I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. She said that I would need to submit an application in order to verify the discounts they were offering. 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. 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. FTC Staff. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. We're Proud to Advance Cash to Business Owners Like You. 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. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Once the application process starts, we will find the best merchant account for you. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Besides, we understand just how financially difficult it is to become a business owner. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Youll get your merchant account for your collection agency in as little as 24 48 hours. Its important to be able to connect with a real person on the phone. HORRIBLE ! BE AWARE!!! BBB received a pattern of complaints concerning collections practices. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Opinions expressed here are authors alone. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. We have lowered the companys score in this section to a C to reflect this consistency. The worst company to do business with ever!!!! 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. Phone number: (302) 241-0686. These people are down right crooks! 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). PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. This company should not be allowed to do business. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Annual Fee $79.00 He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. one year. That doesnt count the canclelation fee that coming up from them. So, its no surprise that banks often deny them merchant accounts. eMerchant Authority operates an in-house underwriting team. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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 post will help: How to Get Out of a Merchant Account Contract. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. 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. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. Square is a top choice for POS for any type of business. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. 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. 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. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. When you should have paid 1.62. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. eMerchantBroker.com. Location & Ownership *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. Our proven investigation tools help us create fast and effective debt recovery services. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Their customer service is terrible, they are never reachable. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. I was never told about a restocking fee and some other charge until I got ready to cancel. RUN! Required fields are marked *. 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. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Im so glad I read these before making a huge mistake. Your business cannot opt for a standard merchant account here. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Other companies may just outright decline your application. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. Easier borrower qualifications that help you build business credit. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. I work damn hard to run my business and I will be damned if they are going to steal money from me. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. You almost certainly will not be able to work with companies like PayPal. The merchant solutions is the most horrible company I have ever dealt with. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. 4 Best Merchant Accounts For Collection Agencies. The .gov means its official. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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 . A collection agency merchant account is essential to process payments in this unique industry. Payment Processing . I was never given a written contract had computer generated signature. 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. In some cases, this leads to merchants contracting with debt collection agencies. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. It took me 2 weeks of calling NON-STOP to get any response. Today was the last straw which we really been shut down since April over covid19. dont believe what they tell you If that happens, then it will be the merchant account provider on the line. If you hear from them just Run!!! Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. See this page to learn how we support our operations. 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. Fax: (818) 707-7070. please dont sign up and let people know about that. 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. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Learn how to resolve this complaint. Customer service is horrible. Only. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. This has Been the worst POS processing company I have ever felt with. You will not have enough time to do it, the machine terminal breaks all the time. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. . 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. Read more below to learn why we chose these options. We occasionally send out emails with special offers. TMS offers a dedicated support phone line and an email form on its website. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. This company is nothing but a fraud. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Credit Card Processing for Debt Collection Businesses The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. You may be charged fees for using this account. This is a business that is rife with fraud and chargebacks. CFG Merchant Solutions, LLC. 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. DO NOT EVEN talk to their salespeople. If your company is in the business of collecting debts, then you will need to have some way to process payments. This lack of transparency in pricing is typical of the industry in general. 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. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Now they have charged me with a PCA compliance processing fee of $149, payable annually. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. These gateways may also support online portals through which users must enter before they can submit their payments online. Sign up today and get a free card reader! 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 Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. 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. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. I wish I would have read some reviews before I sign up with these con artists. We were charged a $350 restocking fee after being told there would be NO FEES. Getting paid to re-write this page? This company is deceitful. Respectable processors like EMB guarantee a fast, secure application process. No mention of 3 year contract and no proof of it. Amazing! 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. I used Merchant Solutions for approx. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. I hope there will be a class action lawsuit and I plan to be a part of it. TOTAL SCAMMERS!!! 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 sales rep never returned my calls and is no longer with thw company. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. The Best Merchant Accounts For Collection Agencies & Debt Collectors. This post will help: Cancelling a Merchant Account Without Paying a Fee. And particularly so for debt collectors due to the consumer demographic of debtors. When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. By working with eMerchant Authority, this is a problem that can be avoided. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. 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! 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. Let us know how well the content on this page solved your problem today. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. 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. . Home (425) 643-2613 (800) 755-1107. 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! Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. 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. 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. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. DO NOT use this company. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. And because I signed the document, the company is telling me, that I am liable for the contract. Verify before you sign with this company. DO NOT USE!!! Offers automated account application and custom quote processes. If your company does not show any indication that you conform to this act, then your application will be outright rejected. They may even have maximum limits to any transactions that you complete. From The Editor Copyright 2020 eMerchant Authority | Website by JM Marketing. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. To better understand why we adjust BBB ratings, please see our Rating Criteria. In addition to those 2 complaints, the company has received 58 informal reviews. They Rip you off way more than wat they told you they would charged. Its a TOTAL SCAM! BEWARE OF THESE DOGS! Disgusted. Monthly Fee $25.00 Horrible company. Find the resources you need to understand how consumer protection law impacts your business. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. Search the Legal Library instead. 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. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. If you stop using it, they still charge you a lot of fees. So not only was I billed WITHOUT my consent, but then they refused to refund more than half.