He has also researched and published reviews about nearly every payment services provider and processor. Getting paid to re-write this page? Learn how to resolve this complaint. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. they charged me $450 every month out of total 10k annual monthly. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. In some cases, this leads to merchants contracting with debt collection agencies. When I wanted to cancel they wouldnt send me the cancellation form for weeks. 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. As you're checking out a debt collection call, remember: don't respond to threats. 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. New York, NY 10038. When you should have paid 1.62. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. Dont give them, or their mother company, First Data, your business!!! Specialized account support for multiple collection agency types. JUST SAY NO. They are beyond shady and dont care at all about customer service!!! 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. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. 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. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Zero star rating, they are big time scam Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. 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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. Recovery Solutions Group, LLC (RSG) Contact Information. This field is for validation purposes and should be left unchanged. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Get the truth here. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. Noah is a writer and content creator currently living in Fairfax, VA. At Monetaria, we understand that your MCA agreements are time-sensitive. 1008 Mattlind Way. 180 Maiden Lane, 15th Floor. Milford, DE 19963. 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. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. I work damn hard to run my business and I will be damned if they are going to steal money from me. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Find the resources you need to understand how consumer protection law impacts your business. If your company is in the business of collecting debts, then you will need to have some way to process payments. Which Collection Agency Merchant Account Is Right For My Business? There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Your Merchant Cash Advances help commercial businesses succeed. For me customer support is key and Austin is definitely an asset to this company. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Why would we want a service we couldnt use? Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. In addition to those 2 complaints, the company has received 58 informal reviews. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. Lets start with the salesman Daniel A. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Problems logging in? I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. I was skeptical and decided not to switch to merchant solutions. We appreciate it. I think I was the set up by Merchant Solutions. Let us know how well the content on this page solved your problem today. 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. 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. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. 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. Click here to earn a reward. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. To better understand why we adjust BBB ratings, please see our Rating Criteria. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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. You may be charged fees for using this account. We were charged a $350 restocking fee after being told there would be NO FEES. Help us to improve by providing some feedback on your experience today. 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. RUN! Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Phillip created this website and has written over 1,000 articles regarding all things payments. 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. STAY AWAY. Also that free terminal will cost you $350 when you try to cancel the account. This means that you cannot work with companies like PayPal or Square. We provide merchant account services for both low and high-risk businesses. From The Editor PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. This company, Merchant Solutions, is a fraud. Monthly Processing Range Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. 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 sole purpose of the material presented herein is to alert, educate, and inform readers. 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.. 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. Youre also working with a business that knows your problem and has the fix. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. 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. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. Their charges are exhorbitant. This company was nothing but deceitful from the beginning. 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 ?????? They have fees for everything when you cancel or have to end your contract early. So only use this business if you like being lied to and stole from cause thats what their good at. Once the application process starts, we will find the best merchant account for you. The .gov means its official. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Should have know. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. The sales rep never returned my calls and is no longer with thw company. This has Been the worst POS processing company I have ever felt with. 844-66-CFGMS (844-662-3467) If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. $1350 fee if terminal is not returned within 10 days. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Then I began getting charged a PCI non compliant fee $40.00. Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Ready to integrate payment processing solutions into your new business? Annual PCI Fee $99.00 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. services due to the high risk associated with debt collection businesses. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. In Summary: 4 Best Merchant Accounts For Collection Agencies. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. We may earn revenue if you obtain services from a provider that we recommend. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. dont believe what they tell you They constantly slip in unauthorized charges. You really leave your business account open to these guys with free access to do as they like. The collector has to tell you four pieces of information. This was not in our contract, but I couldnt get the money back without suing them. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. 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. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. This company is nothing but a fraud. Sign up today and get a free card reader! . Our services are secure and reliable. That doesnt count the canclelation fee that coming up from them. However, pricing is not disclosed on either of those services. I am still waiting on on calls from their supervisors from last year. Early penalty for cancellation. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Its a TOTAL SCAM! Going to BBB and will get attorney if I have to. Get Your Quote. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 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. Dont sign up or you will regret it at the end. Fax: (818) 707-7070. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Excellent provider for collection agencies with a strong eCommerce presence. Find legal resources and guidance to understand your business responsibilities and comply with the law. Federal government websites often end in .gov or .mil. Suggest you consider that Paymentech and many others do not charge this. Square is a top choice for POS for any type of business. 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. Save yourself stress and aggravation and sign up with a different processor. Opinions expressed here are authors alone. They said they are the cheapest one but they are not. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. As of right now, I have this company for falsifying documents, and felony forgery. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. If anyone has a better option please let me know. Search the Legal Library instead. Copyright 2023 Merchant Maverick. 4 Best Merchant Accounts For Collection Agencies. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Understand how the CFPB's Debt Collection Rule can help you. If you have your own The Merchant Solutions review to make, please do so in the comments below. please dont sign up and let people know about that. Austin Smith was very knowledgeable and helpful! You could tell a collector to send a validation notice. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. My contract ends in January 2015 and I am looking forward to it. This means that you will be out of business. Maintaining these ratios is challenging for merchants in many industries. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. YOU WILL BE SORRY! All debt collectors track down past-due debts that businesses and consumers owe. 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. I have tried to use card reader several times without success. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. These processors offer Quickbooks integration and have low rates. Our integrations connect you with the best tools for your business. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. one year. this will happen if you change to another company. It was revoked by State of TN. From The Editor i signed up a few weeks ago and havent been able to get into contact with them since. They want me to pay almost $900.00 for equipment I dont use. 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. Location & Ownership We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. This company is deceitful. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Learn more about your rights as a consumer and how to spot and avoid scams.