These are charged beyond any percent fees. 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%. If you can get one who has worked with businesses in the debt collection industry, the better. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. Home (425) 643-2613 (800) 755-1107. dont believe what they tell you This means that you will be out of business. 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. eMerchant Authority can help with this. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Fortunately, there are providers willing and able to help. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. Very shady business practices and a very deceptive sales process. So only use this business if you like being lied to and stole from cause thats what their good at. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. 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. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Copyright 2023 eMerchantBroker, LLC. Over the years, we have built up connections with banks all over the world. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Learn more about the new debt collection rule. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. New York, NY 10038. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. Of course, we will provide you with all of the tools that you need to process payments. 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. If your company does not show any indication that you conform to this act, then your application will be outright rejected. 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. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. Several complainants outright accuse the company of being a ripoff or a scam operation. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. Pam called me offering a competitive rate for credit card processing. Call 1-888-288-2692. A lot of other company with no contract and fees to work with out there. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. This company needs to be put out of business. This form is for feedback only. 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. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. No doubt necessary to achieve any success, as the sales person was barely literate. 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. Seriously they will destroy your business. $1350 fee if terminal is not returned within 10 days. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. The risks related to your business will be assessed by underwriters. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work 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. All they want is your money. Such a vendor can be a great help for your debt collector business. : 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. Fax: (818) 707-7070. 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. This field is for validation purposes and should be left unchanged. If you would like to interview Phillip for your story or podcast, please reach out here. They will not return my phone calls now. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Its just a penalty fee that they add on you for leaving their company. Do not give them your business. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Location & Ownership When we both know its theirs! My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. This company will be out of business in one year or less. DO NOT EVEN talk to their salespeople. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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. 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! Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Phillip created this website and has written over 1,000 articles regarding all things payments. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Ex. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Offers automated account application and custom quote processes. Here Are The Processors Who Don't Hide Fees. . The overall household debt for an average family increased by 11% . Very rude on phone, does not care about you as a customer. 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. Same situation. And because I signed the document, the company is telling me, that I am liable for the contract. Also when you call they have no customer service and are rude on the phone. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. 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). From The Editor Just ridiculous! DO NOT USE!!! 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. 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. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. See this page to learn how we support our operations. 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. He is very knowledgeable and provided excellent support. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. 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. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. This company, Merchant Solutions, is a fraud. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. 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. Get Started With Durango Merchant Services. This includes debt collection companies and debt buyers. Were never worried about our overdue receivables. said no business ever. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. To better understand why we adjust BBB ratings, please see our Rating Criteria. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. JUST SAY NO. Upon cancellation after over 4 years I returned the machine in good order. They may even have maximum limits to any transactions that you complete. Thanks ANAIS. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 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. 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. Before sharing sensitive information, make sure youre on a federal government site. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Keep your money you work for and dont use them. BEWARE OF THESE DOGS! A full point-of-sale (POS) system in one sleek package. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Better look for alternatives. 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. I was skeptical and decided not to switch to merchant solutions. They may require you to constantly have reserve cash in your account. This company was nothing but deceitful from the beginning. Our integrations connect you with the best tools for your business. Which Collection Agency Merchant Account Is Right For My Business? 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. They said they are the cheapest one but they are not. They are crooks. These people are down right crooks! If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. DO NOT use this company. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. I would not recommend TMS to my worst enemies. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Going to BBB and will get attorney if I have to. She said that I would need to submit an application in order to verify the discounts they were offering. He has also researched and published reviews about nearly every payment services provider and processor. I was never told about a restocking fee and some other charge until I got ready to cancel. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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 . Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). If you have your own The Merchant Solutions review to make, please do so in the comments 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. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. 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. Learn more about our monetization policies here. If that happens, then it will be the merchant account provider on the line. I was to have 1 account with Merchant Solutions !