Acquiring banks consider collection agencies high risk for a variety of reasons. Many countries, including the United States, require debt collection companies to obtain an appropriate business license, bond, or both. Collection agencies in the U.S. are also subject to both federal and state regulations. However, Instabill specializes in working with high risk merchants. Once we confirm your collection agency is operating within state and federal laws, we will match you with one of our banking partners that offer collection agency merchant accounts.
Click to expand each section and learn more about our debt collection merchant services.
As a debt collecting merchant, you rely on your employees to call debtors to collect payments, some of which offer to pay over the phone. Instabill offers a free virtual terminal to qualifying collection agencies that we integrate right into your payment gateway. Our virtual terminal allows you to accept debit and credit card payments over the phone as well as through mail orders. As a bonus, we have designed our payment gateway so you can create multiple virtual terminal users so you can optimize your call center and credit card processing abilities.
The fees you will pay with Instabill are competitive and affordable. However, our acquiring banks determine what merchant account fees you pay on a case-by-case basis. When we match your business with an acquiring bank, the bank will consider many aspects of your business to determine your fees, including your credit card processing history, where you operate your business, your projected monthly sales volume, your average ticket size, and whether you require a virtual terminal.
When applying for a collection agency merchant account, we require you to submit the following documents so we can complete the underwriting process.
Once your merchant account manager has all of the above documents, our underwriting department can match you with one of our acquiring banks and have you processing in as little as one week. Contact us online to start your application process today.
Instabill delivers reliable payouts on time, every time. Similar to how banks determine your merchant account fees, they also determine your payout schedule based on your application package. After evaluating your collection agency merchant account application, credit card processing history, and monthly sales volume, you will receive your payouts daily (three days in arrears) or weekly (one or two weeks in arrears).
When you call our customer support line, you will talk to a real payments expert every time. Whether you need help solving credit card processing problems, have questions regarding your customers’ transactions, or want to know more about your payouts, our customer support specialist will connect you with the right person to answer your questions.
With our fast underwriting process, you can be up and processing credit cards for your collection agency in as little as one week. If you are looking for a different type of financial services merchant account, click here to see Instabill’s solutions. Our merchant account application is free to submit and your dedicated merchant account manager will help you every step of the way. For more information on applying for a collection agency merchant account, contact us online or call us toll-free at 1-800-318-2713.