For me customer support is key and Austin is definitely an asset to this company. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Moreover, EMB is rate A by Card Payment Options. Pam called me offering a competitive rate for credit card processing. Their customer service is terrible, they are never reachable. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. dont believe what they tell you Learn more about your rights as a consumer and how to spot and avoid scams. The collector has to tell you four pieces of information. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. These are all fees that were started 8 months into my contract. They charged me $300 for what they called setup charges. services due to the high risk associated with debt collection businesses. Signature not by me, computer generated. close down your account. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. They need to see how strong your profits are. Seeking to take them to court for their theft. They stealing $1000.00 dollars from my account. Stay away from Themechantsolution!!! They said they had cancelled the account, but the following month we were charged again. 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. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. If that happens, then it will be the merchant account provider on the line. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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. The overall household debt for an average family increased by 11% during the last 10 years. Better look for alternatives. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. 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. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. This means that you will need both a payment processor and a merchant account. 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. Its just a penalty fee that they add on you for leaving their company. CardPaymentOptions.com, Inc. All Rights Reserved. By working with eMerchant Authority, this is a problem that can be avoided. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. All debt collectors track down past-due debts that businesses and consumers owe. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. They Rip you off way more than wat they told you they would charged. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. PaymentCloud can help almost any business get approved for payment processing. Provider of affordable payment processing hardware that can streamline various debt collection operations. not explained. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. 4 Best Merchant Accounts For Collection Agencies. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. . Worse company ever. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. After i cancle my account they charged me 200$ come out of no where. 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. Your email address will not be published. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. Numerous calls went straight to voicemail without any return calls. Learn how to resolve this complaint. Not an existing MeS Virtual Terminal User? On November 30, 2021, the Debt Collection Rule became effective. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. These processors offer Quickbooks integration and have low rates. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. This company is nothing but a fraud. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Min. Respectable processors like EMB guarantee a fast, secure application process. BBB received a pattern of complaints concerning collections practices. It was revoked by State of TN. Swipe credit cards securely by implementing PCI compliant payment solutions. one year. From The Editor Over the years, we have built up connections with banks all over the world. They Are Not truthful about their service. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. I have been in contact with them for months now, and they still cannot give me a justifiable answer. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Their charges are exhorbitant. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. The sales rep never returned my calls and is no longer with thw company. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Some of these limitations can be pretty tough on a business, particularly in their early days. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. 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! Which Business Bank Account is Right For You? HORRIBLE ! 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 can help with this. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. If you can get one who has worked with businesses in the debt collection industry, the better. Learn more about our monetization policies here. 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. Forgotten Password? I used Merchant Solutions for approx. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Annual PCI Fee $99.00 Sign up today and get a free card reader! The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Their customer service is simple horrible. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. They said they are the cheapest one but they are not. Several complainants outright accuse the company of being a ripoff or a scam operation. 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. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. These people are the biggest crooks Ive ever encountered. When you should have paid 1.62. This company was nothing but deceitful from the beginning. I was to have 1 account with Merchant Solutions ! 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. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Address: Recovery Solutions Group. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Note that we are not able to provide private consultations, give advice, or answer questions. 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. Upon cancellation after over 4 years I returned the machine in good order. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. Higher cost than explained in solicitations Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Noah is a writer and content creator currently living in Fairfax, VA. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Im so glad I read these before making a huge mistake. I have tried to use card reader several times without success. They never have any answers and are only looking for ways to disconnect you. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. RUN! In addition to those 2 complaints, the company has received 58 informal reviews. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. 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. If you would like to interview Phillip for your story or podcast, please reach out here. As of right now, I have this company for falsifying documents, and felony forgery. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. 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, you need to search for high-risk merchant accounts. 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. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. To better understand why we adjust BBB ratings, please see our Rating Criteria. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Copyright 2023 Merchant Maverick. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% As you're checking out a debt collection call, remember: don't respond to threats. They have fees for everything when you cancel or have to end your contract early. when you cancel.Please take your business elsewhere. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. 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. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Credit Card Processing for Debt Collection Businesses I am looking to upgrade 4 of my restaurants systems. 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. Location & Ownership They constantly slip in unauthorized charges. This form is for feedback only. 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. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. The merchant solutions is the most horrible company I have ever dealt with. 53 of these reviews are positive, while the remaining 5 reviews are negative. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They may require countless numbers of documents. Ideal for collection agencies with a history of excessive chargebacks. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. FTC Staff. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. We work to advance government policies that protect consumers and promote competition. DO NOT USE!!! This Post Might Help: Best Restaurant Merchant Accounts. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Lots of hidden fees that other companies dont charge! Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. You may be charged fees for using this account. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. * The terms and conditions of this promotion currently cannot be found on the website. Same situation. 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. Maintaining these ratios is challenging for merchants in many industries. Square is a top choice for POS for any type of business. The site is secure. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. Help us to improve by providing some feedback on your experience today. This is a business that is rife with fraud and chargebacks. Fortunately, there are providers willing and able to help. So only use this business if you like being lied to and stole from cause thats what their good at. 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. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. They really do not want to do this. Search the Legal Library instead. eMerchantBroker.com. Very rude on phone, does not care about you as a customer. 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. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. I have never had any other merchant?! Youre also working with a business that knows your problem and has the fix. Flexible and transparent pricing suits high- and low-ticket agencies. You really leave your business account open to these guys with free access to do as they like. We have lowered the companys score in this section to a C to reflect this consistency. 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. This means that the process is fast. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Other companies may just outright decline your application. They refuse to refund the money. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. 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. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. No mention of 3 year contract and no proof of it. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. The Merchant Solutions processes most major payment types. The worst company to do business with ever!!!! Zero star rating, they are big time scam eMerchantBroker can . Thanks ANAIS. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Offers automated account application and custom quote processes. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Required fields are marked *. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. When I wanted to cancel they wouldnt send me the cancellation form for weeks. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Which Collection Agency Merchant Account Is Right For My Business? 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. If you hear from them just Run!!! Not much, but still more than disclosed. Disgusted. 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. We're Proud to Advance Cash to Business Owners Like You. Monthly Fee $25.00 In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). How Can Merchants Use Debt Collectors to Recover Chargebacks? Opinions expressed here are authors alone. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Then I began getting charged a PCI non compliant fee $40.00. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews.
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