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. 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. These people are down right crooks! These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. They have terrible reviews on google and many many complains on BBB. At Monetaria, we understand that your MCA agreements are time-sensitive. Banned Debt Collectors | Federal Trade Commission 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. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. It took me 2 weeks of calling NON-STOP to get any response. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Debt Collection Agency Merchant Account - PayKings Anybody have any suggestions for getting out of this company? Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Debt Collection Merchant Accounts FTC Staff. High-risk specialist with anti-fraud and anti-chargeback protections. That doesnt count the canclelation fee that coming up from them. This means that you cannot work with companies like PayPal or Square. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. The merchant solutions is the most horrible company I have ever dealt with. Sending Chargebacks to Debt Collection They said they are the cheapest one but they are not. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. 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. Because of their undisclosed fees and charges I ended up paying more than my previous company. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. I was skeptical and decided not to switch to merchant solutions. We work to advance government policies that protect consumers and promote competition. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. For this reason, they are often linked to high complaint totals. Were dedicated to B2B debt recovery. Click here to earn a reward. 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 ?????? 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! Zero star rating, they are big time scam They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. A full point-of-sale (POS) system in one sleek package. Today was the last straw which we really been shut down since April over covid19. From The Editor Help us to improve by providing some feedback on your experience today. if anyone do business with this scums be prepared to have a high blood pressure. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. They are beyond shady and dont care at all about 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. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. The sales rep never returned my calls and is no longer with thw company. Every review above has happened to me too exactly like the above. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. THIS WAS A TOTAL LIE. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. We're Proud to Advance Cash to Business Owners Like You. Seeking to take them to court for their theft. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. They will not return my phone calls now. 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.. From The Editor Save money with Merchant Solutions low processing rates and free terminal program. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center What Consumers Should Do When Fake Debt Collection Scammers Call. 1008 Mattlind Way. Im so glad I read these before making a huge mistake. 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. Merchant Solutions is a very dishonest processor. 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. Copyright 2023 Merchant Maverick. 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. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. How To Know If A Debt Collector Is A Scam | Bankrate The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Amazing! This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. They stealing $1000.00 dollars from my account. 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.. 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. The worst company to do business with ever!!!! I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. A collection agency merchant account is essential to process payments in this unique industry. If you have your own The Merchant Solutions review to make, please do so in the comments below. Debt Collections Merchant Account Solutions - eMerchant Authority Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. : 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. For me customer support is key and Austin is definitely an asset to this company. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Our integrations connect you with the best tools for your business. They have fees for everything when you cancel or have to end your contract early. 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. Debt Collection Merchant Services - Merchant Card Advisors This post will help: How to Get Out of a Merchant Account Contract. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. They are awful and very dishonest do not use them. PCI Non-Cpmpliance. Merchant Mavericks ratings are not influenced by affiliate partnerships. Keep your money you work for and dont use them. Its like they try to rip you off once last time b4 they let you go. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. I think I was the set up by Merchant Solutions. High-risk specialist for U.S.-based collection agencies. Phillip created this website and has written over 1,000 articles regarding all things payments. I got a shock when they deducted total of $1000.00 from my account in 4 payments. They never have any answers and are only looking for ways to disconnect you. In addition to those 2 complaints, the company has received 58 informal reviews. Best Merchant Accounts for Debt Collection Agencies 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. Square is a top choice for POS for any type of business. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. Also that free terminal will cost you $350 when you try to cancel the account. Debt Collection Industry and Merchant Accounts they charged me $450 every month out of total 10k annual monthly. These revenues in no way influence our ratings or reviews. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. If you are a small business owner avoid these crooks like the plague. 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. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. If you can get one who has worked with businesses in the debt collection industry, the better. He has also researched and published reviews about nearly every payment services provider and processor. CardPaymentOptions.com, Inc. All Rights Reserved. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. They are charging me a huge fee to cancel. Moreover, EMB is rate A by Card Payment Options. Total $247.95. 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. They Rip you off way more than wat they told you they would charged. Credit card processing for debt collection agencies Why Is Credit Card Processing For Collection Agencies Considered High Risk? 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. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. 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. Also when you call they have no customer service and are rude on the phone. I would not recommend TMS to my worst enemies. This means that you can always stay on top of any transactions that you are making. Your Merchant Cash Advances help commercial businesses succeed. 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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. These people are the biggest crooks Ive ever encountered. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Weve resolved overdue accounts for clients without damaging customer relationships. We also encourage merchants to check out our list of the providers of the best merchant accounts. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. Keep up the excellent work Austin and thank for helping us through out the entire setup process. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Garbage company. Still interested? Complaints for Recovery Solutions Group, LLC - Better Business Bureau 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. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. 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. Should have know. Higher cost than explained in solicitations So only use this business if you like being lied to and stole from cause thats what their good at. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Strongly suggest that anyone does there homework and compare companies for this service. We were charged a $350 restocking fee after being told there would be NO FEES. 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. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Flexible and transparent pricing suits high- and low-ticket agencies. 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. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Noah is a writer and content creator currently living in Fairfax, VA. If you stop using it, they still charge you a lot of fees. Telephone: (818) 409-6000. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. I have never had any other merchant?! Ready to integrate payment processing solutions into your new business? BEWARE OF THESE DOGS! Provider of affordable payment processing hardware that can streamline various debt collection operations. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Click here for more product information. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. 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. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. We may earn revenue if you obtain services from a provider that we recommend. 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. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. not explained. This post will help: Cancelling a Merchant Account Without Paying a Fee. When we both know its theirs! This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Besides, we understand just how financially difficult it is to become a business owner. 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. they hurt me by taking un authorized money out of my account They said they had cancelled the account, but the following month we were charged again. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Dont give them, or their mother company, First Data, your business!!! Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Its just a penalty fee that they add on you for leaving their company. 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. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. However, pricing is not disclosed on either of those services. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. 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. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. See Who The Worst Processors Are. You could tell a collector to send a validation notice. 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 . Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. I have proof of all deductions after I cancelled. Learn more about our monetization policies here. In addition, they told us the transaction fee would be 2.65% of each purchase. 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. I was never given a written contract had computer generated signature. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. Let us know how well the content on this page solved your problem today. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries.
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