Lisa Madigan, Illinois Attorney General, issued a warning to Illinois residents concerning a debt collection scam. This scam, which also names her office, come via email and threatens the receiver. First off, collections agencies do not send emails. Secondly, these scams are dangerous for all involved. This is dangerous for consumers who fall for the scam, as well as for innocent collection agency merchants, who may suffer from the fallout.
Collection agency merchant accounts are already hard to come by, as they are considered “high risk” by merchant account processors. This means that these companies are at a higher risk than others, as demonstrated with this latest scam. This label and these scams affect the legitimate collection agency merchants, and there is fear that traditional merchant processors will eliminate their accounts. While that fear may seem outrageous, it is possible. You, as a debt collection merchant, needs a merchant account processor who is experienced in dealing with debt collection agencies. You need the services of First American Merchant.
First American Merchant is dedicated in providing the absolute best services to high risk merchants. Our team has years of experience in dealing with the ins and outs of high risk merchants, including collection agency merchants. These merchants require “kid gloves” at times, as they operate differently than other companies. Credit collection merchants often have a high influx of payments made daily, and many merchant account providers will close accounts who take on a high number of transactions. While it is possible that fraudulent activity can occur in a large influx of transaction, the fact is that collection merchants simply have a lot of clients, and many times clients are paid or receive government benefits on the same day, which can lead to a high transaction number for a certain day. First American Merchant is aware of this, and knows that there is simply nothing wrong with your account when it happens. When you are in need of a reliable and educated merchant account provider for your collections business, look no further than First American Merchant.
The latest collection agency scam in Illinois may lead to a major crackdown in collection merchants accounts. If you are a collections merchant, you need to make sure that your account is in the right hands: You need a merchant account processor that has immense experience in dealing with your type of business. You need First American Merchant.
Contact us today!