The Debt Collection Industry is loaded with risk
From unsavory merchants escalating rates to scare tactics to get debtors to pay, debt collection industry has undoubtedly a very bad reputation. It is loaded with risk. This is the reason, collection agencies are turned away by banks – rates of failure are high.
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The golden rule of success is taking risk.
Starting a business requires a lot of patience as you need to deal with a lot of things. Although being a business owner sounds interesting but it’s equally challenging. Once you’ve set up everything, you’ll want to start the steps of setting up an account to process payments from your customers.
Why are collection agencies considered high risk?
It is because of the nature and reputation of the business, debt collectors face difficulty in establishing processing services.
In the US, loans and credit cards are the way families survive and pay for their lifestyles When people stop paying their debts, these unpaid debts are sent to collection agencies, which are responsible for going after debtors to recover the money for banks and creditors.
This is the reason many financial institutions aren’t favorable towards collection agencies as they are considered high-risk merchants.
Choosing the right payment processor is the most crucial business decision!
Since you’ve put-in your efforts aligning and finding a solution for everything, the last thing you would want to face a problem with is the credit card processors.
Facing issues with the banks?
If a processor has turned down your business, you can turn to Canna Group for a collection agency merchant account.
Being a high-risk merchant account provider, at Canna Group we offer secure credit card processing for online businesses and offshore merchants worldwide. If you’ve, according to banks, a high-risk business (just like CBD, Kratom, MMJ businesses), then all you need is to turn to our reputable processors for quick and safe transactions. Because, like you we also like taking risks.
We have a positive reputation in this industry because of our fair, customized pricing and quality customer support.
Our high-risk merchant account provider gets credit card transactions processed online or face to face in no time.
Canna Group specializes in payment processing solutions for businesses that require high-risk merchant accounts to process credit card payments.