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We spoke with ANAIS today and were helped with understanding the rates. 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. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. They terminated my account for non use since I was using another company and had not transferred over yet. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Specialized account support for multiple collection agency types. For me customer support is key and Austin is definitely an asset to this company. 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. Get Your Quote. Seeking to take them to court for their theft. Weve resolved overdue accounts for clients without damaging customer relationships. In some cases, this leads to merchants contracting with debt collection agencies. Debt collection | Consumer Financial Protection Bureau We work to advance government policies that protect consumers and promote competition. 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. I was never given a written contract had computer generated signature. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. please dont sign up and let people know about that. 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. Opens accounts with terms not agreed to. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. All they want is your money. This means that you can always stay on top of any transactions that you are making. They have been lying to me since day 1 of signing up with them. Debt Collectors List | NY Debt Collections List 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. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. If you hear from them just Run!!! Pure scam artists just looking to steal your hard earned money. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Keep your money you work for and dont use them. 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. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. If you would like to interview Phillip for your story or podcast, please reach out here. The merchant solutions is the most horrible company I have ever dealt with. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Every review above has happened to me too exactly like the above. Offers automated account application and custom quote processes. Save yourself stress and aggravation and sign up with a different processor. Lots of hidden fees that other companies dont charge! Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! I was to have 1 account with Merchant Solutions ! 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. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. 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. They round up everything, even when they shouldnt according to elementary mathematics! $1350 fee if terminal is not returned within 10 days. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Do not get trap by this company. I used Merchant Solutions for approx. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. Don't Fall Into An Expensive Trap. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. Fake and Abusive Debt Collectors | Consumer Advice PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. What Consumers Should Do When Fake Debt Collection Scammers Call. 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. 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. From The Editor 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. 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. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Today was the last straw which we really been shut down since April over covid19. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. The following is a sample list of complaints filed against United Merchant . We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. That doesnt count the canclelation fee that coming up from them. Customer service is horrible. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. The competition is real with so many POS servicing company. Most merchant providers are reluctant to offer. When you choose us, youre not just getting back your assets. Problems logging in? 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. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. We have focused on merchant cash advances over two decades. Also that free terminal will cost you $350 when you try to cancel the account. 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. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. This post will help: Cancelling a Merchant Account Without Paying a Fee. Home - Merchant Solutions LLC 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. Then I began getting charged a PCI non compliant fee $40.00. 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. Youre also working with a business that knows your problem and has the fix. if anyone do business with this scums be prepared to have a high blood pressure. Comp Admin Fee $9.95 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. Debt Collection Agency Merchant Account| Fast Approval 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. Worse company ever. Milford, DE 19963. Phone number: (302) 241-0686. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . A lot of other company with no contract and fees to work with out there. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. No doubt necessary to achieve any success, as the sales person was barely literate. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. In addition, they told us the transaction fee would be 2.65% of each purchase. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. 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. These companies and people are banned, by federal court orders, from participating in the business of debt collection. I am still trying to get that back. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. 4 Best Merchant Accounts For Collection Agencies 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. They Are Not truthful about their service. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Essentially, they steal from the customer. JUST SAY NO. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. We were charged a $350 restocking fee after being told there would be NO FEES. Pam called me offering a competitive rate for credit card processing. I have been with them since 2015 and in June,2019 I decided to go to a different processor. It took me 2 weeks of calling NON-STOP to get any response. And it was my fault for not reading the fine print on the documents. Why would we want a service we couldnt use? Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. This means that you cannot work with companies like PayPal or Square. Copyright 2023 eMerchantBroker, LLC. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. The types of collections that different agents and agencies deal with, though, can vary widely. They are crooks. Besides, we understand just how financially difficult it is to become a business owner. These revenues in no way influence our ratings or reviews. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. All feedback, positive or negative, helps us to improve the way we help small businesses. 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. Only. Debt Collection Industry and Merchant Accounts Same situation. This means that your business will be making a lot more profit for each transaction. They want me to pay almost $900.00 for equipment I dont use. They need to see how strong your profits are. Credit & Debt Collections Merchant Services - DigiPay Solutions What out business owners out there about this Merchant Solutions. 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. The risks related to your business will be assessed by underwriters. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They are awful and very dishonest do not use them. It was revoked by State of TN. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. 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. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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! Such a vendor can be a great help for your debt collector 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. We also encourage merchants to check out our list of the providers of the best merchant accounts. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. From The Editor . 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. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Teaming with IVR Technology Group, we also provide pay-by-phone voice . As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection 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. Home (425) 643-2613 (800) 755-1107. Learn more about the new debt collection rule. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. 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. Square is a top choice for POS for any type of business. Better look for alternatives. 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. Your business cannot opt for a standard merchant account here. They said they are the cheapest one but they are not. Amazing! eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. This includes debt collection companies and debt buyers. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 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. 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. Read more below to learn why we chose these options. i signed up a few weeks ago and havent been able to get into contact with them since. 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. CFG Merchant Solutions, LLC. The worst company to do business with ever!!!! Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. She also helped us to file our annual PCI compliance saving us about $40 per month. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. My contract ends in January 2015 and I am looking forward to it. 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. $35.00 In Summary: 4 Best Merchant Accounts For Collection Agencies. I have never had any other merchant?! These people are the biggest crooks Ive ever encountered. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. And particularly so for debt collectors due to the consumer demographic of debtors. You could tell a collector to send a validation notice. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. See Which Processors Offer No Monthly Fees And No Contracts. This company hires predatory sales people, arent up front about fees and raped my bank account. Before sharing sensitive information, make sure youre on a federal government site. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Complaints for Recovery Solutions Group, LLC - Better Business Bureau Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Numerous calls went straight to voicemail without any return calls. This is an attempt to collect a debt and any . service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The Merchant Solutions processes most major payment types. eMerchantBroker.com. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Horrible company. 844-66-CFGMS (844-662-3467) Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. How To Know If A Debt Collector Is A Scam | Bankrate 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. Of course, we will provide you with all of the tools that you need to process payments. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. 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. As of right now, I have this company for falsifying documents, and felony forgery. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Provider of affordable payment processing hardware that can streamline various debt collection operations. Getting paid to re-write this page? Our proven investigation tools help us create fast and effective debt recovery services. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. Your email address will not be published. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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.