Let's explain the process of how to get set up with a high risk merchant account and how to take credit card payments both online and offline. Regardless of how you want to
accept credit cards, you’ll need to get approved with a merchant account. Collection agencies are unique in the aspect that they can’t just get any merchant
account from a regular bank. Instead, collection agencies are considered high risk by normal banks
and need to get special accounts. These accounts often have higher rates and a larger reserve. In order to get a merchant account, you must contact a merchant
account service provider like Zeno Payments. We’ll provide you with a merchant account application. These applications often require specific supporting
documents such as your articles of incorporation, a copy of your driver’s license, a tax return, and an EIN letter.
If you’ve gotten approved for a merchant account, great! The hard part is over! However, there’s further steps that you have to take before you can
actually start processing payments. Next – you need to get a payment gateway and credit card processor. These two services often come hand in hand. Here at
Zeno Payments, we set up all of our merchants with both of these! We like to be your one stop shop for all your payment needs. But what is a payment gateway
and a credit card processor and what is it for? These services actually allow you to process your credit card transactions. The payment gateway will provide
you with a virtual terminal to run your credit and debit card transactions through. However, if you want to take them online you’ll also need a payment portal.
There are several different payment portal options available to collection agency merchants. Most payment gateways will provide you with a simple no-frills payment portal. However, beyond that you can also integrate your payment portal with your collection system in order to provide real time information to your debtors. Check out our payment portal options to see all the services that are available to you.
Do you know what a chargeback is? Did you know that your merchant account has a limit of how many charge backs you can receive? It's important as a high risk merchant to keep an eye on how many chargebacks you receive and to know what to do when you receive one.
Many high risk merchant accounts may experience a rolling reserve as an addendum as a condition to their approval. Do you know what a rolling reserve is and how it may affect your business? Make sure you know all the facts of what to expect from your high risk merchant account.
Credit and debit card processing fees may be complicated and difficult to understand, especially when so many are in small print. Because fees can affect your business so much, we think it's important that you understand the ins and outs of credit card processing fees.