While having your own business, you may sometimes come across some difficulties. Almost everyone has loans, credit cards and lines of credit to pay for.
Thus, it’s really easy to miss a few payments every month, and unconsciously get into debt.
Then, your unpaid debts are sent to the so-called collection agencies, which are chasing you to pay back. But how to manage this situation since most banks refuse to provide you with a merchant bank account, which is regarded as too risky?
Even if you’re left in the lurch, you can always create a collection agency merchant account, either as an individual or a business.
What do you need?
If you want to create such an account, you should turn to EMB and fill in an online application.
To do that, you’ll need much information, including your valid government ID, a bank letter, three months of your recent bank statements, and processing statements.
Also, you’ll have to obtain a Social Security Number or Employer Identification Number and keep your chargeback ratio under 2%. One of the requirements for online merchants is also running their official website.
When you meet all these requirements, you should be approved by EMB within even 24 hours. So, it doesn’t take a lot of time, but it can save your skin.
A collection agency merchant account is a good option for all those who somehow get into debt, and they don’t know how to come out of it. More info on this topic you’ll gather from the MyPaymentSavvy infographic: