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. Horrible company. 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? We also encourage merchants to check out our list of the providers of the best merchant accounts. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. eMerchantBroker can . Debt Collectors List | NY Debt Collections List Many may find PaymentClouds organization of products on its website to be less than navigable. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. These revenues in no way influence our ratings or reviews. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. The following is a sample list of complaints filed against United Merchant . This field is for validation purposes and should be left unchanged. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). I am looking to upgrade 4 of my restaurants systems. Provider of affordable payment processing hardware that can streamline various debt collection operations. Going to BBB and will get attorney if I have to. Do not believe anything they say about their service. 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. Instead, you need to search for high-risk merchant accounts. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. Pam called me offering a competitive rate for credit card processing. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. Were dedicated to B2B debt recovery. Besides, we understand just how financially difficult it is to become a business owner. If you have already signed up with them, get out fast. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Credit card processing for debt collection agencies The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Nasty contract . If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. Dont give them, or their mother company, First Data, your business!!! Your email address will not be published. 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!!! 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. Ideal for collection agencies with a history of excessive chargebacks. If your company does not show any indication that you conform to this act, then your application will be outright rejected. All feedback, positive or negative, helps us to improve the way we help small businesses. 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! Do not give them your business. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. FTC Staff. 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. If that happens, then it will be the merchant account provider on the line. Today was the last straw which we really been shut down since April over covid19. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. 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. 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. By working with eMerchant Authority, this is a problem that can be avoided. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. This means that you will need both a payment processor and a merchant account. These people are the biggest crooks Ive ever encountered. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. SAVE YOURSELF THE HEADACHE! 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. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. This means that you cannot work with companies like PayPal or Square. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. BEWARE OF THESE DOGS! They have terrible reviews on google and many many complains on BBB. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Their customer service is simple horrible. Every review above has happened to me too exactly like the above. Also that free terminal will cost you $350 when you try to cancel the account. Debt Collection Agency Merchant Services, Collection Agency Credit Card The risks related to your business will be assessed by underwriters. Zero star rating, they are big time scam 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. This is very dishonest company with deceptive business practices. This company needs to be put out of business. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. He is very knowledgeable and provided excellent support. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . Advertiser Disclosure: Our unbiased reviews and content are supported in part by. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Pure scam artists just looking to steal your hard earned money. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Trouble Getting Approved? Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. They said they are the cheapest one but they are not. Our integrations connect you with the best tools for your business. 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. All they want is your money. Several complainants outright accuse the company of being a ripoff or a scam operation. 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. 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. 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. Merchant Cash Advance Debt Collection Services | Monetaria When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Home (425) 643-2613 (800) 755-1107. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Ex. 1008 Mattlind Way. Learn more about the new debt collection rule. 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. Let us know how well the content on this page solved your problem today. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. 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. This means that the process is fast. Not an existing MeS Virtual Terminal User? Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. A lot of other company with no contract and fees to work with out there. Excellent provider for collection agencies with a strong eCommerce presence. Merchant Services | Payment Processing Enterprise Solutions | Fiserv 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. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. 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. If your company is in the business of collecting debts, then you will need to have some way to process payments. I used Merchant Solutions for approx. 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. 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. 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. Save money with Merchant Solutions low processing rates and free terminal program. 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. Some processors have no monthly, no annual fees, no contract, and cheap rates. I hope there will be a class action lawsuit and I plan to be a part of it. They need to see how strong your profits are. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. We're Proud to Advance Cash to Business Owners Like You. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. We occasionally send out emails with special offers. DO NOT use this company. Find the resources you need to understand how consumer protection law impacts your business. A collection agency merchant account is essential to process payments in this unique industry. Noah is a writer and content creator currently living in Fairfax, VA. Fax: (818) 707-7070. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Its website can be hard to use as well. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. 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. 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. Learn more about your rights as a consumer and how to spot and avoid scams. 4 Best Merchant Accounts For Collection Agencies. 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. I am still trying to get that back. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. In addition, they told us the transaction fee would be 2.65% of each purchase. this will happen if you change to another company. They may require you to constantly have reserve cash in your account. Its like they try to rip you off once last time b4 they let you go. Login - vt.merchante-solutions.com On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Avoid this outfit as they will make your life miserable. Help us to improve by providing some feedback on your experience today. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Comp Admin Fee $9.95 There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. 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. 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. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. We have focused on merchant cash advances over two decades. Its important to be able to connect with a real person on the phone. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period.
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