There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. My contract ends in January 2015 and I am looking forward to it. * The terms and conditions of this promotion currently cannot be found on the website. Call us now on 877-700-5790 for further assistance. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Very rude on phone, does not care about you as a customer. They round up everything, even when they shouldnt according to elementary mathematics! They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. Which Business Bank Account is Right For You? The types of collections that different agents and agencies deal with, though, can vary widely. 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. Instead, you need to search for high-risk merchant accounts. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. I have never had any other merchant?! In addition, they told us the transaction fee would be 2.65% of each purchase. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. I got a shock when they deducted total of $1000.00 from my account in 4 payments. 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. The companys rating is also impacted by its higher-than-average complaint total with the BBB. 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 Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Let us know how well the content on this page solved your problem today. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. We're Proud to Advance Cash to Business Owners Like You. DO NOT EVEN talk to their salespeople. You really leave your business account open to these guys with free access to do as they like. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. This company is nothing but a fraud. Milford, DE 19963. I was to have 1 account with Merchant Solutions ! 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. 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. Thanks ANAIS. BBB received a pattern of complaints concerning collections practices. This has Been the worst POS processing company I have ever felt with. The overall household debt for an average family increased by 11% during the last 10 years. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. These processors offer Quickbooks integration and have low rates. they hurt me by taking un authorized money out of my account Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. A lot of other company with no contract and fees to work with out there. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% The following is a sample list of complaints filed against United Merchant . Keep up the excellent work Austin and thank for helping us through out the entire setup process. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Required fields are marked *. This includes debt collection companies and debt buyers. 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. Help us to improve by providing some feedback on your experience today. 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. It was revoked by State of TN. 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. Their charges are exhorbitant. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. one year. So, its no surprise that banks often deny them merchant accounts. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. What out business owners out there about this Merchant Solutions. Now they have charged me with a PCA compliance processing fee of $149, payable annually. From The Editor eMerchant Authority operates an in-house underwriting team. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. This lack of transparency in pricing is typical of the industry in general. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. You will not have enough time to do it, the machine terminal breaks all the time. 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. not explained. 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. This means that you cannot work with companies like PayPal or Square. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 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. 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. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. 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. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Most merchant providers are reluctant to offer. Merchant Solutions is a very dishonest processor. The worst company to do business with ever!!!! Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Which Collection Agency Merchant Account Is Right For My Business? Copyright 2023 Merchant Maverick. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. 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. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. We work to advance government policies that protect consumers and promote competition. Copyright 2020 eMerchant Authority | Website by JM Marketing. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! He is very knowledgeable and provided excellent support. I am still waiting on on calls from their supervisors from last year. Still interested? No doubt necessary to achieve any success, as the sales person was barely literate. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. 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. They are charging me a huge fee to cancel. DO NOT use this company. If you would like to interview Phillip for your story or podcast, please reach out here. Zero star rating, they are big time scam It's a cut throat industry. 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. 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. 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. Worse company ever. Swipe credit cards securely by implementing PCI compliant payment solutions. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The site is secure. STAY AWAY. Your business cannot opt for a standard merchant account here. 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. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. They will not return my phone calls now. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. eMerchantBroker.com. To better understand why we adjust BBB ratings, please see our Rating Criteria. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. 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. They Rip you off way more than wat they told you they would charged. 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. However, pricing is not disclosed on either of those services. 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. He has a BA in Creative Writing and a Minor in German from Goucher College. Respectable processors like EMB guarantee a fast, secure application process. They may even have maximum limits to any transactions that you complete. 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. RUN! 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. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. You almost certainly will not be able to work with companies like PayPal. 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. No mention of 3 year contract and no proof of it. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. At Monetaria, we understand that your MCA agreements are time-sensitive. 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. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. Location & Ownership The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. The sole purpose of the material presented herein is to alert, educate, and inform readers. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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. 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. This means that you will be out of business. Youll get your merchant account for your collection agency in as little as 24 48 hours. They have been lying to me since day 1 of signing up with them. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. That doesnt count the canclelation fee that coming up from them. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. 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. 2985 E. Hillcrest Drive Fast turnaround: as little as 1-2 days. 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. Learn more about your rights as a consumer and how to spot and avoid scams. Click here for more product information. 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. They are crooks. The Signature page of the second contract is an EXACT COPY of the account I did open. Horrible company. They Are Not truthful about their service. Besides, we understand just how financially difficult it is to become a business owner. If you are a small business owner avoid these crooks like the plague. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. 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. Should have know. 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 didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. Fax: (818) 707-7070. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 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 All debt collectors track down past-due debts that businesses and consumers owe. When I wanted to cancel they wouldnt send me the cancellation form for weeks. This company, Merchant Solutions, is a fraud. Since these banks know and trust the quality of our services, they will be able to trust you too. Its important to be able to connect with a real person on the phone. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. This company should not be allowed to do business. 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. I am still trying to get that back. They will tell you that there are no hidden fees and no extra charges. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. This is why we want to help you get the right debt collection merchant account from the very start. 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. Sign up today and get a free card reader! You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Home (425) 643-2613 (800) 755-1107. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Payment Processing .
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