Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Ex. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. 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. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Fortunately, there are providers willing and able to help. Payment Processing . They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. From The Editor And particularly so for debt collectors due to the consumer demographic of debtors. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Opens accounts with terms not agreed to. Worse company ever. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. 1008 Mattlind Way. 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. They refuse to refund the money. 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. From The Editor Customer service is horrible. 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. Today was the last straw which we really been shut down since April over covid19. This means that you could, effectively, lose your ability to run your business. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Youll get your merchant account for your collection agency in as little as 24 48 hours. Why Is Credit Card Processing For Collection Agencies Considered High Risk? They said they are the cheapest one but they are not. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Processing statements are intentionally complicated so that they can overcharge you. * The terms and conditions of this promotion currently cannot be found on the website. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. PCI Non-Cpmpliance. Austin Smith was very knowledgeable and helpful! At this point, I am looking for a new processor . So then I cancelled and they charged me a $945 restocking reprogramming fee? They have terrible reviews on google and many many complains on BBB. 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. Now illness has caused me to lose my merchant tax ID. Dont give them, or their mother company, First Data, your business!!! . This means that your company can process debit and credit card transactions, and it will do this for an affordable price. 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%. Very rude on phone, does not care about you as a customer. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. I am still trying to get that back. This company is nothing but a fraud. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. 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. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Their charges are exhorbitant. It is not intended as legal or financial advice. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Looking for legal documents or records? Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. This is a business that is rife with fraud and chargebacks. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. See Which Processors Offer No Monthly Fees And No Contracts. TOTAL SCAMMERS!!! That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. I was skeptical and decided not to switch to merchant solutions. Essentially, they steal from the customer. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. If that happens, then it will be the merchant account provider on the line. 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. If your company does not show any indication that you conform to this act, then your application will be outright rejected. They Rip you off way more than wat they told you they would charged. This credit card processing company is HORRIBLE! I would recommend not to do business with this company. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. 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. 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. 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. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. This means that you will need both a payment processor and a merchant account. 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. Some processors have no monthly, no annual fees, no contract, and cheap rates. Going to BBB and will get attorney if I have to. Offers automated account application and custom quote processes. They are thieves because they stole money from my account and wont make it right with me. Has representatives that open fradulent accounts. 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. Understand how the CFPB's Debt Collection Rule can help you. i signed up a few weeks ago and havent been able to get into contact with them since. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. services due to the high risk associated with debt collection businesses. 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. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. 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. They really do not want to do this. Your business cannot opt for a standard merchant account here. Signature not by me, computer generated. Of course, we will provide you with all of the tools that you need to process payments. Some of these limitations can be pretty tough on a business, particularly in their early days. 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. New York, NY 10038. Most merchant providers are reluctant to offer. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. 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. This post will help: Cancelling a Merchant Account Without Paying a Fee. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Its important to be able to connect with a real person on the phone. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Get Your Quote. If you can get one who has worked with businesses in the debt collection industry, the better. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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. Dont sign up or you will regret it at the end. 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. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. this will happen if you change to another company. 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 crooks. 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. They may require countless numbers of documents. 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. 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. The .gov means its official. He is very knowledgeable and provided excellent support. Recovery Solutions Group, LLC (RSG) Contact Information. Min. Noah is a writer and content creator currently living in Fairfax, VA. Looking For One Of These Merchant Accounts For Collection Agencies? 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. Help us to improve by providing some feedback on your experience today. The merchant solutions is the most horrible company I have ever dealt with. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. when you cancel.Please take your business elsewhere. This form is for feedback only. 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. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. I set up a payment arrangement . They charge you all kinds of fees which your not told about. This was not in our contract, but I couldnt get the money back without suing them. Now they have charged me with a PCA compliance processing fee of $149, payable annually. The chargeback will be made against their account. TMS offers a dedicated support phone line and an email form on its website. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. The competition is real with so many POS servicing company. 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. Note: We have adjusted this companys BBB rating according to our own standards. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. They Are Not truthful about their service. This includes debt collection companies and debt buyers. My contract ends in January 2015 and I am looking forward to it. STAY AWAY. they hurt me by taking un authorized money out of my account 844-66-CFGMS (844-662-3467) The Merchant Solutions processes most major payment types. 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. All Rights Reserved. Flexible and transparent pricing suits high- and low-ticket agencies. They want me to pay almost $900.00 for equipment I dont use. Over the years, we have built up connections with banks all over the world. Their customer service is terrible, they are never reachable. This company needs to be put out of business. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. These gateways may also support online portals through which users must enter before they can submit their payments online. Square is a top choice for POS for any type of business. Additional rates and fees, including a technical support fee may apply. This means that your business will be making a lot more profit for each transaction. FTC Staff. Search the Legal Library instead. 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! 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. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. 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. $35.00 All debt collectors track down past-due debts that businesses and consumers owe. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. 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. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. The following is a sample list of complaints filed against United Merchant . High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. As of right now, I have this company for falsifying documents, and felony forgery. It isnt just the finances of your business that they pay attention to either. Due to the risky nature of your business the typical bank wont deal with you. 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. Monthly Processing Range An official website of the United States government. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. PaymentCloud can help almost any business get approved for payment processing. Upon cancellation after over 4 years I returned the machine in good order. Annual PCI Fee $99.00 The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. No doubt necessary to achieve any success, as the sales person was barely literate. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. A lot of other company with no contract and fees to work with out there. BE AWARE!!! 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. 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. Since these banks know and trust the quality of our services, they will be able to trust you too. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. 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. 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 . Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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. 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! This Post Might Help: Best Restaurant Merchant Accounts. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Horrible company. When you choose us, youre not just getting back your assets. eMerchant Authority can help with this. This means that you will be out of business. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. They may even have maximum limits to any transactions that you complete. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. In Summary: 4 Best Merchant Accounts For 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. 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The companys rating is also impacted by its higher-than-average complaint total with the BBB. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. 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. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Read more below to learn why we chose these options. When you should have paid 1.62. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The site is secure. Do not give them your business. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. This company is deceitful. All feedback, positive or negative, helps us to improve the way we help small businesses. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Which Business Bank Account is Right For You? Specialized account support for multiple collection agency types. Horrible company. Not much, but still more than disclosed. Learn more about dealing with debt collection at ftc.gov/debt. They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. eMerchantBroker.com. This lack of transparency in pricing is typical of the industry in general. They charged me $300 for what they called setup charges. Why would we want a service we couldnt use? You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Home (425) 643-2613 (800) 755-1107. Garbage company. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. The collector has to tell you four pieces of information. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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. Fast turnaround: as little as 1-2 days. The sole purpose of the material presented herein is to alert, educate, and inform readers. When we both know its theirs! I have never had any other merchant?! They have been lying to me since day 1 of signing up with them. This means that you can always stay on top of any transactions that you are making. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. As you're checking out a debt collection call, remember: don't respond to threats. Get the truth here. What out business owners out there about this Merchant Solutions. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection.