processing as well as the collections industry, in order to support compliance and best practices adherence . Horrible company. So, its no surprise that banks often deny them merchant accounts. 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. Then I began getting charged a PCI non compliant fee $40.00. Toll free: (888) 544-9711. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Total $247.95. Horrible company. 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. Learn how to resolve this complaint. 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. Merchant Mavericks ratings are not influenced by affiliate partnerships. These processors offer Quickbooks integration and have low rates. Early penalty for cancellation. 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. The competition is real with so many POS servicing company. Respectable processors like EMB guarantee a fast, secure application process. services due to the high risk associated with debt collection businesses. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. These revenues in no way influence our ratings or reviews. 180 Maiden Lane, 15th Floor. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. These are all fees that were started 8 months into my contract. They may require countless numbers of documents. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. See Who The Worst Processors Are. On November 30, 2021, the Debt Collection Rule became effective. 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. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. When I wanted to cancel they wouldnt send me the cancellation form for weeks. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Suggest you consider that Paymentech and many others do not charge this. Disgusted. 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. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. 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. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. YOU WILL BE SORRY! The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Monthly Fee $25.00 Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. The Signature page of the second contract is an EXACT COPY of the account I did open. for lack of use and Merchants want 490 dollars to terminate service. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. However, pricing is not disclosed on either of those services. Every review above has happened to me too exactly like the above. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). Once the application process starts, we will find the best merchant account for you. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Its just a penalty fee that they add on you for leaving their company. You almost certainly will not be able to work with companies like PayPal. 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. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. when you cancel.Please take your business elsewhere. 651-398-1636. Our proven investigation tools help us create fast and effective debt recovery services. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. For this reason, they are often linked to high complaint totals. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. My contract ends in January 2015 and I am looking forward to it. Their customer service is simple horrible. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. See Which Processors Offer No Monthly Fees And No Contracts. I had to close the account, due to poor sales results. 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 Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. This means that your business will be making a lot more profit for each transaction. All Rights Reserved. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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!! They constantly slip in unauthorized charges. Stay away from Themechantsolution!!! Verify before you sign with this company. Should have know. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. Don't Fall Into An Expensive Trap. They have been lying to me since day 1 of signing up with them. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! close down your account. 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. 2985 E. Hillcrest Drive Strongly suggest that anyone does there homework and compare companies for this service. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. By working with eMerchant Authority, this is a problem that can be avoided. CardPaymentOptions.com, Inc. All Rights Reserved. Garbage company. 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. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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. This company is nothing but a fraud. 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. 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. FTC Staff. I should have closed my bank account the minute we closed our business so I could have avoided all of this. The site is secure. Such a vendor can be a great help for your debt collector business. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. 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%. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. This is why we want to help you get the right debt collection merchant account from the very start. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Ideal for collection agencies with a history of excessive chargebacks. Learn more about dealing with debt collection at ftc.gov/debt. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. I agreed to pay back the money that was owned. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Trouble Getting Approved? The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Credit Card Processing for Debt Collection Businesses Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Comp Admin Fee $9.95 The sole purpose of the material presented herein is to alert, educate, and inform readers. She said that I would need to submit an application in order to verify the discounts they were offering. 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. They are crooks. Beware, do not do business with merchant solutions. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. This was not in our contract, but I couldnt get the money back without suing them. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. 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 Looking For One Of These Merchant Accounts For Collection Agencies? If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. Since these banks know and trust the quality of our services, they will be able to trust you too. 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. In some cases, this leads to merchants contracting with debt collection agencies. 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. Learn more about your rights as a consumer and how to spot and avoid scams. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. If your company does not show any indication that you conform to this act, then your application will be outright rejected. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. THIS WAS A TOTAL LIE. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. Lets start with the salesman Daniel A.

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