Acquiring banks consider collection agencies high risk for a variety of reasons. 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 acquiring banking partners that offer collection agency merchant accounts.
Click to expand each section and learn more about our debt collection merchant services.
Between unsavory merchants escalating rates and resorting to scare tactics to get debtors to pay, it’s no secret that the debt collection industry does not have the best reputation. It is an industry loaded with risk — revenue is all dependent on the debtor making good — and is facing upcoming reforms.
Regardless, Instabill has been a high risk merchant account provider since 2001 and specializes in businesses and industries that have difficulty finding payment processing solutions.
Simply click the button to start the process or speak with a merchant account manager directly at 1-800-318-2713.
Instabill offers numerous merchant account solutions for collection agency merchants in any category:
The approval timetable for collection agency merchant accounts varies between the type of solution Instabill offers and the merchant’s financial history. Below is our best estimate for approval times:
The fees you will pay with Instabill are competitive and affordable. However, our acquiring banks determine on a case-by-case basis what merchant account fees you pay.
Fees are contingent on several factors, such as the merchant’s processing history, type of industry and/or projected sales volume. Each merchant account is different, but typical fees include:
Along with credit card processing and check solutions, collection agency merchants want to offer clients the opportunity of making payments via telephone. For merchants who qualify, Instabill and your acquiring bank can grant access to a virtual terminal, enabling merchants to take payments over the phone.