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Annual Fee $79.00 The types of collections that different agents and agencies deal with, though, can vary widely. Which Business Bank Account is Right For You? Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. A full point-of-sale (POS) system in one sleek package. Easier borrower qualifications that help you build business credit. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. They are charging me a huge fee to cancel. They want me to pay almost $900.00 for equipment I dont use. 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. Should have know. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. 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 PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Just ridiculous! If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. 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. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. I have been with them since 2015 and in June,2019 I decided to go to a different processor. 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). My company is no longer doing business and I have not used the machine in 6 months. 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. Sequoia Financial Services - 2021 Total $247.95. Zero star rating, they are big time scam The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. DO NOT EVEN talk to their salespeople. This means that your business will be making a lot more profit for each transaction. We spoke with ANAIS today and were helped with understanding the rates. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Higher cost than explained in solicitations Weve resolved overdue accounts for clients without damaging customer relationships. The Merchant Solutions processes most major payment types. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. 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!! 651-398-1636. How to look up licensees and those debt collectors allowed to do 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 ?????? Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. SAVE YOURSELF THE HEADACHE! I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. This company and its employees are rude, I have been trying to cancel and they make it difficult. Many may find PaymentClouds organization of products on its website to be less than navigable. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. If you would like to interview Phillip for your story or podcast, please reach out here. Debt Collection Industry and Merchant Accounts Worse company ever. 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. We work to advance government policies that protect consumers and promote competition. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Note that we are not able to provide private consultations, give advice, or answer questions. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. We're Proud to Advance Cash to Business Owners Like You. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. When you should have paid 1.62. All Rights Reserved. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. This field is for validation purposes and should be left unchanged. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. These people are down right crooks! However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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! Fake and Abusive Debt Collectors | Consumer Advice Because of their undisclosed fees and charges I ended up paying more than my previous company. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Seeking to take them to court for their theft. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. 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. 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). Nasty contract . They really do not want to do this. This credit card processing company is HORRIBLE! 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. services due to the high risk associated with debt collection businesses. This means that you cannot work with companies like PayPal or Square. 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. Square is a top choice for POS for any type of business. Then I began getting charged a PCI non compliant fee $40.00. 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. Noah is a writer and content creator currently living in Fairfax, VA. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. 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. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. Better look for alternatives. Other companies may just outright decline your application. please dont sign up and let people know about that. 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. 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. Get the truth here. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com Both were resolved to the dissatisfaction of the merchant or received no final response. Horrible company. Its just a penalty fee that they add on you for leaving their company. Credit & Debt Collections Merchant Services - DigiPay Solutions Credit Card Processing for Debt Collection Businesses I was skeptical and decided not to switch to merchant solutions. 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. In addition, they told us the transaction fee would be 2.65% of each purchase. You will not have enough time to do it, the machine terminal breaks all the time. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. Its important to be able to connect with a real person on the phone. From The Editor The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. It was revoked by State of TN. Save yourself stress and aggravation and sign up with a different processor. 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 then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Home - Merchant Solutions LLC 53 of these reviews are positive, while the remaining 5 reviews are negative. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Their customer service is simple horrible. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Opinions expressed here are authors alone. 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. Understand how the CFPB's Debt Collection Rule can help you. What are debt settlement/debt relief services and should I use them? They constantly slip in unauthorized charges. i signed up a few weeks ago and havent been able to get into contact with them since. Very shady business practices and a very deceptive sales process. So only use this business if you like being lied to and stole from cause thats what their good at. I was to have 1 account with Merchant Solutions ! eMerchantBroker can . Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. How to tell the difference between a legitimate debt collector and 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. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Today was the last straw which we really been shut down since April over covid19. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. This is very dishonest company with deceptive business practices. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Such a vendor can be a great help for your debt collector business. How Can Merchants Use Debt Collectors to Recover Chargebacks? Sign up today and get a free card reader! Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Merchant Solutions Group - Merchant Cash Advance | Working Capital 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. Lets start with the salesman Daniel A. Learn more about your rights as a consumer and how to spot and avoid scams. I didnt fill out anything to open OR close the account and today was hit with $495 fee. 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. 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. They are thieves because they stole money from my account and wont make it right with me. Of course, we will provide you with all of the tools that you need to process payments. 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. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. Problems logging in? $1350 fee if terminal is not returned within 10 days. 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. In addition to those 2 complaints, the company has received 58 informal reviews. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Your business cannot opt for a standard merchant account here. Thanks ANAIS. The site is secure. TOTAL SCAMMERS!!! 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. how much money you owe. Garbage company. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! 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. They are crooks. If your company is in the business of collecting debts, then you will need to have some way to process payments. From The Editor Keep your money you work for and dont use them. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. If you can get one who has worked with businesses in the debt collection industry, the better. eMerchant Authority operates an in-house underwriting team. 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. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. 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. I was told thay my rates would be as low as 1.5%. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. And particularly so for debt collectors due to the consumer demographic of debtors. These people are the biggest crooks Ive ever encountered. 4 Best Merchant Accounts For Collection Agencies. Their charges are exhorbitant. 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. 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. As of right now, I have this company for falsifying documents, and felony forgery. Has representatives that open fradulent accounts. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. 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. 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. 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. Not much, but still more than disclosed. 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. Debt Collection Agency Merchant Account - PayKings Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses.