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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. 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. When you choose us, youre not just getting back your assets. YOU WILL BE SORRY! The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. I have proof of all deductions after I cancelled. I think I was the set up by Merchant Solutions. Find the resources you need to understand how consumer protection law impacts your business. 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. Verify before you sign with this company. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Find legal resources and guidance to understand your business responsibilities and comply with the law. You almost certainly will not be able to work with companies like PayPal. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . 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. 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. dont believe what they tell you At this point, I am looking for a new processor . I was skeptical and decided not to switch to merchant solutions. 651-398-1636. They are awful and very dishonest do not use them. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. 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. 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. Garbage company. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. As of right now, I have this company for falsifying documents, and felony forgery. Note: We have adjusted this companys BBB rating according to our own standards. Some processors have no monthly, no annual fees, no contract, and cheap rates. They said they would beat my current rate but never could. 53 of these reviews are positive, while the remaining 5 reviews are negative. Thanks ANAIS. Youll get your merchant account for your collection agency in as little as 24 48 hours. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 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. This is why we want to help you get the right debt collection merchant account from the very start. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Fortunately, there are providers willing and able to help. Many may find PaymentClouds organization of products on its website to be less than navigable. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. 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 charged fees for using this account. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. 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. 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. This post will help: How to Get Out of a Merchant Account Contract. 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. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. Excellent provider for collection agencies with a strong eCommerce presence. 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. Specialized account support for multiple collection agency types. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. The overall household debt for an average family increased by 11% . Get the truth here. Seeking to take them to court for their theft. Numerous calls went straight to voicemail without any return calls. 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. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. BE AWARE!!! Lets start with the salesman Daniel A. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. If that happens, then it will be the merchant account provider on the line. Thousand Oaks, CA 91362. If you have your own The Merchant Solutions review to make, please do so in the comments below. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. I wish I would have read some reviews before I sign up with these con artists. 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. Not an existing MeS Virtual Terminal User? 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. See Which Processors Offer No Monthly Fees And No Contracts. $35.00 The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 2985 E. Hillcrest Drive If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. Monthly Processing Range 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. Their hidden fees are through the roof. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. This form is for feedback only. Their charges are exhorbitant. Fax: (818) 707-7070. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Offers automated account application and custom quote processes. This means that you will be out of business. Required fields are marked *. They are crooks. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. If you can get one who has worked with businesses in the debt collection industry, the better. It was revoked by State of TN. Telephone: (818) 409-6000. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Here Are The Processors Who Don't Hide Fees. Horrible company. Annual PCI Fee $99.00 This company is deceitful. Should have know. 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. 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. PCI Non-Cpmpliance. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. I was told thay my rates would be as low as 1.5%. Pure scam artists just looking to steal your hard earned money. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. See Who The Worst Processors Are. STAY AWAY. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Suggest you consider that Paymentech and many others do not charge this. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Teaming with IVR Technology Group, we also provide pay-by-phone voice . 844-66-CFGMS (844-662-3467) That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. They stealing $1000.00 dollars from my account. This post will help: Cancelling a Merchant Account Without Paying a Fee. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Its website can be hard to use as well. We spoke with ANAIS today and were helped with understanding the rates. eMerchant Authority can help with this. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. 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. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. It isnt just the finances of your business that they pay attention to either. 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. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Ideal for collection agencies with a history of excessive chargebacks. This Post Might Help: Best Restaurant Merchant Accounts. High-risk specialist with anti-fraud and anti-chargeback protections. They have terrible reviews on google and many many complains on BBB. 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. 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. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. These companies and people are banned, by federal court orders, from participating in the business of debt collection. I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. Do not believe anything they say about their service. Why Is Credit Card Processing For Collection Agencies Considered High Risk? They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. 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. This has Been the worst POS processing company I have ever felt with. 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 cannot work with companies like PayPal or Square. These gateways may also support online portals through which users must enter before they can submit their payments online. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. This means that the process is fast. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. So only use this business if you like being lied to and stole from cause thats what their good at. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Fast turnaround: as little as 1-2 days. 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.
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