contracts between two parties or more.

These collection establishments have had a hard time recovering people’s money because of the tedious processes involved in tracking down people, and taking whatever form of payment those debtors had.

Moreover, in most cases, they are saddled with the responsibility of converting whatever was impounded from the debtor to liquid cash or asset before handing it over to the right owner.

The above example and many more were hurdles faced by collection agencies. But thanks to the advent of the internet and the invention of several platforms it is now easy for debt collectors to have a collection agency merchant account.

Not only that, these merchant accounts have some numerous benefits which we will be discussing further down the page….!

 

Anonymity

Making reference to the example above about gamblers. You will find that a lot of folks that engage in gambling are usually not proud of that part of there life, because it is often frowned upon by the general public as something very addictive and socially stigmatized.

And because of that, people that engage in any form of gambling prefers it to stay hidden and anonymous, especially from the invasive eyes of the press—- and if the person in question is a prominent member of the society.

Which is a very good selling point for merchant accounts. Merchant accounts offer anonymity to users in which most payments are made in the form of digital currencies.

 

 24/7 service

Merchant accounts provide a 24 hours accessibility, which invariably means that regardless of whether the bank is online or not, connected or not. Transactions can always take place.

So no excuses on both the path of the collector and the debtor.

 

No distance limitation

With the introduction of merchants accounts for debt collection, distance limitation became a thing of the past. Unlike before when the client has to be first located and then he or she had to be present before any transaction can occur.

Debtors can now be miles away and make huge payments without even having to be within the same country because everything is done digitally.

 

Portability

There used to be a time when the existence of cheque booklet was the only means of paying a third party without having to go to the bank yourself.

But this system of paying a third party involved not only various levels of verification, but also meant that the third party will have to take the payment instrument to the bank in order to be able to receive payment.

But with merchant accounts, transfers can easily be made within a swift second, and if at all the debtor must have any kind of payment instrument—it will be a piece of rectangular palstic—credit card.

 

Speed

Still speaking of cheques, usually, when cheques are issued to a third party, It takes three or four working days to process, in which it has to first go through the central processing house before it is validated and the transactions can occur, and in some cases, the cheque can even bounce.

But with merchant accounts and electronic payments, all the above processes can be avoided, and transactions can occur within the blink of an eye.