Why Is Debt Collection Considered High-risk?

If you run or are starting a debt collection business you need a reliable credit card processor at low cost rates. unfortunately, that's turning into increasingly more difficult to do. In case you've been within the enterprise for any time, the everyday cycle for a debt collection employer to undergo with respect to their credit card processing needs is to first go through an aggregator like Stripe or PayPal. The advantage to these agencies is that they carry out very little underwriting, so even though they do now not quite simply receive debt consolidation businesses, you can usually get regular and accepted quickly. The disadvantage, but, to the use of that aggregator kind money owed is that after you unavoidably have a chargeback, or develop your business beyond say, $20,000 according to month, those aggregators will start to investigate your commercial enterprise. when they do, their most common response is to freeze all of your funds, for a hundred and twenty days, and that they offer little customer service during the interimThat is when debt collection businesses start seeking out a real direct MID Merchant Account service provider. After calling a number of low risk providers and being turned down or rejected, they'll understand they need a High Risk merchant account, otherwise, they'll fall into the same cycle of getting to inform half of-truths to the credit card processor, getting found, and having funds frozen. if you've commenced the quest for a high-threat processor that accepts debt consolidation corporations, you've found out that there simply aren't many, or even fewer that offer dependable credit card processing at less costly charges.Why is Debt Collection Considered High-Risk?this is due to the fact the debt collection enterprise is appeared as extraordinarily high Risk, due to the enterprise's traditionally high chargeback rate. The purpose for this is fold: (1) the inherent nature of the business is that humans are paying cash they'd as an alternative now not be paying. some of the ones people will always initiate a chargeback, and (2) a few debt collection corporations who didn't recognize the way to manage chargebacks, or who weren't operating with a informed high-risk processor and payment gateway that would assist them manage and avoid chargebacks, have given the complete industry a bad reputation. no matter all this, however, thankfully, there are nevertheless a few true alternatives.

Offshore Debt Collection Merchant Account ServiceMerchant Stronghold works with a number of processors and gateway providers with sponsor financial institution relationships that offer both domestic and offshore debt collection merchant accounts. we are able to offer credit card processing for debt collection companies to the following two options:nRequirements for US Debt Collection Merchant Account:·US based company representative.US based company entityUS bank accountBusiness operations can be based globallyDebt Collection Business Benefits:Through our processing partners, we can also offer debt collection businesses the following additional benefits:· Expert in underwriting· Same day approvals· Compatible with Ecommerce portal and major payment gateways· Acceptance Visa / MasterCard / American Express etc.

· MOTO (phone / mail), eCommerce, and swipe accepted.· Compatibility with over 50 processing gateways and virtual terminals· Chargeback prevention & avoidance· Fighting with Chargebacks· eCheck processing· Online Gateways with chargeback prevention/screeningAccepted All Type of Debt Collection Businesses:Merchant Stronghold, through its accomplices, can give credit card processing to a wide array of obligation business. That incorporates obligation business that participates in outbound call sales, first party industries, obligation purchasers, authorized, unlicensed, reinforced, and unbonded obligation agencies. Sorts of debt collections gathering organizations for which we can provide credit card processing handling incorporate:· Existing businesses and Startup business· Previously rejected or dropped by another processor· High chargebacks or bad credit merchants· Domestic (US entity, US business representative, US bank account) and Offshore.For debt collection businesses to obtain merchant account servicesAs a worldwide leader in presenting references for debt series agencies to gain merchant account offerings, Merchant Stronghold's expert group permit you to obtain a service provider account in your debt consolidation business in as little as 24 hours. Contact us nowadays at 1-888-622-6875 to talk about your debt collection enterprise's credit card processing alternativesGet More Information about Debt Collection Merchant Services or To Sign Up our Application form.

• Other Questions

How does FASTag benefit the government in toll tax collection compared to the conventional mode of collection?

The story so far: From December 15, 2019, FASTag, a prepaid rechargeable tag for toll payments, on national highways will become mandatory for all vehicles. The Ministry of Road Transport and Highways extended the earlier deadline of December 1 on Friday.What is FASTag?It is a prepaid radio-frequency identification-enabled tag that facilitates automatic deduction of toll charges. The new system will now do away away with a stop-over of vehicles and cash transactions at toll plazas. Projected as the 'Aadhaar' card for vehicles, the FASTag electronic toll collection programme is being implemented by the Indian Highways Management Company Limited (IHMCL), a company incorporated by the National Highways Authority of India (NHAI), and the National Payments Corporation of India in coordination with Toll Plaza Concessionaires, tag issuing agencies and banks.Currently, FASTag can be bought from 22 certified banks, through various online platforms, online applications and at select points-of-sale locations.

The tag, which can be recharged through cheque or online payments, is fixed on the windshield of a vehicle, ideally on the glass just behind the rear-view mirror. It is scanned by the tag reader and the toll amount is deducted when the vehicle approaches a toll plaza. The user gets a short message service (SMS) alert on the registered mobile phone about all transactions and the available balance.

How to get a FASTag?Service providers have developed a 'My FASTag' mobile application to provide a one-stop solution to users. An NHAI prepaid wallet has also been launched, giving users the option of not linking the tags to their bank accounts.FASTag has a validity of five years. Over 70 lakh FASTags had been issued till November 27.

Why does it matter?A joint study in 2014-15 by the Transport Corporation of India and the Indian Institute of Management-Calcutta (launched by the Minister of Road Transport and Highways and Shipping Nitin Gadkari in 2016) estimated the cost of delay on Indian roads at $6.6 billion per year. The cost of additional fuel consumption due to delays was also put at $14.7 billion per year.The study said: "The average cost of delay, including the shipper's expenses, was ₹151.

38 an hour. The figure may seem insignificant. However, the effect of delay on the economy is not insignificant... as per the Road Transport Year Book 2011-12, available on the Ministry of Road Transport and Highways website, there were about 7.6 million goods vehicles as on March 31, 2012, increasing at 8-9% per annum in the last couple of years. If we consider a conservative 8% growth, the number of goods vehicles as on March 31, 2015 is estimated at about 9.6 million, which means that the annual cost of delay to the Indian economy could be a whopping ₹432 billion or $6.6 billion."It added: "If mileage can be improved by increasing fuel eufb03ciency, improving road conditions and reducing stoppage delays, the impact on the economy could be huge.

"The report had suggested that to expedite the toll collection process, India should gradually move towards electronic toll collection, which would not only reduce congestion and queues at toll plazas but also reduce operating costs for toll operators and plug revenue leakages.How did it come about?The electronic toll collection system was initially implemented as a pilot project in 2014 on the Ahmedabad-Mumbai stretch of the Golden Quadrilateral. It was gradually extended to other parts of the country. The tag is currently accepted at more than 500 National Highways and about 40 State highway toll plazas. Till September, the total collection through FASTag was over ₹12,850 crore.What are the benefits?Apart from plugging revenue leakages and reducing the cost of delays and fuel consumption, which is also likely to cut down the nation's GDP loss, according to the government, the tag helps remove bottlenecks, ensures seamless movement of traffic and saves time. The centralised system provides authentic and real-time data to government agencies for better analysis and policy formulation. It also helps reduce air pollution and the use of paper besides cutting the cost of managing toll plazas.What lies ahead?On October 14, 2019, the IHMCL and GST Network signed a memorandum of understanding for integrating FASTag with the e-way Bill system. The arrangement has been made for a more efficient 'track-and-trace' mechanism involving goods vehicles. It will also check revenue leakage at toll plazas. The integration, which will become mandatory across the country from April 2020, will help revenue authorities check whether goods vehicles are actually headed to the specified destination. Suppliers and transporters will also be able to keep track of their vehicles through SMS alerts generated at each tag reader-enabled toll plaza.The Central government also plans to enable the use of FASTag for a range of other facilities such as fuel payments and parking charges. Several States have already signed memoranda of understanding to join the system.

, on national highways will become mandatory for all vehicles. The Ministry of Road Transport and Highways extended the earlier deadline of December 1 on Friday.Source: How will the FASTag toll collection programme help cut delays and losses on India's highways?.

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