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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. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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. 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 SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. 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. And it was my fault for not reading the fine print on the documents. The merchant solutions is the most horrible company I have ever dealt with. 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. Merchants Credit Association, is a debt collection company. This means that the process is fast. Learn more about dealing with debt collection at ftc.gov/debt. This company hires predatory sales people, arent up front about fees and raped my bank account. 180 Maiden Lane, 15th Floor. 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. $1350 fee if terminal is not returned within 10 days. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Learn more about the new debt collection rule. When you should have paid 1.62. No doubt necessary to achieve any success, as the sales person was barely literate. 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. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Opens accounts with terms not agreed to. Fax: (818) 707-7070. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! 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. They are very rude and they will not correct the problem with me even though they said they would. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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. Easier borrower qualifications that help you build business credit. 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. 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. 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. After i cancle my account they charged me 200$ come out of no where. 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. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. The Best Merchant Accounts For Collection Agencies & Debt Collectors. This means that you could, effectively, lose your ability to run your business. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. If anyone has a better option please let me know. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Customer service is horrible. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Which Business Bank Account is Right For You? 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. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. Not an existing MeS Virtual Terminal User? All they want is your money. Phillip created this website and has written over 1,000 articles regarding all things payments. 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. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Total $247.95. I didnt fill out anything to open OR close the account and today was hit with $495 fee. I have never had any other merchant?! 1008 Mattlind Way. They stealing $1000.00 dollars from my account. When you choose us, youre not just getting back your assets. We have lowered the companys score in this section to a C to reflect this consistency. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Some of these limitations can be pretty tough on a business, particularly in their early days. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They charge you all kinds of fees which your not told about. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. the name of the creditor you owe it to. 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. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. 4 Best Merchant Accounts For Collection Agencies. Their charges are exhorbitant. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Trouble Getting Approved? As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. These revenues in no way influence our ratings or reviews. You may be charged fees for using this account. You can get your approval in as little as 24 hours. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Dont give them, or their mother company, First Data, your business!!! Get Started With Durango Merchant Services. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Search the Legal Library instead. Home; Services Healthcare Services; Consumer Business Collections . We have focused on merchant cash advances over two decades. Both were resolved to the dissatisfaction of the merchant or received no final response. This company should not be allowed to do business. 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. 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. 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. They are charging me a huge fee to cancel. Im so glad I read these before making a huge mistake. It's a cut throat industry. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. DO NOT USE!!! Why would we want a service we couldnt use? I was never told about a restocking fee and some other charge until I got ready to cancel. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. You almost certainly will not be able to work with companies like PayPal. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. 2985 E. Hillcrest Drive The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. I had to close the account, due to poor sales results. FTC Staff. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. Specialized account support for multiple collection agency types. I think I was the set up by Merchant Solutions. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. From The Editor document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! I wish I would have read some reviews before I sign up with these con artists. PaymentCloud can help almost any business get approved for payment processing. Copyright 2020 eMerchant Authority | Website by JM Marketing. If you have already signed up with them, get out fast. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Monthly Processing Range They are thieves because they stole money from my account and wont make it right with me. 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 they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. For this reason, they are often linked to high complaint totals. The worst company to do business with ever!!!! Find Loan Options For Your Small Business. 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. Seriously they will destroy your business. 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. Maintaining these ratios is challenging for merchants in many industries. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. one year. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. 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. Respectable processors like EMB guarantee a fast, secure application process. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. The Merchant Solutions is definitely THE worst credit card company EVER!!!! At this point, I am looking for a new processor . This means that our job is to reduce the risk of any transactions for the merchant bank. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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. The types of collections that different agents and agencies deal with, though, can vary widely. Your business cannot opt for a standard merchant account here. close down your account. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry.