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. Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. Opinions expressed here are authors alone. In some cases, this leads to merchants contracting with debt collection agencies. BBB received a pattern of complaints concerning collections practices. Excellent provider for collection agencies with a strong eCommerce presence. For me customer support is key and Austin is definitely an asset to this company. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. Your email address will not be published. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. This company needs to be put out of business. CardPaymentOptions.com, Inc. All Rights Reserved. No mention of 3 year contract and no proof of it. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Here Are The Processors Who Don't Hide Fees. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Just ridiculous! Its website can be hard to use as well. 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. Also that free terminal will cost you $350 when you try to cancel the account. So, its no surprise that banks often deny them merchant accounts. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. This Post Might Help: Best Restaurant Merchant Accounts. They need to see how strong your profits are. Specialized account support for multiple collection agency types. That doesnt count the canclelation fee that coming up from them. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Instead, you need to search for high-risk merchant accounts. These people called me for weeks and sent me all kinds of sales materials when my business started. This means that you can always stay on top of any transactions that you are making. 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. 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. This means that you will be out of business. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Some of these limitations can be pretty tough on a business, particularly in their early days. The Signature page of the second contract is an EXACT COPY of the account I did open. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Besides, we understand just how financially difficult it is to become a business owner. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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. The competition is real with so many POS servicing company. This was not in our contract, but I couldnt get the money back without suing them. Looking for legal documents or records? 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! The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Trouble Getting Approved? Keep up the excellent work Austin and thank for helping us through out the entire setup process. New York, NY 10038. Don't Fall Into An Expensive Trap. eMerchantBroker can . Garbage company. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Should have know. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. Many may find PaymentClouds organization of products on its website to be less than navigable. they charged me $450 every month out of total 10k annual monthly. My company is no longer doing business and I have not used the machine in 6 months. And particularly so for debt collectors due to the consumer demographic of debtors. This has Been the worst POS processing company I have ever felt with. one year. 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. close down your account. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. You really leave your business account open to these guys with free access to do as they like. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. 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. 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. Seeking to take them to court for their theft. 651-398-1636. A lot of other company with no contract and fees to work with out there. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. 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. Were never worried about our overdue receivables. said no business ever. Lending and Debt Repayment Merchant Accounts. I am looking to upgrade 4 of my restaurants systems. 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. We're Proud to Advance Cash to Business Owners Like You. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. 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 ). They are very rude and they will not correct the problem with me even though they said they would. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. 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). 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. This post will help: How to Get Out of a Merchant Account Contract. Also when you call they have no customer service and are rude on the phone. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Im so glad I read these before making a huge mistake. 844-66-CFGMS (844-662-3467) The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. the name of the creditor you owe it to. He has a BA in Creative Writing and a Minor in German from Goucher College. This credit card processing company is HORRIBLE! . they hurt me by taking un authorized money out of my account There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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. Search the Legal Library instead. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . On November 30, 2021, the Debt Collection Rule became effective. 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. eMerchantBroker.com. Understand how the CFPB's Debt Collection Rule can help you. They are thieves because they stole money from my account and wont make it right with me. The sole purpose of the material presented herein is to alert, educate, and inform readers. 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. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Comp Admin Fee $9.95 service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. I am still trying to get that back. 2985 E. Hillcrest Drive 53 of these reviews are positive, while the remaining 5 reviews are negative. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. 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. I agreed to pay back the money that was owned. 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. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. 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. They are crooks. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Forgotten Password? 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. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Its important to be able to connect with a real person on the phone. Very rude on phone, does not care about you as a customer. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. Fortunately, there are providers willing and able to help. Pure scam artists just looking to steal your hard earned money. Essentially, they steal from the customer. 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. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Youll get your merchant account for your collection agency in as little as 24 48 hours. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. This means that the process is fast. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Better look for alternatives. 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. I think I was the set up by Merchant Solutions. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. I used Merchant Solutions for approx. Our services are secure and reliable. It took me 2 weeks of calling NON-STOP to get any response. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. 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. Thanks ANAIS. Not an existing MeS Virtual Terminal User? Lets start with the salesman Daniel A. YOU WILL BE SORRY! This company was nothing but deceitful from the beginning. 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. STAY AWAY. CFG Merchant Solutions, LLC. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). eMerchant Authority operates an in-house underwriting team. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. From The Editor As of right now, I have this company for falsifying documents, and felony forgery. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. Due to the risky nature of your business the typical bank wont deal with you. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. This company will be out of business in one year or less. 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. 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. Dont sign up or you will regret it at the end. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Thousand Oaks, CA 91362. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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. I have never had any other merchant?! For this reason, they are often linked to high complaint totals. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Save yourself stress and aggravation and sign up with a different processor. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Monthly Fee $25.00 And it was my fault for not reading the fine print on the documents. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Why Is Credit Card Processing For Collection Agencies Considered High Risk? And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. JUST SAY NO. These are all fees that were started 8 months into my contract. They really do not want to do this. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. These revenues in no way influence our ratings or reviews. This includes debt collection companies and debt buyers. Get Started With Durango Merchant Services. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Now illness has caused me to lose my merchant tax ID. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. 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. Avoid this outfit as they will make your life miserable. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. 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. They terminated my account for non use since I was using another company and had not transferred over yet. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Only. 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. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! 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. Our proven investigation tools help us create fast and effective debt recovery services. It isnt just the finances of your business that they pay attention to either. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. This company should not be allowed to do business. Strongly suggest that anyone does there homework and compare companies for this service. This lack of transparency in pricing is typical of the industry in general. RUN! 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 majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. I would not recommend TMS to my worst enemies. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Copyright 2023 Merchant Maverick. When you should have paid 1.62. If you hear from them just Run!!! Look out for credit card processors who offer other merchant solutions that could be useful for your business. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. I was told thay my rates would be as low as 1.5%. See Which Processors Offer No Monthly Fees And No Contracts. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. You could tell a collector to send a validation notice. 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.. Do not give them your business. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Are you with The Merchant Solutions? Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Austin Smith was very knowledgeable and helpful! Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! 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. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). please dont sign up and let people know about that. services due to the high risk associated with debt collection businesses. This is a business that is rife with fraud and chargebacks. We occasionally send out emails with special offers. I was never given a written contract had computer generated signature. From The Editor Get the truth here. The sales rep never returned my calls and is no longer with thw company. Your business cannot opt for a standard merchant account here. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. From The Editor Additional rates and fees, including a technical support fee may apply. 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. Some processors have no monthly, no annual fees, no contract, and cheap rates. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. Maintaining these ratios is challenging for merchants in many industries. 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. And because I signed the document, the company is telling me, that I am liable for the contract.