Managing a collection agency is difficult because so many customers do not have cash on-hand to make payments. A collection agency merchant account allows these customers to settle their debts with their credit cards or debit cards.
There are many reasons for a company to use debit and credit card machines, but the most obvious is expedience. Customers want to get off the phone with the sales associate, and this system speeds up that process. Companies that are serious about taking varying forms of payment should consider how much a credit card account will change the way they do business.
Terminals in the Office
Credit card terminals in the collection agency offices are needed for each associate who is making calls during the day. The associates must have a machine at their desk when they are taking payments. The immediate approval of cards makes it easy for customers to make payments and settle with the agency. Also, the software can be downloaded on every computer in the office.
Terminals for Online Payments
The merchant account software can be downloaded for use with the company’s website. Customers can be sent to the website to make payments, and they will check out as they do with other online purchases. The best way for a collection agency to make the most of each collection is with the help of an online system. Sending customers to the website makes it easy to take payments.
The sales associates who are making calls all day can send customers to the website, and the invoices from the business can list the address. Customers can make payments at their convenience, and the money is deposited for the company immediately. The speed of this system increases the chances that customers will pay their debts.
The best way to keep a collection agency working is with credit and debit card processing. These systems make it easy for customers to settle their debts. Many people want to avoid using checks or cash. With a credit or debit card, the customers can pay what they owe, and the collection agency can complete collection on many accounts quickly.