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? This is why we want to help you get the right debt collection merchant account from the very start. This company and its employees are rude, I have been trying to cancel and they make it difficult. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Search the Legal Library instead. Very rude on phone, does not care about you as a customer. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. I used Merchant Solutions for approx. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. These are all fees that were started 8 months into my contract. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. It took me 2 weeks of calling NON-STOP to get any response. Because of their undisclosed fees and charges I ended up paying more than my previous company. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Annual Fee $79.00 Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. 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. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Get Started With Durango Merchant Services. 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. They are crooks. The companys rating is also impacted by its higher-than-average complaint total with the BBB. I was never told about a restocking fee and some other charge until I got ready to cancel. 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. However, pricing is not disclosed on either of those services. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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. Merchant Solutions is a very dishonest processor. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. they charged me $450 every month out of total 10k annual monthly. Phillip created this website and has written over 1,000 articles regarding all things payments. From The Editor New York, NY 10038. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Fast turnaround: as little as 1-2 days. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Toll free: (888) 544-9711. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. 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. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. They may even have maximum limits to any transactions that you complete. 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. 844-66-CFGMS (844-662-3467) Keep up the excellent work Austin and thank for helping us through out the entire setup process. 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. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. 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. 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. This means that you will be out of business. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Ideal for collection agencies with a history of excessive chargebacks. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. We appreciate it. 651-398-1636. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Pure scam artists just looking to steal your hard earned money. Learn more about dealing with debt collection at ftc.gov/debt. Also that free terminal will cost you $350 when you try to cancel the account. Only. 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. Early penalty for cancellation. 53 of these reviews are positive, while the remaining 5 reviews are negative. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Screw this place I wish their was a way we could put them out of business. 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. Its like they try to rip you off once last time b4 they let you go. 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. 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. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Dont sign up or you will regret it at the end. Address: Recovery Solutions Group. Higher cost than explained in solicitations 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.. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Learn more about our monetization policies here. 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. Thanks ANAIS. 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. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. 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. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. If your company is in the business of collecting debts, then you will need to have some way to process payments. All feedback, positive or negative, helps us to improve the way we help small businesses. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Several complainants outright accuse the company of being a ripoff or a scam operation. Do not believe anything they say about their service. Get clarity before you switch. She also helped us to file our annual PCI compliance saving us about $40 per month. I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! Keep your money you work for and dont use them. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Monthly Processing Range If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. this will happen if you change to another company. They will tell you that there are no hidden fees and no extra charges. I had to close the account, due to poor sales results. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. In some cases, this leads to merchants contracting with debt collection agencies. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. This form is for feedback only. Home (425) 643-2613 (800) 755-1107. I have been in contact with them for months now, and they still cannot give me a justifiable answer. The Merchant Solutions also appears to resell the products of First Data (Fiserv). 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. 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. 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%. eMerchantBroker.com. 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. 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. Should have know. 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. They said they are the cheapest one but they are not. Going to BBB and will get attorney if I have to. 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. 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. Swipe credit cards securely by implementing PCI compliant payment solutions. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. 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. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Do you feel like its the right time to start a collection agency? John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. This is an attempt to collect a debt and any . Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. The Best Merchant Accounts For Collection Agencies & Debt Collectors. They never have any answers and are only looking for ways to disconnect you. Its a TOTAL SCAM! They said they had cancelled the account, but the following month we were charged again. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Which Collection Agency Merchant Account Is Right For My Business? Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Your Merchant Cash Advances help commercial businesses succeed. No mention of 3 year contract and no proof of it. Do not get trap by this company. THIS WAS A TOTAL LIE. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period.

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