You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. This company is nothing but a fraud. Save money with Merchant Solutions low processing rates and free terminal program. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. A collection agency merchant account is essential to process payments in this unique industry. They may require countless numbers of documents. 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Search the Legal Library instead. dont believe what they tell you My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. 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. They Rip you off way more than wat they told you they would charged. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. This credit card processing company is HORRIBLE! Home (425) 643-2613 (800) 755-1107. Get Started With Durango Merchant Services. Getting paid to re-write this page? 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. Understand how the CFPB's Debt Collection Rule can help you. To better understand why we adjust BBB ratings, please see our Rating Criteria. BE AWARE!!! Youre also working with a business that knows your problem and has the fix. The overall household debt for an average family increased by 11% . Youll get your merchant account for your collection agency in as little as 24 48 hours. These gateways may also support online portals through which users must enter before they can submit their payments online. 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. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. This is very dishonest company with deceptive business practices. BEWARE OF THESE DOGS! We work to advance government policies that protect consumers and promote competition. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. 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. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Now illness has caused me to lose my merchant tax ID. . He has also researched and published reviews about nearly every payment services provider and processor. They really do not want to do this. Learn more about our monetization policies here. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. We occasionally send out emails with special offers. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. Let us know how well the content on this page solved your problem today. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Home; Services Healthcare Services; Consumer Business Collections . Look out for credit card processors who offer other merchant solutions that could be useful for your business. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. 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. I was told thay my rates would be as low as 1.5%. 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. They dont deserve a BBB rating they suck!!!! PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. Get the truth here. Disgusted. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). And because I signed the document, the company is telling me, that I am liable for the contract. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Note that we are not able to provide private consultations, give advice, or answer questions. Your Merchant Cash Advances help commercial businesses succeed. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. As of right now, I have this company for falsifying documents, and felony forgery. Higher cost than explained in solicitations Copyright 2023 Merchant Maverick. 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 This includes debt collection companies and debt buyers. Merchant Mavericks ratings are not influenced by affiliate partnerships. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more All Rights Reserved. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. High-risk specialist with anti-fraud and anti-chargeback protections. In Summary: 4 Best Merchant Accounts For Collection Agencies. Before sharing sensitive information, make sure youre on a federal government site. Copyright 2020 eMerchant Authority | Website by JM Marketing. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Zero star rating, they are big time scam Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. This company and its employees are rude, I have been trying to cancel and they make it difficult. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? The worst company to do business with ever!!!! I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. 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. Not an existing MeS Virtual Terminal User? You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. This is an attempt to collect a debt and any . Dont give them, or their mother company, First Data, your business!!! Which Business Bank Account is Right For You? If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. one year. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Telephone: (818) 409-6000. 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. I used Merchant Solutions for approx. A lot of other company with no contract and fees to work with out there. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. the name of the creditor you owe it to. Help us to improve by providing some feedback on your experience today. Flexible and transparent pricing suits high- and low-ticket agencies. Moreover, EMB is rate A by Card Payment Options. The sales rep never returned my calls and is no longer with thw company. Some merchant account providers may offer high fees. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Seeking to take them to court for their theft. Both were resolved to the dissatisfaction of the merchant or received no final response. $35.00 They have fees for everything when you cancel or have to end your contract early. 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. 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. close down your account. These people are the biggest crooks Ive ever encountered. 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. 651-398-1636. When you choose us, youre not just getting back your assets. This is a business that is rife with fraud and chargebacks. Other companies may just outright decline your application. Their hidden fees are through the roof. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. If you have already signed up with them, get out fast. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. We may earn revenue if you obtain services from a provider that we recommend. That doesnt count the canclelation fee that coming up from them. The chargeback will be made against their account. Strongly suggest that anyone does there homework and compare companies for this service. Looking For One Of These Merchant Accounts For Collection Agencies? That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. See Which Processors Offer No Monthly Fees And No Contracts. Min. Why Is Credit Card Processing For Collection Agencies Considered High Risk? 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 . Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. please dont sign up and let people know about that. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Call us now on 877-700-5790 for further assistance. 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! You may be charged fees for using this account. Swipe credit cards securely by implementing PCI compliant payment solutions. 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. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Our services are secure and reliable. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. It took me 2 weeks of calling NON-STOP to get any response. Numerous calls went straight to voicemail without any return calls. If you hear from them just Run!!! i signed up a few weeks ago and havent been able to get into contact with them since. They stealing $1000.00 dollars from my account. They have terrible reviews on google and many many complains on BBB. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. These are charged beyond any percent fees. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. 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. High-risk specialist for U.S.-based collection agencies. It is not intended as legal or financial advice. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Austin Smith was very knowledgeable and helpful! 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! 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. 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. 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. YOU WILL BE SORRY! The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The competition is real with so many POS servicing company. This means that you cannot work with companies like PayPal or Square. Click here to earn a reward. Trouble Getting Approved? Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. This company hires predatory sales people, arent up front about fees and raped my bank account. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. 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. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Credit Card Processing for Debt Collection Businesses They will tell you that there are no hidden fees and no extra charges. Opens accounts with terms not agreed to. Amazing! eMerchant Authority operates an in-house underwriting team. Don't Fall Into An Expensive Trap. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. Garbage company. Call 1-888-288-2692. 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%. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. TMS offers a dedicated support phone line and an email form on its website. Suite 209 services due to the high risk associated with debt collection businesses. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. I was to have 1 account with Merchant Solutions ! If that happens, then it will be the merchant account provider on the line. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Nasty contract . She said that I would need to submit an application in order to verify the discounts they were offering. I will make sure this is my last time using this company. He is very knowledgeable and provided excellent support. They constantly slip in unauthorized charges. 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. This means that the process is fast. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. This means that our job is to reduce the risk of any transactions for the merchant bank. The Merchant Solutions processes most major payment types. Read more below to learn why we chose these options. FTC Staff. Then I began getting charged a PCI non compliant fee $40.00. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Most merchant providers are reluctant to offer. This has Been the worst POS processing company I have ever felt with. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. 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. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. They said they had cancelled the account, but the following month we were charged again. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. RUN! Find legal resources and guidance to understand your business responsibilities and comply with the law. See this page to learn how we support our operations. They Are Not truthful about their service. Worse company ever. how much money you owe. 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). You could tell a collector to send a validation notice. It was revoked by State of TN. 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.. 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. They may require you to constantly have reserve cash in your account. I was never given a written contract had computer generated signature. 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. STAY AWAY. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. No doubt necessary to achieve any success, as the sales person was barely literate. Our proven investigation tools help us create fast and effective debt recovery services. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. By working with eMerchant Authority, this is a problem that can be avoided. Both were resolved to the dissatisfaction of the merchant or received no final response. Screw this place I wish their was a way we could put them out of business. Instead, you need to search for high-risk merchant accounts. 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. processing as well as the collections industry, in order to support compliance and best practices adherence . 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. Suggest you consider that Paymentech and many others do not charge this. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Phillip created this website and has written over 1,000 articles regarding all things payments. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. 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. Still interested? Which Collection Agency Merchant Account Is Right For My Business? We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. This post will help: How to Get Out of a Merchant Account Contract. 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. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. 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 .
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