SAVE YOURSELF THE HEADACHE! They are awful and very dishonest do not use them. Ex. I have never had any other merchant?! This company needs to be put out of business. Your business cannot opt for a standard merchant account here. We also encourage merchants to check out our list of the providers of the best merchant accounts. Do not give them your business. Getting paid to re-write this page? Click here to earn a reward. 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. We're Proud to Advance Cash to Business Owners Like You. They Are Not truthful about their service. 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. This company and its employees are rude, I have been trying to cancel and they make it difficult. Fortunately, there are providers willing and able to help. I would not recommend TMS to my worst enemies. 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. 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. 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! CFG Merchant Solutions, LLC. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Same situation. See this page to learn how we support our operations. If you have already signed up with them, get out fast. If anyone has a better option please let me know. please dont sign up and let people know about that. 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. The chargeback will be made against their account. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Very rude on phone, does not care about you as a customer. And because I signed the document, the company is telling me, that I am liable for the contract. I think I was the set up by Merchant Solutions. Try PaymentCloud. 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 do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. 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.. Lending and Debt Repayment Merchant Accounts. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. 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. We spoke with ANAIS today and were helped with understanding the rates. They have fees for everything when you cancel or have to end your contract early. We work to advance government policies that protect consumers and promote competition. These are charged beyond any percent fees. 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. Keep your money you work for and dont use them. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. one year. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. They will not return my phone calls now. 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. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. . Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Most merchant providers are reluctant to offer. The worst company to do business with ever!!!! Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. They have been lying to me since day 1 of signing up with them. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. The Best Merchant Accounts For Collection Agencies & Debt Collectors. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. DO NOT use this company. FTC Staff. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Our proven investigation tools help us create fast and effective debt recovery services. the name of the creditor you owe it to. Pam called me offering a competitive rate for credit card processing. This company should not be allowed to do business. After i cancle my account they charged me 200$ come out of no where. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Now illness has caused me to lose my merchant tax ID. 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. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. HORRIBLE ! The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Then I began getting charged a PCI non compliant fee $40.00. 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. Suite 209 I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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. This company will be out of business in one year or less. We provide merchant account services for both low and high-risk businesses. Should have know. Instead, you need to search for high-risk merchant accounts. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. The merchant solutions is the most horrible company I have ever dealt with. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. DO NOT USE!!! 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. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Are you with The Merchant Solutions? That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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. Help us to improve by providing some feedback on your experience today. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Opens accounts with terms not agreed to. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Provider of affordable payment processing hardware that can streamline various debt collection operations. Copyright 2023 Merchant Maverick. 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. 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. It isnt just the finances of your business that they pay attention to either. Higher cost than explained in solicitations Not an existing MeS Virtual Terminal User? Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. And particularly so for debt collectors due to the consumer demographic of debtors. eMerchant Authority can help with this. Forgotten Password? Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Since these banks know and trust the quality of our services, they will be able to trust you too. Their charges are exhorbitant. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Its just a penalty fee that they add on you for leaving their company. Pure scam artists just looking to steal your hard earned money. 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. 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. Upon cancellation after over 4 years I returned the machine in good order. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. 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. 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%. Not much, but still more than disclosed. Which Business Bank Account is Right For You? This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Home (425) 643-2613 (800) 755-1107. 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. The companys rating is also impacted by its higher-than-average complaint total with the BBB. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. You really leave your business account open to these guys with free access to do as they like. Phillip created this website and has written over 1,000 articles regarding all things payments. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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 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. Due to the risky nature of your business the typical bank wont deal with you. And it was my fault for not reading the fine print on the documents. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Processing statements are intentionally complicated so that they can overcharge you. Such a vendor can be a great help for your debt collector business. 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. Seeking to take them to court for their theft. 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. This post will help: Cancelling a Merchant Account Without Paying a Fee. They are crooks. Annual PCI Fee $99.00 Thanks ANAIS. Learn more about your rights as a consumer and how to spot and avoid scams. 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. This company is deceitful. 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 . The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Flexible and transparent pricing suits high- and low-ticket agencies. 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. From The Editor DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Once the application process starts, we will find the best merchant account for you. They may even have maximum limits to any transactions that you complete. Just ridiculous! Why would we want a service we couldnt use? In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 651-398-1636. We can help your collection agency even if you've you been turned down by service providers in the past. Maintaining these ratios is challenging for merchants in many industries. Were never worried about our overdue receivables. said no business ever. I used Merchant Solutions for approx. 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. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Problems logging in? That doesnt count the canclelation fee that coming up from them. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Note: We have adjusted this companys BBB rating according to our own standards. This is an attempt to collect a debt and any . All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Look out for credit card processors who offer other merchant solutions that could be useful for your business. 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. 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. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. They said they had cancelled the account, but the following month we were charged again. Comp Admin Fee $9.95 Why Is Credit Card Processing For Collection Agencies Considered High Risk? A powerful, two-screen point of sale (POS) system that allows merchants to run their business . The overall household debt for an average family increased by 11% during the last 10 years. Thousand Oaks, CA 91362. RUN! They round up everything, even when they shouldnt according to elementary mathematics! Credit Card Processing for Debt Collection Businesses They terminated my account for non use since I was using another company and had not transferred over yet. Teaming with IVR Technology Group, we also provide pay-by-phone voice . See Who The Worst Processors Are. 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. Numerous calls went straight to voicemail without any return calls. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. 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. Some merchant account providers may offer high fees. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Some processors have no monthly, no annual fees, no contract, and cheap rates. 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. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Youre also working with a business that knows your problem and has the fix. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. They charge you all kinds of fees which your not told about. This credit card processing company is HORRIBLE! 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. 4 Best Merchant Accounts For Collection Agencies. 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. Looking for legal documents or records? Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. 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. If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). What out business owners out there about this Merchant Solutions. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet.
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