Lauren Vanegas, Author at My Payment Savvy


Merchant Category Codes – Is Your Business High-Risk?


Posts by Lauren Vanegas

Merchant Category Codes – Is Your Business High-Risk?

MCC, High-Risk Merchant, High Risk, Payment Processing

Merchants today must process credit and debit card payments to satisfy the demands of their customer base. You may not be aware there is a system to classify your organization according to goods or services offered. This system of merchant category codes (MCC) can significantly impact your ability to process credit and debit cards –…

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Obtaining a Merchant Account for your Startup Collection Agency

High-Risk Merchant Account, Credit Card Processing, Billing & Collections

Congratulations! You recently started a new collection agency business! It is certainly an industry full of opportunity. A large percentage of consumers and businesses alike fail to pay their debts in a timely manner. Organizations of all sizes need your help to collect these past due obligations. You must arm your agency with the tools…

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Savvy Site of the Week – Collection License State Laws

Collection License State Laws, Collection Agency Compliance, Payment Processor, High-Risk Merchant Account

Is your agency compliant when it comes to collection license state laws? It’s an important question to ask yourself – especially when it comes time to obtain a  payment processor experienced in the industry. Most acquiring banks will want to ensure you are licensed properly in the states your agency is conducting business in. As…

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Merchant Account Reserve 101

Merchant Account Reserve, High-Risk Merchant, Payment Processing

Applying for a merchant account can be tedious – especially if you are a high-risk merchant. After all the paperwork is gathered, applications signed and underwriting completed, you receive an approval for your new payment processing account (YAY!), but it comes with stipulations. One being a merchant account reserve, and the questions start popping up.…

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Convenience Fee Payment Processing – To Be or Not To Be

Convenience Fee Payment Processing, Fee-Free Processing, No Cost to Biller, Collection Agency, ARM Industry

Convenience Fee Payment Processing is a hot-button topic within the ARM industry. There is a plethora of information available that all seem to contradict one another. This makes getting to the heart of the matter (Is this product a compliant and legal way to accept payments?) cumbersome and confusing at times. Let’s break down some important…

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