Collection agencies have become a major industry in the United States over the last couple of decades, generating billions of dollars in annual revenue.
February 24, 2017
It has become a fact of life that the average person carries around with them a high amount of debt. This feature of modern life, when coupled with the recent economic turbulence, has led to a marked increase in the number of debt collection agencies as more and more individuals stopped paying what they owe. In 2016, there were 8,514 collection agencies open for business and employing 124,351 people in total. Recovering debts owed has become big business as the revenue total for the industry was a staggering $11 billion. (1) Yet for all the need for collection agencies, most banks refuse to open accounts with them due to the fact that they consider such businesses to be high risk. Despite this perception of having nowhere to turn for payment processing services, experienced merchant consultants, such as Merchant Processing Advisors of Aspen, Colorado, know that collection agencies actually do have options available to them for payment services and security.
Debt collection agencies are definitely a growing industry due…