Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. I was never given a written contract had computer generated signature. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. You really leave your business account open to these guys with free access to do as they like. TMS offers a dedicated support phone line and an email form on its website. 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. HORRIBLE ! Comp Admin Fee $9.95 JUST SAY NO. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. The Best Merchant Accounts For Collection Agencies & Debt Collectors. It's a cut throat industry. Youre also working with a business that knows your problem and has the fix. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Lending and Debt Repayment Merchant Accounts. Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. Why would we want a service we couldnt use? Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. . I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Most merchant providers are reluctant to offer. These companies and people are banned, by federal court orders, from participating in the business of debt collection. $1350 fee if terminal is not returned within 10 days. This does not compare favorably to our list of best credit card processors. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Their customer service is terrible, they are never reachable. You could tell a collector to send a validation notice. These people are the biggest crooks Ive ever encountered. Offers automated account application and custom quote processes. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Nasty contract . Save money with Merchant Solutions low processing rates and free terminal program. Ready to integrate payment processing solutions into your new business? Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Learn more about our monetization policies here. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. The Merchant Solutions is definitely THE worst credit card company EVER!!!! 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. I have proof of all deductions after I cancelled. 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. Find legal resources and guidance to understand your business responsibilities and comply with the law. If you have your own The Merchant Solutions review to make, please do so in the comments below. Some of these limitations can be pretty tough on a business, particularly in their early days. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. What out business owners out there about this Merchant Solutions. 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. 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. A collection agency merchant account is classified as high risk for a number of reasons. 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. This lack of transparency in pricing is typical of the industry in general. Their hidden fees are through the roof. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. You will not have enough time to do it, the machine terminal breaks all the time. 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. See Who The Worst Processors Are. Some processors have no monthly, no annual fees, no contract, and cheap rates. If you stop using it, they still charge you a lot of fees. Note: We have adjusted this companys BBB rating according to our own standards. It isnt just the finances of your business that they pay attention to either. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. We may earn revenue if you obtain services from a provider that we recommend. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. 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. All Rights Reserved. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. BEWARE OF THESE DOGS! 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. My company is no longer doing business and I have not used the machine in 6 months. The types of collections that different agents and agencies deal with, though, can vary widely. Forgotten Password? If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. I was skeptical and decided not to switch to merchant solutions. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Austin Smith was very knowledgeable and helpful! The competition is real with so many POS servicing company. As of right now, I have this company for falsifying documents, and felony forgery. 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. 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. 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. Square is a top choice for POS for any type of business. Respectable processors like EMB guarantee a fast, secure application process. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. Of course, we will provide you with all of the tools that you need to process payments. They said they had cancelled the account, but the following month we were charged again. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. Instead, you need to search for high-risk merchant accounts. how much money you owe. 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. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. 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. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. Stay away from Themechantsolution!!! Dont give them, or their mother company, First Data, your business!!! 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. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Help us to improve by providing some feedback on your experience today. Horrible company. Do not get trap by this company. 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. At this point, I am looking for a new processor . Several complainants outright accuse the company of being a ripoff or a scam operation. Its just a penalty fee that they add on you for leaving their company. Which Business Bank Account is Right For You? These revenues in no way influence our ratings or reviews. Its a TOTAL SCAM! To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Were never worried about our overdue receivables. said no business ever. They have been lying to me since day 1 of signing up with them. The site is secure. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. I would recommend not to do business with this company. The Signature page of the second contract is an EXACT COPY of the account I did open. I was told thay my rates would be as low as 1.5%. This company will be out of business in one year or less. Copyright 2023 eMerchantBroker, LLC. BBB received a pattern of complaints concerning collections practices. The merchant solutions is the most horrible company I have ever dealt with. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Still interested? 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. Click here to earn a reward. 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. 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%. Its like they try to rip you off once last time b4 they let you go. 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? The overall household debt for an average family increased by 11% during the last 10 years. Thousand Oaks, CA 91362. Because of their undisclosed fees and charges I ended up paying more than my previous company. 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. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Screw this place I wish their was a way we could put them out of business. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. 651-398-1636. 844-66-CFGMS (844-662-3467) Due to the risky nature of your business the typical bank wont deal with you. * The terms and conditions of this promotion currently cannot be found on the website. Beware, do not do business with merchant solutions. Here Are The Processors Who Don't Hide Fees. 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. From The Editor If you can get one who has worked with businesses in the debt collection industry, the better. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. 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. 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! Learn more about dealing with debt collection at ftc.gov/debt. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. The sole purpose of the material presented herein is to alert, educate, and inform readers. They will not return my phone calls now. 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. eMerchant Authority operates an in-house underwriting team. 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. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. This means that your business will be making a lot more profit for each transaction. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. They are very rude and they will not correct the problem with me even though they said they would. The .gov means its official. If your company is in the business of collecting debts, then you will need to have some way to process payments. Understand how the CFPB's Debt Collection Rule can help you. I was never told about a restocking fee and some other charge until I got ready to cancel. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. I wish I would have read some reviews before I sign up with these con artists. 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. This Post Might Help: Best Restaurant Merchant Accounts. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. The worst company to do business with ever!!!! The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. Phillip created this website and has written over 1,000 articles regarding all things payments. My contract ends in January 2015 and I am looking forward to it. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. They are crooks. Only. Its website can be hard to use as well. You can get your approval in as little as 24 hours. This means that you could, effectively, lose your ability to run your business. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. I didnt fill out anything to open OR close the account and today was hit with $495 fee. They have fees for everything when you cancel or have to end your contract early. That doesnt count the canclelation fee that coming up from them. 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 salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Besides, we understand just how financially difficult it is to become a business owner. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Monthly Processing Range The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Teaming with IVR Technology Group, we also provide pay-by-phone voice . With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Click here for more product information. 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. You may be charged fees for using this account. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. The Merchant Solutions processes most major payment types. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. This means that the process is fast. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Sign up today and get a free card reader! Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. If that happens, then it will be the merchant account provider on the line. Better look for alternatives. This is why we want to help you get the right debt collection merchant account from the very start. 4 Best Merchant Accounts For Collection Agencies. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Let us know how well the content on this page solved your problem today. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! 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. 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.