Collection Agency Merchant Account
Is your collection agency based in the U.S.? Are you in compliance with all applicable federal and state regulations? If you have answered “yes” to both of these questions, we will be happy to work with you. We know how challenging it can be to qualify for a collection agency merchant account, which is why we have designed a solution that is straightforward and just works.
With UniBul, applying for a collection agency merchant account is a fast and straightforward process. Once you send us your application paperwork, we will handle the rest. Approval typically takes about a week, although if we have a full package at the onset of the application process, we only need a day or two. Then, we can get you set up on our system in 1 – 2 business days.
Who Is It For?
It is very simple: our solution is for debt buyers and collection agencies, which are collecting both fresh debt and charged-off debt. We will only need to know what you specialize in before we initiate the application process, as the set-ups for the two are different.
Just to make sure we are on the same page, “charged-off” account is one, which the lender has already written off as a loss. When an account displays a status of “charged-off”, it is closed to future use, although the debt is still owed. The lender may continue to report the past-due amount and the balance owed. If the debtor pays the account off, the status will be updated to “paid charged-off account” or something like that. So if that is what you do, just tell us that you specialize in collecting “charged-off” debt.
On the other hand, if your collection agency specializes in working on accounts, which are still active, but have some delinquent balance, we have a merchant account specially designed for you. Focusing on your particular niche of the collection industry enabled us to offer you great terms.
Fees and Payouts
What will be your processing rate? That will be determined on a case-by-case basis, after we have received and reviewed your paperwork and will be based on multiple factors, such as the age and history of your business, your monthly volume, average transaction size and others. Additionally, we will need to review your marketing materials — a copy of the contract, which you are using — during the underwriting process.
Similarly to your rates, your payout schedule will be determined based on your application paperwork. Typically, our collection agency have their money deposited daily or, in some cases, weekly (usually one week in arrears). Whatever your schedule, you can expect to always receive your payouts on time.
Virtual Terminal for Collection Agencies
As debt collectors, your employees’ job is to call debtors to collect payments, so that much of the payments are taken over the phone. UniBul offers an excellent virtual terminal system for collection agencies that we integrate into your payment gateway. Our virtual terminal allows you to accept all major debit and credit cards. With our virtual terminal, you can create multiple users, so that everyone in your call center has her own account.
Collection Agency Merchant Account Application Package
To apply for a collection agency merchant account, we ask that you provide the following documents:
- Filled out and signed merchant account application.
- Articles of Incorporation / Registration.
- A copy of your driver’s license or another valid government photo ID.
- A business utility bill, no older than 30 days of the application date.
- Your 6 latest credit card processing statements with your current or latest processor.
- Your 3 latest business bank statements.
- A copy of a voided check.
- Applicable business license(s).
Start Your Merchant Account Application Now!
Again, applying for a collection agency merchant account with UniBul is a fast and straightforward affair — in most cases you will get a decision within 24 – 48 hours of us receiving all of the required documentation. To get started, please contact us now. We will reply within hours of receiving your inquiry and your application process will get underway.
What Our Customers Are Saying
UniBul enables American and international businesses to accept payments for the things they sell on their websites.
