Posts by Lauren Vanegas
Merchant Category Codes – Is Your Business High-Risk?
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 –…
Read MoreObtaining a Merchant Account for your Startup Collection Agency
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…
Read MoreDebit Card vs ACH Payments – Which is Right for Your Business?
As a merchant, you are bombarded with numerous payment options you can offer your client base. Many assume a debit card payment is the same as an ACH payment since both are linked to a customer’s checking account, but the differences are noteworthy. Let’s dive deeper into both forms of payment so you can make…
Read MoreSavvy Site of the Week – Collection License State Laws
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…
Read MoreMerchant Account Reserve 101
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.…
Read MoreConvenience Fee Payment Processing – To Be or Not To Be
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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