I have proof of all deductions after I cancelled. Respectable processors like EMB guarantee a fast, secure application process. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected.
Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Due to the risky nature of your business the typical bank wont deal with you. This company is nothing but a fraud. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. Not much, but still more than disclosed. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. The sole purpose of the material presented herein is to alert, educate, and inform readers. . All they want is your money. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Copyright 2023 eMerchantBroker, LLC. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Essentially, they steal from the customer.
Debt Collection Agency Merchant Account| Fast Approval These are all fees that were started 8 months into my contract. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. 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. Looking for legal documents or records? 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 . 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. Such a vendor can be a great help for your debt collector business. Phone number: (302) 241-0686. 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.
Sending Chargebacks to Debt Collection Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. Click here for more product information. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Zero star rating, they are big time scam Every review above has happened to me too exactly like the above. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. They constantly slip in unauthorized charges. These people are the biggest crooks Ive ever encountered. From The Editor Other companies may just outright decline your application. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. If you can get one who has worked with businesses in the debt collection industry, the better. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. Austin Smith was very knowledgeable and helpful! they hurt me by taking un authorized money out of my account I was never given a written contract had computer generated signature. : 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. 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. They really do not want to do this. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days.
What Consumers Should Do When Fake Debt Collection Scammers Call. 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. From The Editor This company and its employees are rude, I have been trying to cancel and they make it difficult. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Once the application process starts, we will find the best merchant account for you. Processing statements are intentionally complicated so that they can overcharge you. Looking For One Of These Merchant Accounts For Collection Agencies? However, pricing is not disclosed on either of those services. 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. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. 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. 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. Now illness has caused me to lose my merchant tax ID. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. 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.
Debt Collection Merchant Services - Merchant Card Advisors Still interested? 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. Some of these limitations can be pretty tough on a business, particularly in their early days. I think I was the set up by Merchant Solutions.
Merchant Cash Advance in Collections: What to Do *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. So then I cancelled and they charged me a $945 restocking reprogramming fee? The overall household debt for an average family increased by 11% during the last 10 years. Today was the last straw which we really been shut down since April over covid19. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. 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. I will NEVER consider using them again. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. This field is for validation purposes and should be left unchanged. 4 Best Merchant Accounts For Collection Agencies. Keep your money you work for and dont use them. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand.
Debt Collectors List | NY Debt Collections List Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Let us know how well the content on this page solved your problem today. Square is a top choice for POS for any type of business. 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. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. Save money with Merchant Solutions low processing rates and free terminal program. 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. 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. Avoid this outfit as they will make your life miserable. This is an attempt to collect a debt and any . And because I signed the document, the company is telling me, that I am liable for the contract. Thanks ANAIS. Flexible and transparent pricing suits high- and low-ticket agencies. I set up a payment arrangement . If you are a small business owner avoid these crooks like the plague. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. A collection agency merchant account is essential to process payments in this unique industry. She said that I would need to submit an application in order to verify the discounts they were offering. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. I hope there will be a class action lawsuit and I plan to be a part of it. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. 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. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Now they have charged me with a PCA compliance processing fee of $149, payable annually. This company hires predatory sales people, arent up front about fees and raped my bank account. Anybody have any suggestions for getting out of this company? Noah is a writer and content creator currently living in Fairfax, VA. Ex. Seeking to take them to court for their theft. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting 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. See Who The Worst Processors Are. I should have closed my bank account the minute we closed our business so I could have avoided all of this. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. 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. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Fast turnaround: as little as 1-2 days. Home; Services Healthcare Services; Consumer Business Collections . Min. Your email address will not be published. In some cases, this leads to merchants contracting with debt collection agencies. The risks related to your business will be assessed by underwriters. Suggest you consider that Paymentech and many others do not charge this. Do not believe anything they say about their service. This means that you will be out of business. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. 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. 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 second your merchant account closes down is the second that you are no longer able to accept payments for your company. They will tell you that there are no hidden fees and no extra charges. I am looking to upgrade 4 of my restaurants systems. He has also researched and published reviews about nearly every payment services provider and processor. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Recovery Solutions Group, LLC (RSG) Contact Information. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst.
Credit & Debt Collections Merchant Services - DigiPay Solutions And particularly so for debt collectors due to the consumer demographic of debtors. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. 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. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. You almost certainly will not be able to work with companies like PayPal. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Square is a top choice for POS for any type of business. Comp Admin Fee $9.95 I have been in contact with them for months now, and they still cannot give me a justifiable answer. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. Learn more about dealing with debt collection at ftc.gov/debt. Learn how to resolve this complaint. BE AWARE!!! Sign up today and get a free card reader! They will not return my phone calls now.
Debt Collection FAQs | Consumer Advice 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 was revoked by State of TN. See this page to learn how we support our operations. The Signature page of the second contract is an EXACT COPY of the account I did open. the name of the creditor you owe it to. Annual PCI Fee $99.00 DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! We have lowered the companys score in this section to a C to reflect this consistency.
Merchants Solution Group | Better Business Bureau Profile This means that your company can process debit and credit card transactions, and it will do this for an affordable price. New York, NY 10038.
Beware, do not do business with merchant solutions. dont believe what they tell you 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. Home (425) 643-2613 (800) 755-1107. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Address: Recovery Solutions Group. Dont sign up or you will regret it at the end. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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 are crooks. This is why we want to help you get the right debt collection merchant account from the very start.
Debt Collections Merchant Account Solutions - eMerchant Authority There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They stealing $1000.00 dollars from my account. Excellent provider for collection agencies with a strong eCommerce presence. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. These people called me for weeks and sent me all kinds of sales materials when my business started. I didnt fill out anything to open OR close the account and today was hit with $495 fee. eMerchant Authority operates an in-house underwriting team. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. YOU WILL BE SORRY! when you cancel.Please take your business elsewhere. They dont deserve a BBB rating they suck!!!! I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. This means that you will be out of business. Your Merchant Cash Advances help commercial businesses succeed.
Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group if anyone do business with this scums be prepared to have a high blood pressure. eMerchantBroker.com. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . 180 Maiden Lane, 15th Floor.
The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com What are debt settlement/debt relief services and should I use them? Debt Collection Agency Merchant Account - PayKings Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. 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. And it was my fault for not reading the fine print on the documents. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Due to the unique processes we have in place, we can offer affordable rates for our services. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales TOTAL SCAMMERS!!! The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. BBB received a pattern of complaints concerning collections practices. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. I wish I would have read some reviews before I sign up with these con artists. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. how much money you owe. THIS WAS A TOTAL LIE. 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 job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. They terminated my account for non use since I was using another company and had not transferred over yet. Because of their undisclosed fees and charges I ended up paying more than my previous company. Telephone: (818) 409-6000. Location & Ownership Save yourself stress and aggravation and sign up with a different processor. Specialized account support for multiple collection agency types. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). This company was nothing but deceitful from the beginning. 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. 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. If you hear from them just Run!!! 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. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. As you're checking out a debt collection call, remember: don't respond to threats. 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. Learn more about the new debt collection rule. 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. I am still trying to get that back. 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.