They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Why Is Credit Card Processing For Collection Agencies Considered High Risk? I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. So only use this business if you like being lied to and stole from cause thats what their good at. Credit & Debt Collections Merchant Services - DigiPay Solutions Respectable processors like EMB guarantee a fast, secure application process. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. Merchant Solutions Group - Merchant Cash Advance | Working Capital The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). If you hear from them just Run!!! Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. They never have any answers and are only looking for ways to disconnect you. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Better look for alternatives. eMerchant Authority can help with this. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. Ideal for collection agencies with a history of excessive chargebacks. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Other companies may just outright decline your application. . Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Its just a penalty fee that they add on you for leaving their company. Home; Services Healthcare Services; Consumer Business Collections . eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. In Summary: 4 Best Merchant Accounts For Collection Agencies. High-risk specialist with anti-fraud and anti-chargeback protections. When you should have paid 1.62. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Swipe credit cards securely by implementing PCI compliant payment solutions. Processing statements are intentionally complicated so that they can overcharge you. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. If you have your own The Merchant Solutions review to make, please do so in the comments below. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Why would we want a service we couldnt use? Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. These processors offer Quickbooks integration and have low rates. they charged me $450 every month out of total 10k annual monthly. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. What out business owners out there about this Merchant Solutions. Essentially, they steal from the customer. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. When we both know its theirs! This does not compare favorably to our list of best credit card processors. I have been in contact with them for months now, and they still cannot give me a justifiable answer. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Copyright 2023 eMerchantBroker, LLC. And because I signed the document, the company is telling me, that I am liable for the contract. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Their customer service is simple horrible. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Due to the unique processes we have in place, we can offer affordable rates for our services. Annual PCI Fee $99.00 Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. I was never given a written contract had computer generated signature. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. CardPaymentOptions.com, Inc. All Rights Reserved. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Copyright 2023 Merchant Maverick. The overall household debt for an average family increased by 11% . High-risk specialist for U.S.-based collection agencies. This lack of transparency in pricing is typical of the industry in general. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. They are awful and very dishonest do not use them. From The Editor Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. We can help your collection agency even if you've you been turned down by service providers in the past. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Suggest you consider that Paymentech and many others do not charge this. JUST SAY NO. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. I was told thay my rates would be as low as 1.5%. Most merchant providers are reluctant to offer. A collection agency merchant account is classified as high risk for a number of reasons. They need to see how strong your profits are. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. By working with eMerchant Authority, this is a problem that can be avoided. I was skeptical and decided not to switch to merchant solutions. If anyone has a better option please let me know. Do not get trap by this company. The following is a sample list of complaints filed against United Merchant . When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. This company is deceitful. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. not explained. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Opens accounts with terms not agreed to. one year. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Flexible and transparent pricing suits high- and low-ticket agencies. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. Austin Smith was very knowledgeable and helpful! However, pricing is not disclosed on either of those services. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. They are beyond shady and dont care at all about customer service!!! What Consumers Should Do When Fake Debt Collection Scammers Call. They round up everything, even when they shouldnt according to elementary mathematics! The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. eMerchant Authority operates an in-house underwriting team. Get Started With Durango Merchant Services. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Debt Collection Agency Merchant Account - PayKings But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Weve resolved overdue accounts for clients without damaging customer relationships. They stealing $1000.00 dollars from my account. She also helped us to file our annual PCI compliance saving us about $40 per month. I used Merchant Solutions for approx. Comp Admin Fee $9.95 The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. Recovery Solutions Group, LLC (RSG) Contact Information. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. This means that you will be out of business. Not much, but still more than disclosed. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. 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If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. Address: Recovery Solutions Group. If you can get one who has worked with businesses in the debt collection industry, the better. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. These people are down right crooks! Suite 209 If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. Merchant Mavericks ratings are not influenced by affiliate partnerships. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. SAVE YOURSELF THE HEADACHE! This means that you could, effectively, lose your ability to run your business. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. BEWARE OF THESE DOGS! The Merchant Solutions is definitely THE worst credit card company EVER!!!! To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. I have tried to use card reader several times without success. Today was the last straw which we really been shut down since April over covid19. Their charges are exhorbitant. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Understand how the CFPB's Debt Collection Rule can help you. Instead, you need to search for high-risk merchant accounts. Login - vt.merchante-solutions.com My company is no longer doing business and I have not used the machine in 6 months. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. the name of the creditor you owe it to. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Such a vendor can be a great help for your debt collector business. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. Fax: (818) 707-7070. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. Learn more about the new debt collection rule. My contract ends in January 2015 and I am looking forward to it. Dont sign up or you will regret it at the end. Additional rates and fees, including a technical support fee may apply. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. I have been with them since 2015 and in June,2019 I decided to go to a different processor. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. Merchants Credit Association, is a debt collection company. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. We spoke with ANAIS today and were helped with understanding the rates. All debt collectors track down past-due debts that businesses and consumers owe. PaymentCloud can help almost any business get approved for payment processing. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! Merchant Cash Advance in Collections: What to Do All feedback, positive or negative, helps us to improve the way we help small businesses. $1350 fee if terminal is not returned within 10 days. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. They dont deserve a BBB rating they suck!!!! RUN! You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Looking for legal documents or records? Square is a top choice for POS for any type of business. Merchants Solution Group | Better Business Bureau Profile This means that your company can process debit and credit card transactions, and it will do this for an affordable price. I would not recommend TMS to my worst enemies. 53 of these reviews are positive, while the remaining 5 reviews are negative. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Debt Collection Merchant Services - Merchant Card Advisors Many may find PaymentClouds organization of products on its website to be less than navigable. As you're checking out a debt collection call, remember: don't respond to threats. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. Min. Call us now on 877-700-5790 for further assistance. He is very knowledgeable and provided excellent support. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. We may earn revenue if you obtain services from a provider that we recommend. They Rip you off way more than wat they told you they would charged. I was never told about a restocking fee and some other charge until I got ready to cancel. They may require countless numbers of documents. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Stay away from Themechantsolution!!! Every review above has happened to me too exactly like the above. How Can Merchants Use Debt Collectors to Recover Chargebacks? They terminated my account for non use since I was using another company and had not transferred over yet. It took me 2 weeks of calling NON-STOP to get any response. CFG Merchant Solutions, LLC. You may be charged fees for using this account. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! It isnt just the finances of your business that they pay attention to either. We have focused on merchant cash advances over two decades. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Credit Card Processing for Debt Collection Businesses I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. She said that I would need to submit an application in order to verify the discounts they were offering. They charged me $300 for what they called setup charges. These are all fees that were started 8 months into my contract. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. The .gov means its official. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. These people called me for weeks and sent me all kinds of sales materials when my business started.