please dont sign up and let people know about that. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). Teaming with IVR Technology Group, we also provide pay-by-phone voice . Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. if anyone do business with this scums be prepared to have a high blood pressure. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. As of right now, I have this company for falsifying documents, and felony forgery. Other companies may just outright decline your application. BBB received a pattern of complaints concerning collections practices. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Phone number: (302) 241-0686. DO NOT use this company. Very shady business practices and a very deceptive sales process. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. processing as well as the collections industry, in order to support compliance and best practices adherence . Also when you call they have no customer service and are rude on the phone. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. This was not in our contract, but I couldnt get the money back without suing them. This is why we want to help you get the right debt collection merchant account from the very start. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Our proven investigation tools help us create fast and effective debt recovery services. If your company does not show any indication that you conform to this act, then your application will be outright rejected. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. 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. Looking For One Of These Merchant Accounts For Collection Agencies? Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. Not an existing MeS Virtual Terminal User? Both were resolved to the dissatisfaction of the merchant or received no final response. Their customer service is terrible, they are never reachable. 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. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. They are charging me a huge fee to cancel. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. * The terms and conditions of this promotion currently cannot be found on the website. Forgotten Password? You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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. These processors offer Quickbooks integration and have low rates. Comp Admin Fee $9.95 Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. This credit card processing company is HORRIBLE! A full point-of-sale (POS) system in one sleek package. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Because of their undisclosed fees and charges I ended up paying more than my previous company. All feedback, positive or negative, helps us to improve the way we help small businesses. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. 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. 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. $35.00 Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. All debt collectors track down past-due debts that businesses and consumers owe. 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. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. See Which Processors Offer No Monthly Fees And No Contracts. PaymentCloud can help almost any business get approved for payment processing. Horrible company. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. He has also researched and published reviews about nearly every payment services provider and processor. If you can get one who has worked with businesses in the debt collection industry, the better. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Flexible and transparent pricing suits high- and low-ticket agencies. This post will help: Cancelling a Merchant Account Without Paying a Fee. You almost certainly will not be able to work with companies like PayPal. Austin Smith was very knowledgeable and helpful! Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. They will tell you that there are no hidden fees and no extra charges. 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. I am still trying to get that back. 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. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. I have tried to use card reader several times without success. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. They are crooks. Learn more about our monetization policies here. This means that our job is to reduce the risk of any transactions for the merchant bank. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. CardPaymentOptions.com, Inc. All Rights Reserved. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. This company was nothing but deceitful from the beginning. Once the application process starts, we will find the best merchant account for you. They refuse to refund the money. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Copyright 2023 Merchant Maverick. Milford, DE 19963. If you have your own The Merchant Solutions review to make, please do so in the comments below. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. Don't Fall Into An Expensive Trap. They said they are the cheapest one but they are not. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Seriously they will destroy your business. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . And because I signed the document, the company is telling me, that I am liable for the contract. If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they will close down your account. Credit Card Processing for Debt Collection Businesses Annual PCI Fee $99.00 This company, Merchant Solutions, is a fraud. Better look for alternatives. Get Your Quote. Thousand Oaks, CA 91362. Why would we want a service we couldnt use? After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. It's a cut throat industry. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Nasty contract . Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Which Collection Agency Merchant Account Is Right For My Business? Lending and Debt Repayment Merchant Accounts. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Telephone: (818) 409-6000. Learn how to resolve this complaint. That doesnt count the canclelation fee that coming up from them. 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? On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Early penalty for cancellation. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. Their customer service is simple horrible. Youre also working with a business that knows your problem and has the fix. Weve resolved overdue accounts for clients without damaging customer relationships. Total $247.95. We provide merchant account services for both low and high-risk businesses. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. one year. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. 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. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. This means that you can always stay on top of any transactions that you are making. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Stay away from Themechantsolution!!! they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Click here for more product information. Dont give them, or their mother company, First Data, your business!!! After i cancle my account they charged me 200$ come out of no where. Thanks ANAIS. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. They will not return my phone calls now. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number).