Best Collection Agency Merchant Account 2025

Best Collection Agency Merchant Accounts

Selecting an appropriate payment processor is a significant decision for collection agencies. 

Our chosen high risk providers stand out by delivering specialized services crafted to meet the unique needs of the debt collection industry, from comprehensive high-risk processing solutions to dedicated customer support.

Top Collection Agency Merchant Account Providers:

1. Moonlight Payments 
2. High Risk Pay 
3. Payment Savvy 
4. National Merchants Association 
5. Easy Pay Direct 

Moonlight Payments shines with its custom services and commitment to high-risk merchant accounts, including collection agencies, offering tailored solutions and individualized support.

1. Moonlight Payments

Overview

Moonlight Payments shines as a merchant account provider particularly adept at serving the unique needs of collection agencies. With an understanding of the intricacies involved in debt collection, it provides specialized merchant services designed to handle the complexities of the industry.

Notable Features

• Tailored Collection Agency Solutions: It delivers merchant accounts that are specifically structured around the operational demands of collection agencies, ensuring compliance and efficiency.
• Expertise in High-Risk Accounts: Moonlight Payments extends its services to various high-risk industries with a focus on collection agencies, demonstrating a broad understanding of the associated risks and regulatory needs.
• Adaptive Account Management: Recognizing the dynamic landscape of debt collection, it emphasizes active account management to support agencies in maintaining smooth transactions.
• Custom Pricing for Collection Agencies: Its pricing models are crafted with the unique financial aspects of collection businesses in mind, balancing cost-effectiveness with quality services.

Pricing

Moonlight Payments offers a custom pricing approach, recognizing that collection agencies require flexible and transparent pricing structures. This allows for tailored pricing that aligns with the specific transaction volumes and operations of each agency.

Pros

• Its expertise in managing collection agency accounts means businesses in this sector receive dedicated support and services.
• A customer-focused approach guarantees detailed attention to the nuanced needs of collection agencies.
• Moonlight’s adaptability allows them to provide solutions that fit the exacting demands of the collection industry.

Cons

• The absence of upfront pricing information on its website could be a deterrent for agencies looking to quickly compare service costs.

Summary

Moonlight Payments offers a tailored merchant account service that acknowledges and addresses the specific challenges faced by collection agencies. Its personalized approach to account management and commitment to providing adaptable payment solutions make it a valuable ally for agencies looking to navigate complex debt collection transactions.

2. High Risk Pay

Overview

High Risk Pay offers an expedited setup for merchant accounts, boasting a remarkable 99% approval rate. It accommodates a wide array of businesses, promising a quick turnaround time from application to operation, even for those with bad credit.

Notable Features

• Speedy Approval and Setup: Businesses can apply today and potentially be ready to process payments by tomorrow.
• High Approval Rate: With a 99% approval rate, High Risk Pay demonstrates a commitment to working with a diverse range of merchants.
• No Hidden Fees: This company stands out by not charging application, setup, or contract fees, reducing the barrier to entry for many businesses.
• Chargeback Prevention: Proactive measures are in place to help businesses minimize the risk and impact of chargebacks.
• Next Day Funding: A quick funding turnaround ensures that businesses have faster access to their funds.
• Universal Credit Card Acceptance: High Risk Pay processes all major credit cards, ensuring that businesses do not miss out on sales due to payment limitations.

Pricing

High Risk Pay distinguishes itself by offering a no-fee structure for application, setup, or contractual commitments, emphasizing a straightforward approach to high-risk payment processing pricing. 

Expect customized pricing as fees vary with your business type and processing requirements — a common practice in merchant services.

• High Risk Pay Standard: The standard transaction fee is 2.95% + $0.25, though certain industries may face different fee levels.
• Monthly Fee Structure: The base monthly fee begins at $9.95, scaling up as needed based on the merchant’s specific requirements and processing volume.

Pros

• Lack of application, setup, and contract fees makes it easier for collection agencies to get started.
• Quick approval process and next-day funding help businesses maintain cash flow.
• The emphasis on minimizing chargebacks is crucial for collection agencies that are often susceptible to disputes.

Cons

• High Risk Pay accommodates bad credit, but this may come with higher transaction fees to offset the risk.

Summary

High Risk Pay delivers comprehensive merchant account and payment processing solutions catered to high-risk businesses. With a user-friendly approach marked by quick service initiation, lack of upfront fees, and robust support mechanisms, it provides a compelling package for collection agencies needing reliable and swift payment processing capabilities.

3. Payment Savvy

Overview

Payment Savvy provides specialized merchant account services for collection agencies, acknowledging the challenges faced due to the industry’s high-risk nature and reputation. They offer tailored credit card processing solutions to navigate the regulatory and reputational hurdles within the collection sector.

Notable Features

• Industry-Specific Expertise: Knowledgeable in the accounts receivable management (ARM) industry, addressing the specific needs of collection agencies.
• High-Risk Merchant Account Provision: It caters to high-risk businesses that often face rejection from traditional banks.
• Comprehensive Application Support: Payment Savvy assists with the documentation required for application for a quick approval process.

Pricing

Payment Savvy does not provide specific information about its merchant account pricing on its website, as the rates depend on the customized solution that each business requires. That being said, they do not enforce contract terms or charge termination fees​​. 

This approach indicates that Payment Savvy tailors its pricing and terms to the unique needs and risk profiles of its clients, offering flexibility and transparency in its payment processing solutions.

Pros

• Expertise in servicing collection agencies deemed high-risk by other institutions.
• Helps agencies prepare and submit the necessary documentation for merchant account applications.
• Capable of delivering processing approval within 24 hours when all paperwork is in order.

Cons

• The necessity to stay updated with compliance and regulations may pose an operational challenge.

Summary

Payment Savvy offers collection agencies a sympathetic and proficient payment processing service designed to navigate the complexities of high-risk merchant account acquisition.

4. National Merchants Association

Overview:

National Merchants Association (NMA) positions itself as a champion for debt collection agencies, especially those struggling to secure stable merchant processing due to the high-risk nature of the industry. 

It offers expertise in Mail Order Telephone Order (MOTO) transactions, which are prevalent in debt collection operations.

Notable Features:

• High-Risk Specialists: NMA is adept at setting up merchant accounts for high-risk businesses, including debt collection agencies.
• Tailored MOTO Solutions: It provides solutions optimized for the majority of debt collection transactions that occur via mail or telephone.
• Card-Not-Present Focus: With an understanding of the intricacies involved in card-not-present transactions, NMA facilitates efficient payment processes for debt collectors.

Pricing

The National Merchants Association (NMA) offers a range of pricing options for its merchant accounts tailored to the specific needs of its clients. Their pricing structure includes:

• Setup Fee: $0
• Monthly Fee: $19.95 to $69.95

The contract terms with NMA are variable but typically involve a 36-month agreement with an early termination fee of $395 or more, based on the average monthly volume of the merchant’s transactions​​.

Pros:

• Focus on high-risk industries provides debt collection agencies with a knowledgeable partner.
• Offers solutions aimed at providing long-term, stable processing for high-risk merchants.
• Well-equipped to support card-not-present merchants, which is essential for debt collection agencies relying on non-cash (i.e., credit card) payments.

Cons:

• The application process involves a complex underwriting process due to the nature of the risk involved.

5. Easy Pay Direct

Overview:

Easy Pay Direct (EPD) specializes in providing high-risk merchant accounts for various industries, including debt collection agencies. 

With a focus on facilitating credit card and echeck processing, EPD caters to businesses that typically encounter difficulties securing payment processing solutions due to the high-risk nature of their transactions.

Notable Features:

• High-Risk Merchant Accounts: EPD tailors merchant accounts for industries labeled as high risk, understanding their unique needs and concerns.
• Compliance and Reputation Management: Acknowledging industry issues with the Fair Debt Collection Practices Act, EPD works with companies to ensure adherence to standards.
• Dedicated Specialists: Clients are assigned Certified Payment Specialists (CPS) for personalized monitoring and management of their accounts.

Pricing

Easy Pay Direct offers various pricing options for its merchant account services. The pricing details include:

• Setup Fee: $99
• Monthly Fee: $24.95 for online accounts and $12.95 for in-store accounts​​​​.
• Swipe Rate Transactions: 1.59% + $0.17.
• Keyed-In Rate Transactions: 2.39% + $0.29​​.
• ACH Transactions: 1.6% + $0.29​​.

Pros:

• EPD’s approach to underwriting and its provision of additional accounts for high-volume merchants aims to mitigate the risks of freezes and shutdowns.
• A dedicated Certified Payment Specialist offers a consistent and personalized service experience.

Cons:

• Although EPD tries to streamline the process, applying for high-risk merchant accounts is still complex.