As a commercial merchant services company, your services provide businesses with exactly what they’ll need to accept electronic payment transactions like credit cards and debit cards which is crucial for maintaining a user-friendly and up-to-date form of payment. If these businesses are missing payments for your services or simply not paying their final invoices, it can create issues for your company—timely, stressful, and costly ones that impact labor, tools, leasing, and much more.
At Southwest Recovery Services, we have handled thousands of merchant services industry collection cases and continue to provide our clients with efficient, timely services. We offer many merchant collection services, including customer contact, invoice management, collection and legal action if necessary.
Let your merchant services company handle what they do best. Southwest Recovery Services can take care of the rest.
Collection Challenges for the Merchant Services Industry
In-house debt collection—specifically from unpaid invoices—can be a major problem for merchant services industry companies. After 90 days, these debts become increasingly more difficult to collect and, more often than not, internal accounting teams are unlikely to have the experience and tools necessary to deal with delinquent accounts receivable management.
Special training and education are needed to understand debt collection best practices. This can be difficult to provide to an existing team as it takes time that most merchant services companies simply don’t have. While most companies might think it’s cost effective to hire new employees, this isn’t actually the case. Onboarding, creating new infrastructure, attorney cost, credit bureaus, and research tools are all required as a part of the hiring process and can end up costing a merchant service industry company more than the debt they need to collect.
Hiring a well-respected, experienced merchant services industry collection agency can cut down on cost, time, and overall stress that can arise from trying to collect unpaid invoices from multiple customers.
Benefits of Working with a Professional Merchant Services Industry Collection Agency
As a professional collection agency Southwest Recovery Services provides numerous benefits, including:
- Customer Location and Contact
- Legal Servicing and civil judgment recovery
- Consulting Services
- Accounts Receivable Management
Our recovery agents are well-trained and educated specialists who are uniquely qualified to recover debt in a timely manner. They pursue every available strategy to collect unpaid debts as quickly as possible.
In addition to their skills, they also have a wide-range of tools at their disposal, such as:
- Research Software
- Contact Systems
- Credit Reporting and Monitoring Capabilities
- Attorney Relationships
Business customers of merchant services providers are more likely to pay off debts after being referred to a merchant service industry collection agency simply due to the standards adhered to by professional collectors.
Our experienced agency is up to date with all regulations, including those put in place by the American Collectors Association Rules & Regulations, Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
Southwest Recovery Services is the Solution
While many debt recovery services have similar features and services, Southwest Recovery Services is unique among them. Our number one feature is our approach to collection. We are a contingency collection agency which means that we don’t buy debt up front at rock bottom prices or charge high fees. Instead, we work on collecting the debt at no up-front cost, and charge our fee when the debt is paid.
We are committed to respectful treatment of your customers through our entire collections process. Our firm but friendly approach ensures that your customers will be left with a positive impression of your company after the debt is paid, which helps you win repeat and referral business. These combined features mean we work with you and your customers to arrive at a debt resolution that is positive for everyone.