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. Debt Collection Merchant Services - Merchant Card Advisors After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. dont believe what they tell you They constantly slip in unauthorized charges. A lot of other company with no contract and fees to work with out there. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. Over the years, we have built up connections with banks all over the world. 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. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. When I wanted to cancel they wouldnt send me the cancellation form for weeks. From The Editor Since these banks know and trust the quality of our services, they will be able to trust you too. 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. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. This means that you cannot work with companies like PayPal or Square. Essentially, they steal from the customer. 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. Learn how to resolve this complaint. The overall household debt for an average family increased by 11% . That doesnt count the canclelation fee that coming up from them. Respectable processors like EMB guarantee a fast, secure application process. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Anybody have any suggestions for getting out of this company? 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. Ideal for collection agencies with a history of excessive chargebacks. Required fields are marked *. 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. Pure scam artists just looking to steal your hard earned money. Fax: (818) 707-7070. Square is a top choice for POS for any type of business. Seriously they will destroy your business. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Horrible company. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Square is a top choice for POS for any type of business. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. 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. Dont give them, or their mother company, First Data, your business!!! Call us now on 877-700-5790 for further assistance. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. 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. 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 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. In some cases, this leads to merchants contracting with debt collection agencies. Easier borrower qualifications that help you build business credit. Here Are The Processors Who Don't Hide Fees. I was skeptical and decided not to switch to merchant solutions. Also that free terminal will cost you $350 when you try to cancel the account. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. This Post Might Help: Best Restaurant Merchant Accounts. Debt Collection Agency Merchant Account - PayKings CardPaymentOptions.com, Inc. All Rights Reserved. She also helped us to file our annual PCI compliance saving us about $40 per month. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. They stealing $1000.00 dollars from my account. Which Business Bank Account is Right For You? Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). In Summary: 4 Best Merchant Accounts For Collection Agencies. Learn more about your rights as a consumer and how to spot and avoid scams. The collector has to tell you four pieces of information. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. We spoke with ANAIS today and were helped with understanding the rates. 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 . Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. This lack of transparency in pricing is typical of the industry in general. 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. These gateways may also support online portals through which users must enter before they can submit their payments online. 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. 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. What out business owners out there about this Merchant Solutions. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. If that happens, then it will be the merchant account provider on the line. 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. Merchant Mavericks ratings are not influenced by affiliate partnerships. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Annual Fee $79.00 Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. These people are down right crooks! If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. Your Merchant Cash Advances help commercial businesses succeed. Such a vendor can be a great help for your debt collector business. And particularly so for debt collectors due to the consumer demographic of debtors. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. See Who The Worst Processors Are. 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. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. High-risk specialist with anti-fraud and anti-chargeback protections. This has Been the worst POS processing company I have ever felt with. All debt collectors track down past-due debts that businesses and consumers owe. They need to see how strong your profits are. DO NOT EVEN talk to their salespeople. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. These are all fees that were started 8 months into my contract. 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). Looking For One Of These Merchant Accounts For Collection Agencies? This was not in our contract, but I couldnt get the money back without suing them. This company needs to be put out of business. 53 of these reviews are positive, while the remaining 5 reviews are negative. Were dedicated to B2B debt recovery. 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 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. Do you feel like its the right time to start a collection agency? 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. 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. 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. These people called me for weeks and sent me all kinds of sales materials when my business started. they hurt me by taking un authorized money out of my account 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. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. We can help your collection agency even if you've you been turned down by service providers in the past. Get Your Quote. Upon cancellation after over 4 years I returned the machine in good order. 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 means that you can always stay on top of any transactions that you are making. I will NEVER consider using them again. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. eMerchant Authority operates an in-house underwriting team. Were never worried about our overdue receivables. said no business ever. 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. 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. Their customer service is simple horrible. how much money you owe. 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. The following is a sample list of complaints filed against United Merchant . She said that I would need to submit an application in order to verify the discounts they were offering. Verify before you sign with this company. 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. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. The Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. My contract ends in January 2015 and I am looking forward to it. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. A collection agency merchant account is classified as high risk for a number of reasons. The types of collections that different agents and agencies deal with, though, can vary widely. Debt Collection Merchant Accounts At this point, I am looking for a new processor . 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. I wish I would have read some reviews before I sign up with these con artists. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. Understand how the CFPB's Debt Collection Rule can help you. Payment Processing . 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. Offers automated account application and custom quote processes. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. He has a BA in Creative Writing and a Minor in German from Goucher College. You can get your approval in as little as 24 hours. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Im so glad I read these before making a huge mistake. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Get the truth here. 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. 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. However, pricing is not disclosed on either of those services. Processing statements are intentionally complicated so that they can overcharge you. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . 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. The overall household debt for an average family increased by 11% during the last 10 years. 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. 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. A full point-of-sale (POS) system in one sleek package. Before sharing sensitive information, make sure youre on a federal government site. PCI Non-Cpmpliance. It isnt just the finances of your business that they pay attention to either. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Worse company ever. TOTAL SCAMMERS!!! After i cancle my account they charged me 200$ come out of no where. FTC Staff. Note that we are not able to provide private consultations, give advice, or answer questions. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! BE AWARE!!! The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. You will not have enough time to do it, the machine terminal breaks all the time. Every review above has happened to me too exactly like the above. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. See Which Processors Offer No Monthly Fees And No Contracts. Sequoia Financial Services - 2021 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. Merchant Solutions Group - Merchant Cash Advance | Working Capital They are crooks. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. 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. I would not recommend TMS to my worst enemies. Specialized account support for multiple collection agency types. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Let us know how well the content on this page solved your problem today. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. They are charging me a huge fee to cancel. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Location & Ownership Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. 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 Merchant Solutions is definitely THE worst credit card company EVER!!!! Pam called me offering a competitive rate for credit card processing. 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. These people are the biggest crooks Ive ever encountered. They are beyond shady and dont care at all about customer service!!! Los Angeles Debt Collection - Credit Consulting Services 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. I was to have 1 account with Merchant Solutions ! $1350 fee if terminal is not returned within 10 days. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. 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. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Then I began getting charged a PCI non compliant fee $40.00. The worst company to do business with ever!!!! BBB received a pattern of complaints concerning collections practices. It is not intended as legal or financial advice. All Rights Reserved. Call 1-888-288-2692. From The Editor 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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. 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. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. This company should not be allowed to do business. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? From The Editor Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Nasty contract . Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. How to look up licensees and those debt collectors allowed to do No mention of 3 year contract and no proof of it. This company is deceitful. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. 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. Forgotten Password? 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. 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..
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