However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . 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. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. 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. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. This company is deceitful. 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. dont believe what they tell you Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more So, its no surprise that banks often deny them merchant accounts. I set up a payment arrangement . Also that free terminal will cost you $350 when you try to cancel the account. Respectable processors like EMB guarantee a fast, secure application process. Are you with The Merchant Solutions? These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. 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. if anyone do business with this scums be prepared to have a high blood pressure. No doubt necessary to achieve any success, as the sales person was barely literate. New York, NY 10038. Call us now on 877-700-5790 for further assistance. Suite 209 Of course, we will provide you with all of the tools that you need to process payments. Which Business Bank Account is Right For You? 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. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! 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. This company hires predatory sales people, arent up front about fees and raped my bank account. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. HORRIBLE ! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. . They may require countless numbers of documents. You will not have enough time to do it, the machine terminal breaks all the time. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 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. High-risk specialist for U.S.-based collection agencies. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . 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. 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.. This means that your business will be making a lot more profit for each transaction. Comp Admin Fee $9.95 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Since these banks know and trust the quality of our services, they will be able to trust you too. From The Editor the name of the creditor you owe it to. 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. However, pricing is not disclosed on either of those services. Search the Legal Library instead. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. 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. See Which Processors Offer No Monthly Fees And No Contracts. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. YOU WILL BE SORRY! 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. for lack of use and Merchants want 490 dollars to terminate service. Flexible and transparent pricing suits high- and low-ticket agencies. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. It isnt just the finances of your business that they pay attention to either. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. BBB received a pattern of complaints concerning collections practices. TMS offers a dedicated support phone line and an email form on its website. 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. See Who The Worst Processors Are. 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. 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. The collector has to tell you four pieces of information. i signed up a few weeks ago and havent been able to get into contact with them since. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Upon cancellation after over 4 years I returned the machine in good order. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. For this reason, they are often linked to high complaint totals. At this point, I am looking for a new processor . The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. 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. how much money you owe. I will make sure this is my last time using this company. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. They are charging me a huge fee to cancel. 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. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Over the years, we have built up connections with banks all over the world. DO NOT use this company. CFG Merchant Solutions, LLC. Forgotten Password? Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. If you are a small business owner avoid these crooks like the plague. Location & Ownership Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Pure scam artists just looking to steal your hard earned money. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. 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. If anyone has a better option please let me know. Opinions expressed here are authors alone. A full point-of-sale (POS) system in one sleek package. Due to the unique processes we have in place, we can offer affordable rates for our services. This means that you could, effectively, lose your ability to run your business. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. It was revoked by State of TN. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. 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. 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. Monthly Fee $25.00 To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. 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 . THIS WAS A TOTAL LIE. If you hear from them just Run!!! Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. RUN! Get the truth here. 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. This means that you cannot work with companies like PayPal or Square. Still interested? Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? You really leave your business account open to these guys with free access to do as they like. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Find Loan Options For Your Small Business. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Higher cost than explained in solicitations They are very rude and they will not correct the problem with me even though they said they would. Address: Recovery Solutions Group. This Post Might Help: Best Restaurant Merchant Accounts. They are awful and very dishonest do not use them. 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. 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. The sales rep never returned my calls and is no longer with thw company. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. 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. They are beyond shady and dont care at all about customer service!!! These people are the biggest crooks Ive ever encountered. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. Your email address will not be published. These are charged beyond any percent fees. I hope there will be a class action lawsuit and I plan to be a part of it. Many may find PaymentClouds organization of products on its website to be less than navigable. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. They may require you to constantly have reserve cash in your account. He has also researched and published reviews about nearly every payment services provider and processor. High-risk specialist with anti-fraud and anti-chargeback protections. Pam called me offering a competitive rate for credit card processing. 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. Due to the risky nature of your business the typical bank wont deal with you. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Home (425) 643-2613 (800) 755-1107. If you would like to interview Phillip for your story or podcast, please reach out here. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They need to see how strong your profits are. Don't Fall Into An Expensive Trap. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. 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. The Merchant Solutions is definitely THE worst credit card company EVER!!!! I was never told about a restocking fee and some other charge until I got ready to cancel. I used Merchant Solutions for approx. Getting paid to re-write this page? Not an existing MeS Virtual Terminal User? They want me to pay almost $900.00 for equipment I dont use. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. 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. You may be charged fees for using this account. That doesnt count the canclelation fee that coming up from them. As of right now, I have this company for falsifying documents, and felony forgery. close down your account. You almost certainly will not be able to work with companies like PayPal. This means that you will be out of 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. I have proof of all deductions after I cancelled. 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. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. 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. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Dont sign up or you will regret it at the end. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. 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. Their charges are exhorbitant. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. An official website of the United States government. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. $1350 fee if terminal is not returned within 10 days. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Our services are secure and reliable. Do you feel like its the right time to start a collection agency? Horrible company. Toll free: (888) 544-9711. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. The competition is real with so many POS servicing company. A collection agency merchant account is essential to process payments in this unique industry. 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. I was to have 1 account with Merchant Solutions ! Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Some processors have no monthly, no annual fees, no contract, and cheap rates. 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. Zero star rating, they are big time scam Strongly suggest that anyone does there homework and compare companies for this service. Same situation. 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. 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. We also encourage merchants to check out our list of the providers of the best merchant accounts. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. 180 Maiden Lane, 15th Floor. Stay away from Themechantsolution!!! 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. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. If your company is in the business of collecting debts, then you will need to have some way to process payments. Ex. Square is a top choice for POS for any type of business. The .gov means its official. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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! Garbage company. Keep your money you work for and dont use them. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. 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. Call 1-888-288-2692. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed.