They may require countless numbers of documents. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Then I began getting charged a PCI non compliant fee $40.00. Youll get your merchant account for your collection agency in as little as 24 48 hours. This company was nothing but deceitful from the beginning. These people are down right crooks! 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. This means that our job is to reduce the risk of any transactions for the merchant bank. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Square is a top choice for POS for any type of business. Both were resolved to the dissatisfaction of the merchant or received no final response. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Not much, but still more than disclosed. Credit Card Processing for Debt Collection Businesses Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Before sharing sensitive information, make sure youre on a federal government site. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. 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. I think I was the set up by Merchant Solutions. 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. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Many may find PaymentClouds organization of products on its website to be less than navigable. Some merchant account providers may offer high fees. Opinions expressed here are authors alone. 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. Additional rates and fees, including a technical support fee may apply. Due to the risky nature of your business the typical bank wont deal with you. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% We work to advance government policies that protect consumers and promote competition. 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. By working with eMerchant Authority, this is a problem that can be avoided. They dont deserve a BBB rating they suck!!!! 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 If you can get one who has worked with businesses in the debt collection industry, the better. 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. Suggest you consider that Paymentech and many others do not charge this. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. A collection agency merchant account is classified as high risk for a number of reasons. This company is deceitful. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. This company and its employees are rude, I have been trying to cancel and they make it difficult. * The terms and conditions of this promotion currently cannot be found on the website. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Looking For One Of These Merchant Accounts For Collection Agencies? Lets start with the salesman Daniel A. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. 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 set up a payment arrangement . All debt collectors track down past-due debts that businesses and consumers owe. 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. This lack of transparency in pricing is typical of the industry in general. 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. Copyright 2020 eMerchant Authority | Website by JM Marketing. 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. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. In Summary: 4 Best Merchant Accounts For Collection Agencies. They have terrible reviews on google and many many complains on BBB. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. The .gov means its official. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. A collection agency merchant account is essential to process payments in this unique industry. TMS offers a dedicated support phone line and an email form on its website. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. 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%. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Trouble Getting Approved? This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Copyright 2023 eMerchantBroker, LLC. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. 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. In addition, they told us the transaction fee would be 2.65% of each purchase. The Merchant Solutions processes most major payment types. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Since these banks know and trust the quality of our services, they will be able to trust you too. Also when you call they have no customer service and are rude on the phone. Such a vendor can be a great help for your debt collector business. Of course, we will provide you with all of the tools that you need to process payments. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Numerous calls went straight to voicemail without any return calls. Dont give them, or their mother company, First Data, your business!!! I was never given a written contract had computer generated signature. $1350 fee if terminal is not returned within 10 days. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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 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 ?????? An official website of the United States government. If anyone has a better option please let me know. this will happen if you change to another company. Square is a top choice for POS for any type of business. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. From The Editor Your Merchant Cash Advances help commercial businesses succeed. I was told thay my rates would be as low as 1.5%. 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. In some cases, this leads to merchants contracting with debt collection agencies. You may be charged fees for using this account. He has a BA in Creative Writing and a Minor in German from Goucher College. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. Why would we want a service we couldnt use? 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. Maintaining these ratios is challenging for merchants in many industries. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. The worst company to do business with ever!!!! 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. Screw this place I wish their was a way we could put them out of business. 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. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Provider of affordable payment processing hardware that can streamline various debt collection operations. Going to BBB and will get attorney if I have to. 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 $150.oo yearly anuall PCI FEE this is the processor for you.. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. After i cancle my account they charged me 200$ come out of no where. New York, NY 10038. 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 surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Looking for legal documents or records? This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. I wish I would have read some reviews before I sign up with these con artists. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Offers automated account application and custom quote processes. DO NOT use this company. 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. Min. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. eMerchant Authority operates an in-house underwriting team. These are all fees that were started 8 months into my contract. Fast turnaround: as little as 1-2 days. Signature not by me, computer generated. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. 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. It was revoked by State of TN. Most merchant providers are reluctant to offer. They said they would beat my current rate but never could. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. I was never told about a restocking fee and some other charge until I got ready to cancel. They charged me $300 for what they called setup charges. And particularly so for debt collectors due to the consumer demographic of debtors. eMerchantBroker can . The overall household debt for an average family increased by 11% during the last 10 years. So only use this business if you like being lied to and stole from cause thats what their good at. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Call 1-888-288-2692. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Merchant Mavericks ratings are not influenced by affiliate partnerships. 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. Click here for more product information. 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. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. YOU WILL BE SORRY! Learn how to resolve this complaint. 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. 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. 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. 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. I will make sure this is my last time using this company. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. BBB received a pattern of complaints concerning collections practices. 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. This company will be out of business in one year or less. 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. Pure scam artists just looking to steal your hard earned money. I am still waiting on on calls from their supervisors from last year. Address: Recovery Solutions Group. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. We provide merchant account services for both low and high-risk businesses. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. They will not return my phone calls now. Their customer service is terrible, they are never reachable. 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. We have focused on merchant cash advances over two decades. they hurt me by taking un authorized money out of my account $35.00 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. Comp Admin Fee $9.95 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. 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. Austin Smith was very knowledgeable and helpful! for lack of use and Merchants want 490 dollars to terminate service. JUST SAY NO. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). We may earn revenue if you obtain services from a provider that we recommend. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Several complainants outright accuse the company of being a ripoff or a scam operation. Suite 209 With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Don't Fall Into An Expensive Trap. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. All they want is your money. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. This credit card processing company is HORRIBLE! Same situation. I would not recommend TMS to my worst enemies. They round up everything, even when they shouldnt according to elementary mathematics! When you choose us, youre not just getting back your assets. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. 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? Phillip created this website and has written over 1,000 articles regarding all things payments. This is very dishonest company with deceptive business practices. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. If your company is in the business of collecting debts, then you will need to have some way to process payments. Very rude on phone, does not care about you as a customer. Verify before you sign with this company.