collection agency merchant account Blog Posts

By The High Risk Guys

Connecticut Lawmakers Are For Regulations Against Abusive Debt Collection Practices | Collection Agency Merchant Account

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According to a report by Alliance for a Just Society, Connecticut residents expressed their complaints concerning debt buyers such as Encore Capitol Group and PRA Group, Synchrony Financial, Bank of America and Citibank. Recently, a press conference has been held where State Representative Matthew Lesser, US Senator Richard Blumenthal, state Department of Banking Commissioner Jorge Perez, Tom Swan from the Connecticut Citizen Action Group and consumer advocates talked about the importance of regulations against abusive debt collection practices in Connecticut. Over 26% of Connecticut adults with a credit file have a report of debt in collections. Senator Blumenthal mentioned that […]

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Another Collections Agency Accused of Fraud in Charlotte

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Maybe it’s something in the water in Charlotte. For the second time in less than a year, a Charlotte-based collections agency has been accused of fraud by the Feds. While these lawsuits typically target collections agencies concern bullying tactics, the one targeting “Direct Processing LLC” focuses on their fraudster approach to collecting debts – someone which were not owed anymore. While this can, and will, heavily damage the collections industry, there are ways that you can stay above the fray. Collections agencies are needed, but few like the industry. They can be harassing, calling and mailing often, and sometimes even […]

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Scammers, Rules, & Why Collections Agencies Are Roped Into a Mess

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The FTC (Federal Trade Commission) has banned four types of payment options for telemarketers, out of fear that scammers will abuse these methods. While most telemarketers are a nuisance, some are legitimate, namely collections agencies. While some consumers consider collection agencies a nuisance, they are necessary is our society, and the FTC’s banning of these four popular payment methods can hurt consumers and merchants. The TSR (Telemarketing Sales Rule) added the following four payment methods to its “banned” list: “cash reload” cards such as MoneyPak, “cash to cash” payments such as MoneyGram, automatic debit payments, and certain types of checks […]

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Study on Debt Collection Impact on the U.S. Economy Receives Praise

banking loan, or cash concept

Payscout, a payment service provider, commissioned a recent, joint study from the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute. This study indicates that the careful evaluation of the current regulatory environment is necessary in order to ensure that the debt collection and debt buying industries are allowed to carry out their role in the U.S. economy. According to this study, an estimated 77 million Americans currently have debt in collections. In addition, 35% of consumers with credit files reported to a major credit bureau. Researchers also revealed that the numbers are basically unchanged since the Federal Reserve’s […]

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Collection Methods Questioned as Tax Payer-Funded Loans Go Unpaid

In Boston, some tax payer-funded loans have gone unpaid. The non-payments are not the issue right now, however, as it is the lack of notice of non-payment that is catching everyone’s attention. The Boston Redevelopment Authority has not repaid it’s small business loans, and instead of receiving collection notices and calls as you and I would, the city and government seem to be letting the defaulted payments slide. This doesn’t sit well with many, and it could ultimately mean changes for the collection industry as a whole. While many collection agencies get a bad rap, they are really not bad. […]

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Payment Processing for Collection Agency Merchants

This can be a conundrum if not a tiny oxymoron. Who, if not a collection agency, is totally aware of when bills are due and payable? Actually, the high risk designation has nothing to do with the character of the company or the owner. The credit card associations are the ones who decide who is and who is not high risk. They set the rules that processors must follow. A Collection Agency Merchant Account is, and always will be, a high risk account. One reason is because no one can actually predict how much money any one agency will earn […]

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Sell the Value of Your Services with a Collection Agency Merchant Account

Small and medium sized companies across the country are plagued with customers who do not pay their invoices on a timely basis. The business owner provided goods or services for which he expects prompt payment – even though the national average is around 62 days for payment. Would the customer have waited this amount of time for his goods to arrive or a service person repair his machinery? Business owners who have aging accounts receivable should turn to professional help in the collecting of older bills. They need a professional with an active Collection Agency Merchant Account. These companies have […]

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Collection Agencies Can Make a Good Living

As cliché as it sounds, sometimes bad things happen to good people. Individuals get laid off, become ill, suffer an injury where they cannot work, and sometimes wives are left with a ton of bills when their husbands leave them. The retailers and service providers want their money and they have heard every excuse for non-payment of bills. Sometimes they have no alternative but to turn to a debt collection agency. If you are in this industry you need a Collection Agency Merchant Account. You may wonder why a Collection Agency Merchant Account is considered high risk. The credit card […]

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Warning: Potential Collection Scams

There are debt collection agencies that work within the law; yet some practices are unethical and illegal, too. However, people take out credit with the intention to repay the debt, it is possible to fall on hard times and find that you default; this is where debt collection agencies get involved. The debt collection side of the business is a great option for many; it does mean taking money from people who can’t afford to repay the debt. Getting the right collection agency merchant account which allows remote access is vital in claiming unpaid monies due. However, there are instances […]

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House Financial Subcommittee Focuses on CFPB

On Wednesday, May 21st two hearings were held in the House related to the oversight of the Consumer Financial Protection Bureau. The Oversight and Investigations Subcommittee heard testimony from CFPB officials who were subpoenaed as part of an investigation into allegations of retaliation and discrimination at the CFPB. Among those to testify were M. Stacey Bach, assistant director of the Office of Equal Employment Opportunity, Ben Konop, executive vice president of National Treasury Employees Union Chapter 335, and Liza Strong, director of employee relations. Other witnesses who testified at the hearing included academics, business professionals, and consumer advocates. Since the […]

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