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 appropriately licensed in the states your agency is conducting business in. As each state has different requirements, it can be cumbersome to ensure you are following the rules where required.
insideARM Collection License State Laws Map
One of our favorite sites to share with our clients to review collection license state laws is insideARM. This nifty tool breaks down licensing, bond, and fee requirements for all 50 states plus Puerto Rico. It details any exemptions and lists the appropriate state government contacts to obtain further information. The interactive map also is a great visual to spot check states where needed. You will need to be a registered site user to view the page, but signing up is free and straightforward. But sure to check it out to confirm your agency’s collection license state law compliance! It’s a tremendous all-in-done tool to add to your browser bookmarks.
The Payment Savvy Difference
At Payment Savvy, we aim to be Your Payment Partner. With over 30 years of combined experience, we are well-versed with collection agency needs and aim to provide innovative merchant solutions. We take the time to get to know our clients and create a custom solution to meet their current business needs and future goals. All of our solutions are scalable and affordable. Looking for a new IVR, pay by text, or web and recurring payment platform? Give our Savvy Squad a ring today. We are always available to answer any questions you may have or provide a fast and free quote for payment services.