The types of collections that different agents and agencies deal with, though, can vary widely. Merchants Credit Association, is a debt collection company. As of right now, I have this company for falsifying documents, and felony forgery. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. TMS offers a dedicated support phone line and an email form on its website. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Find the resources you need to understand how consumer protection law impacts your business. Also when you call they have no customer service and are rude on the phone. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. 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. Most merchant providers are reluctant to offer. Forgotten Password? Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Not much, but still more than disclosed. Copyright 2023 Merchant Maverick. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. Both were resolved to the dissatisfaction of the merchant or received no final response. If you hear from them just Run!!! If you would like to interview Phillip for your story or podcast, please reach out here. THIS WAS A TOTAL LIE. Get Your Quote. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. not explained. The overall household debt for an average family increased by 11% . Learn how to resolve this complaint. Has representatives that open fradulent accounts. DO NOT EVEN talk to their salespeople. 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. Opens accounts with terms not agreed to. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Dont give them, or their mother company, First Data, your business!!! This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. Once the application process starts, we will find the best merchant account for you. Problems logging in? Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Austin Smith was very knowledgeable and helpful! . And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. Address: Recovery Solutions Group. Also that free terminal will cost you $350 when you try to cancel the account. You could tell a collector to send a validation notice. Dont sign up or you will regret it at the end. All they want is your money. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. : 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. Very shady business practices and a very deceptive sales process. Find legal resources and guidance to understand your business responsibilities and comply with the law. I wish I would have read some reviews before I sign up with these con artists. Im so glad I read these before making a huge mistake. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Flexible and transparent pricing suits high- and low-ticket agencies. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. They really do not want to do this. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. Click here for more product information. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Anybody have any suggestions for getting out of this company? Save yourself stress and aggravation and sign up with a different processor. Get Started With Durango Merchant Services. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. i signed up a few weeks ago and havent been able to get into contact with them since. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Getting paid to re-write this page? Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Annual Fee $79.00 They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. Nasty contract . I was never told about a restocking fee and some other charge until I got ready to cancel. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Swipe credit cards securely by implementing PCI compliant payment solutions. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. I have tried to use card reader several times without success. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. BE AWARE!!! Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Early penalty for cancellation. On November 30, 2021, the Debt Collection Rule became effective. It was revoked by State of TN. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Its a TOTAL SCAM! The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. A collection agency merchant account is classified as high risk for a number of reasons. if anyone do business with this scums be prepared to have a high blood pressure. An official website of the United States government. 53 of these reviews are positive, while the remaining 5 reviews are negative. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. 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. Other companies may just outright decline your application. We provide merchant account services for both low and high-risk businesses. Besides, we understand just how financially difficult it is to become a business owner. Over the years, we have built up connections with banks all over the world. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. So, its no surprise that banks often deny them merchant accounts. Going to BBB and will get attorney if I have to. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Beware, do not do business with merchant solutions. I think I was the set up by Merchant Solutions. A collection agency merchant account is essential to process payments in this unique industry. 844-66-CFGMS (844-662-3467) Excellent provider for collection agencies with a strong eCommerce presence. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. They refuse to refund the money. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Youre also working with a business that knows your problem and has the fix. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Call 1-888-288-2692. This includes debt collection companies and debt buyers. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Youll get your merchant account for your collection agency in as little as 24 48 hours. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. They will not return my phone calls now. Ready to integrate payment processing solutions into your new business? Ex. In addition, they told us the transaction fee would be 2.65% of each purchase. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. 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. Respectable processors like EMB guarantee a fast, secure application process. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. Not an existing MeS Virtual Terminal User? It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. Your Merchant Cash Advances help commercial businesses succeed. They have terrible reviews on google and many many complains on BBB. Looking for legal documents or records? I was to have 1 account with Merchant Solutions ! Toll free: (888) 544-9711. Every review above has happened to me too exactly like the above. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . PCI Non-Cpmpliance. I would recommend not to do business with this company. Strongly suggest that anyone does there homework and compare companies for this service. They need to see how strong your profits are. Then I began getting charged a PCI non compliant fee $40.00. We occasionally send out emails with special offers. They charged me $300 for what they called setup charges. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. This means that you could, effectively, lose your ability to run your business. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. You may be charged fees for using this account. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! This lack of transparency in pricing is typical of the industry in general. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Home (425) 643-2613 (800) 755-1107. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Why would we want a service we couldnt use? Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. If that happens, then it will be the merchant account provider on the line. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. 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? 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. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Payment Processing . 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. Zero star rating, they are big time scam This means that the process is fast. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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%. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. Phone number: (302) 241-0686. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. Are you with The Merchant Solutions? To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. PaymentCloud can help almost any business get approved for payment processing. 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. Disgusted. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. I didnt fill out anything to open OR close the account and today was hit with $495 fee. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. They Rip you off way more than wat they told you they would charged. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Noah is a writer and content creator currently living in Fairfax, VA. Learn more about the new debt collection rule. Suite 209 I am looking to upgrade 4 of my restaurants systems. 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. 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. TOTAL SCAMMERS!!! Click here to earn a reward. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more 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. BBB received a pattern of complaints concerning collections practices. A full point-of-sale (POS) system in one sleek package. Verify before you sign with this company. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. They have been lying to me since day 1 of signing up with them. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. Now illness has caused me to lose my merchant tax ID. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. This has Been the worst POS processing company I have ever felt with. 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. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days.