The collection agencies play the oddest yet most important role in America’s banking industry. Credit cards and loans are the easiest way out for the modern lifestyle, which tells us how the overall debt ratio is increasing. You will be surprised to know that the household debt for an average family increased by 11% over the last 10 years. An average household with credit card debt has a balance of $16,900 with an overall average household debt of $137,000! It is estimated that 30 million Americans have at least one debt in collections.
By those large numbers, missing payments is becoming a more casual event. It can be overwhelming with the frequency of payments to be made. When people stop paying bills, those cases are sent to collections. The collection agencies become responsible for recovering the money from the loanee. Alternatively, a collection agency may also buy debt profiles from banks at a highly discounted price and then recover the amount for their own gain. It is clear to see that a collection company can and will serve all industries in need of assistance recovery past due payments.
The High-Risk League – Debt Collection Industry
The debt collection industry is considered high risk due to the nature of the business. Unfortunately, debt collectors cannot promise success for every case. Loanees are difficult to track down and recovering the money is even harder. In 2010, US companies needed $150 billion in debt to be recovered. Collection agencies were only able to recover $40 billion in total! The industry has an average rate of 20% for debt recovery, compared to 30% for the last decade. Along with low recovery rates, high chargebacks and poor reputations leave most banks reluctant to offer a Merchant account to a Collection Agency. The ratio of favorable banks is low to the extent that it could be a daunting task to find a hassle-free Merchant account. This issue is an unavoidable obstacle for startups in this industry.
However, the modern world expects every merchant to have a seamless payment processing system. As customers prefer to pay via cards or online transactions. But what if you don’t have a bank willing to approve you for a Merchant Account? The whole thing gets messed up. That is where JJS Global comes in to help! Debt collection agencies can get their Merchant accounts from JJS Global via a comparatively seamless process. After you have JJS Global as your payment processing partner, they will be handling your financial hassle for you.
Why JJS Global
JJS Global is a reputed name in the payment processing industry. They are experts in handling Merchant accounts for high-risk businesses like collection agencies and many similar categories. A spot-free track record with an uncountable number of happy clients makes them the trusted choice for any merchant looking for a payment processing solution. Your business type will not be an issue! JJS Global works with all legal businesses both foreign and domestic and would be happy to support your business as well.
JJS Global is modern with its setup. It not only helps you with payment processing accounts but also integrates with your online platforms. JJS Global is already working with some of the industry-leading collection software via its ISV merchant services.
Trust is the most important factor when you are relying on someone for handling your money, and that is the biggest pride JJS Global has from its customers. Amplifying the trust with seamless support makes the company a brighter star in the market.
The JJS Global team is always ready to be your solving hand for your payment-related problems. Be hesitant free and call us at 224-535-9462 or send a swift email to info@JJSGlobal.net for a friendly consultation. We can discuss the solution to your problem together.