$695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Stay away from Themechantsolution!!! Better look for alternatives. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. 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. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. 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. Merchant Services | Payment Processing Enterprise Solutions | Fiserv However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. She said that I would need to submit an application in order to verify the discounts they were offering. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Debt Collection Merchant Accounts When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Very shady business practices and a very deceptive sales process. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. They refuse to refund the money. 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? Debt Collectors List | NY Debt Collections List We spoke with ANAIS today and were helped with understanding the rates. i signed up a few weeks ago and havent been able to get into contact with them since. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 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. Fast turnaround: as little as 1-2 days. Location & Ownership MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. 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. Comp Admin Fee $9.95 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. Since these banks know and trust the quality of our services, they will be able to trust you too. Their customer service is terrible, they are never reachable. Save money with Merchant Solutions low processing rates and free terminal program. This credit card processing company is HORRIBLE! Today was the last straw which we really been shut down since April over covid19. 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. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Very rude on phone, does not care about you as a customer. 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. Monthly Fee $25.00 All feedback, positive or negative, helps us to improve the way we help small businesses. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Sending Chargebacks to Debt Collection See Who The Worst Processors Are. Square is a top choice for POS for any type of business. 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. Suite 209 Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Get clarity before you switch. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Save yourself stress and aggravation and sign up with a different processor. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. This means that the process is fast. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. So then I cancelled and they charged me a $945 restocking reprogramming fee? The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. 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. this will happen if you change to another company. They are charging me a huge fee to cancel. 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. 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. Its a TOTAL SCAM! They constantly slip in unauthorized charges. Seattle Collection Agency | Merchants Credit Association Merchant Solutions is a very dishonest processor. 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). 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 will NEVER consider using them again. This means that you will be out of business. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. 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. In addition, they told us the transaction fee would be 2.65% of each purchase. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick Merchants Credit Association, is a debt collection company. Our proven investigation tools help us create fast and effective debt recovery services. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. No mention of 3 year contract and no proof of it. they charged me $450 every month out of total 10k annual monthly. I have tried to use card reader several times without success. Annual PCI Fee $99.00 Many may find PaymentClouds organization of products on its website to be less than navigable. 844-66-CFGMS (844-662-3467) Over the years, we have built up connections with banks all over the world. 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. This has Been the worst POS processing company I have ever felt with. Worse company ever. From The Editor Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Their customer service is simple horrible. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Some processors have no monthly, no annual fees, no contract, and cheap rates. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Which Collection Agencies Will Accept a Pay For Delete Agreement? Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. 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. 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). Most merchant providers are reluctant to offer. Try PaymentCloud. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. when you cancel.Please take your business elsewhere. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Copyright 2023 Merchant Maverick. See Which Processors Offer No Monthly Fees And No Contracts. A full point-of-sale (POS) system in one sleek package. Thanks ANAIS. Looking For One Of These Merchant Accounts For Collection Agencies? I was to have 1 account with Merchant Solutions ! 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. Why would we want a service we couldnt use? Debt Collection Agency Merchant Account| Fast Approval I was told thay my rates would be as low as 1.5%. Looking for legal documents or records? AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown 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. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. They round up everything, even when they shouldnt according to elementary mathematics! This post will help: How to Get Out of a Merchant Account Contract. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. 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. 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 . Garbage company. From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. Recovery Solutions Group, LLC (RSG) Contact Information. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. No doubt necessary to achieve any success, as the sales person was barely literate. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. 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. 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. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. 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. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. 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. You may be charged fees for using this account. What out business owners out there about this Merchant Solutions. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. $1350 fee if terminal is not returned within 10 days. Look out for credit card processors who offer other merchant solutions that could be useful for your business. 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. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. On November 30, 2021, the Debt Collection Rule became effective. 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. Additional rates and fees, including a technical support fee may apply. STAY AWAY. Phillip created this website and has written over 1,000 articles regarding all things payments. TMS offers a dedicated support phone line and an email form on its website. A collection agency merchant account is essential to process payments in this unique industry. Swipe credit cards securely by implementing PCI compliant payment solutions. PaymentCloud can help almost any business get approved for payment processing. Get Started With Durango Merchant Services. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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! The Best Merchant Accounts For Collection Agencies & Debt Collectors. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Which Business Bank Account is Right For You? 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. Weve resolved overdue accounts for clients without damaging customer relationships. Read more below to learn why we chose these options. 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. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. They Are Not truthful about their service. Youre also working with a business that knows your problem and has the fix. The sole purpose of the material presented herein is to alert, educate, and inform readers. Get the truth here. The site is secure. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. We also encourage merchants to check out our list of the providers of the best merchant accounts. Los Angeles Debt Collection - Credit Consulting Services Remove Recovery Solutions Group From Credit Report Before sharing sensitive information, make sure youre on a federal government site. How Can Merchants Use Debt Collectors to Recover Chargebacks? Pam called me offering a competitive rate for credit card processing. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. They are thieves because they stole money from my account and wont make it right with me. Milford, DE 19963. These people are the biggest crooks Ive ever encountered. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. And it was my fault for not reading the fine print on the documents. Should have know. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. This Post Might Help: Best Restaurant Merchant Accounts. She also helped us to file our annual PCI compliance saving us about $40 per month. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Keep up the excellent work Austin and thank for helping us through out the entire setup process. 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. You will be far too high of a risk to work with. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Telephone: (818) 409-6000. This company was nothing but deceitful from the beginning. Screw this place I wish their was a way we could put them out of business. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. In addition to those 2 complaints, the company has received 58 informal reviews. They dont deserve a BBB rating they suck!!!! And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. We provide merchant account services for both low and high-risk businesses. 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. Some merchant account providers may offer high fees. They have terrible reviews on google and many many complains on BBB. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Same situation. Call 1-888-288-2692. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center 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. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Monthly Processing Range they hurt me by taking un authorized money out of my account To better understand why we adjust BBB ratings, please see our Rating Criteria. When you choose us, youre not just getting back your assets. Debt Collection Merchant Account Solutions - National Merchants Association Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Merchant Mavericks ratings are not influenced by affiliate partnerships. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. Which Collection Agency Merchant Account Is Right For My Business? Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Higher cost than explained in solicitations Because of their undisclosed fees and charges I ended up paying more than my previous company. If that happens, then it will be the merchant account provider on the line. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! These are charged beyond any percent fees. These processors offer Quickbooks integration and have low rates. Copyright 2023 eMerchantBroker, LLC. While the process for applying for a merchant account with us is not instant, we have been doing this a long time.
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