When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Monthly Processing Range That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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. PCI Non-Cpmpliance. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Numerous calls went straight to voicemail without any return calls. Several complainants outright accuse the company of being a ripoff or a scam operation. Click here for more product information. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. They stealing $1000.00 dollars from my account. Here Are The Processors Who Don't Hide Fees. If you hear from them just Run!!! So, its no surprise that banks often deny them merchant accounts. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. eMerchantBroker can . Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. The Merchant Solutions also appears to resell the products of First Data (Fiserv). The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. 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.. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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). Pam called me offering a competitive rate for credit card processing. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. Read more below to learn why we chose these options. Thanks ANAIS. This means that you could, effectively, lose your ability to run your business. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. He has a BA in Creative Writing and a Minor in German from Goucher College. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. 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). When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. 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. AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown The chargeback will be made against their account. 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. 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. However, pricing is not disclosed on either of those services. 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. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. These people called me for weeks and sent me all kinds of sales materials when my business started. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Very rude on phone, does not care about you as a customer. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Seriously they will destroy your business. 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. Their customer service is simple horrible. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Due to the risky nature of your business the typical bank wont deal with you. High-risk specialist for U.S.-based collection agencies. Not an existing MeS Virtual Terminal User? The site is secure. I set up a payment arrangement . HORRIBLE ! 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 constantly slip in unauthorized charges. 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. All debt collectors track down past-due debts that businesses and consumers owe. 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 . Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. They are awful and very dishonest do not use them. For this reason, they are often linked to high complaint totals. And particularly so for debt collectors due to the consumer demographic of debtors. Milford, DE 19963. Should have know. Understand how the CFPB's Debt Collection Rule can help you. 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. If that happens, then it will be the merchant account provider on the line. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Austin Smith was very knowledgeable and helpful! While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. All they want is your money. 651-398-1636. It isnt just the finances of your business that they pay attention to either. When you choose us, youre not just getting back your assets. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. They may require countless numbers of documents. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Also when you call they have no customer service and are rude on the phone. 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. Its important to be able to connect with a real person on the phone. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. Federal government websites often end in .gov or .mil. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Specialized account support for multiple collection agency types. We have focused on merchant cash advances over two decades. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. Lets start with the salesman Daniel A. Same situation. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Nasty contract . Early penalty for cancellation. What out business owners out there about this Merchant Solutions. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. My contract ends in January 2015 and I am looking forward to it. When I wanted to cancel they wouldnt send me the cancellation form for weeks. not explained. 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. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. 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. 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. These companies and people are banned, by federal court orders, from participating in the business of debt collection. These people are the biggest crooks Ive ever encountered. In Summary: 4 Best Merchant Accounts For Collection Agencies. She also helped us to file our annual PCI compliance saving us about $40 per month. 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. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Still interested? 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. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Many may find PaymentClouds organization of products on its website to be less than navigable. RUN! I am still trying to get that back. Merchant Solutions is a very dishonest processor. It took me 2 weeks of calling NON-STOP to get any response. 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. They will not return my phone calls now. This is very dishonest company with deceptive business practices. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Higher cost than explained in solicitations I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. This includes debt collection companies and debt buyers. I used Merchant Solutions for approx. Some merchant account providers may offer high fees. 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. The following is a sample list of complaints filed against United Merchant . Were dedicated to B2B debt recovery. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Save yourself stress and aggravation and sign up with a different processor. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. They said they are the cheapest one but they are not. Which Business Bank Account is Right For You? Their customer service is terrible, they are never reachable. 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. Teaming with IVR Technology Group, we also provide pay-by-phone voice . This company will be out of business in one year or less. I would not recommend TMS to my worst enemies. Square is a top choice for POS for any type of business. Toll free: (888) 544-9711. As you're checking out a debt collection call, remember: don't respond to threats. Find legal resources and guidance to understand your business responsibilities and comply with the law. BE AWARE!!! 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! Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. SAVE YOURSELF THE HEADACHE! . eMerchantBroker.com. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Today was the last straw which we really been shut down since April over covid19. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. 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 spoke with ANAIS today and were helped with understanding the rates. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. 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. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. At this point, I am looking for a new processor . In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. He has also researched and published reviews about nearly every payment services provider and processor. 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. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. She said that I would need to submit an application in order to verify the discounts they were offering. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. eMerchant Authority operates an in-house underwriting team. You really leave your business account open to these guys with free access to do as they like. Learn more about your rights as a consumer and how to spot and avoid scams. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. If you can get one who has worked with businesses in the debt collection industry, the better. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. 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. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. 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. BEWARE OF THESE DOGS! They Rip you off way more than wat they told you they would charged. 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. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. They never have any answers and are only looking for ways to disconnect you. All Rights Reserved. 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. The risks related to your business will be assessed by underwriters. That doesnt count the canclelation fee that coming up from them. Ex. To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. CardPaymentOptions.com, Inc. All Rights Reserved. So only use this business if you like being lied to and stole from cause thats what their good at. This company is nothing but a fraud. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Find the resources you need to understand how consumer protection law impacts your business. 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.
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