Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. This is an attempt to collect a debt and any . the name of the creditor you owe it to. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. for lack of use and Merchants want 490 dollars to terminate service. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. 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. 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. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. 844-66-CFGMS (844-662-3467) 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. Their charges are exhorbitant. 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. 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. They have been lying to me since day 1 of signing up with them. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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. Debt Collection Merchant Account Solutions - National Merchants Association This form is for feedback only. Call us now on 877-700-5790 for further assistance. 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. 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. Lots of hidden fees that other companies dont charge! Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Which Collection Agencies Will Accept a Pay For Delete Agreement? You will be far too high of a risk to work with. Square is a top choice for POS for any type of business. This company hires predatory sales people, arent up front about fees and raped my bank account. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. I was skeptical and decided not to switch to merchant solutions. Screw this place I wish their was a way we could put them out of business. 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. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. From The Editor Fake and Abusive Debt Collectors | Consumer Advice The overall household debt for an average family increased by 11% . $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. If that happens, then it will be the merchant account provider on the line. Its a TOTAL SCAM! Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Keep your money you work for and dont use them. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Ready to integrate payment processing solutions into your new business? Instead, you need to search for high-risk merchant accounts. The chargeback will be made against their account. RUN! 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! They really do not want to do this. 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. These people are down right crooks! With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. The overall household debt for an average family increased by 11% during the last 10 years. A lot of other company with no contract and fees to work with out there. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. The sales rep never returned my calls and is no longer with thw company. I used Merchant Solutions for approx. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. they charged me $450 every month out of total 10k annual monthly. Stay away from Themechantsolution!!! The companys rating is also impacted by its higher-than-average complaint total with the BBB. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group I have never had any other merchant?! processing as well as the collections industry, in order to support compliance and best practices adherence . We have focused on merchant cash advances over two decades. Thousand Oaks, CA 91362. Are you with The Merchant Solutions? 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. Offers automated account application and custom quote processes. DO NOT use this company. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Lets start with the salesman Daniel A. 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. They Are Not truthful about their service. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. He is very knowledgeable and provided excellent support. The Signature page of the second contract is an EXACT COPY of the account I did open. 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. Copyright 2020 eMerchant Authority | Website by JM Marketing. What out business owners out there about this Merchant Solutions. Horrible company. Due to the risky nature of your business the typical bank wont deal with you. New York, NY 10038. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Our services are secure and reliable. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. Were dedicated to B2B debt recovery. Learn how to resolve this complaint. All debt collectors track down past-due debts that businesses and consumers owe. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. This was not in our contract, but I couldnt get the money back without suing them. . 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. I have proof of all deductions after I cancelled. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Dont sign up or you will regret it at the end. Some of these limitations can be pretty tough on a business, particularly in their early days. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. 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. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. And particularly so for debt collectors due to the consumer demographic of debtors. In addition to those 2 complaints, the company has received 58 informal reviews. 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. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! They are very rude and they will not correct the problem with me even though they said they would. Help us to improve by providing some feedback on your experience today. An official website of the United States government. Then I began getting charged a PCI non compliant fee $40.00. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. i signed up a few weeks ago and havent been able to get into contact with them since. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. This means that you will need both a payment processor and a merchant account. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. A full point-of-sale (POS) system in one sleek package. This is very dishonest company with deceptive business practices. This field is for validation purposes and should be left unchanged. I will make sure this is my last time using this company. Why Is Credit Card Processing For Collection Agencies Considered High Risk? By working with eMerchant Authority, this is a problem that can be avoided. DO NOT EVEN talk to their salespeople. These people called me for weeks and sent me all kinds of sales materials when my business started. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. This company is deceitful. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. How to look up licensees and those debt collectors allowed to do Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Copyright 2023 eMerchantBroker, LLC. Youre also working with a business that knows your problem and has the fix. Some merchant account providers may offer high fees. This company will be out of business in one year or less. At this point, I am looking for a new processor . They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. Get Started With Durango Merchant Services. 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 . 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%. I work damn hard to run my business and I will be damned if they are going to steal money from me. eMerchantBroker can . Essentially, they steal from the customer. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Sign up today and get a free card reader! You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. I was never given a written contract had computer generated signature. Learn more about our monetization policies here. We provide merchant account services for both low and high-risk businesses. Easier borrower qualifications that help you build business credit. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. This lack of transparency in pricing is typical of the industry in general. Remove Recovery Solutions Group From Credit Report how much money you owe. For this reason, they are often linked to high complaint totals. 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). So then I cancelled and they charged me a $945 restocking reprogramming fee? Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. FTC Staff. After i cancle my account they charged me 200$ come out of no where. We occasionally send out emails with special offers. Specialized account support for multiple collection agency types. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Debt Collectors List | NY Debt Collections List PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. It's a cut throat industry. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. This means that you can always stay on top of any transactions that you are making. We appreciate it. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Debt Collection | Federal Trade Commission 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. I am still trying to get that back. Nasty contract . I was to have 1 account with Merchant Solutions ! If you would like to interview Phillip for your story or podcast, please reach out here. Forgotten Password? 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. 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. SAVE YOURSELF THE HEADACHE! This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Try PaymentCloud. She also helped us to file our annual PCI compliance saving us about $40 per month. Merchant Services | Payment Processing Enterprise Solutions | Fiserv Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. It isnt just the finances of your business that they pay attention to either. 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. We were charged a $350 restocking fee after being told there would be NO FEES. The site is secure. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Sequoia Financial Services - 2021 The sole purpose of the material presented herein is to alert, educate, and inform readers. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. This is a business that is rife with fraud and chargebacks. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. I wish I would have read some reviews before I sign up with these con artists. 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. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. They never have any answers and are only looking for ways to disconnect you. 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. STAY AWAY. The risks related to your business will be assessed by underwriters. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. I should have closed my bank account the minute we closed our business so I could have avoided all of this. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Merchant Cash Advance in Collections: What to Do Weve resolved overdue accounts for clients without damaging customer relationships. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. Debt Collection FAQs | Consumer Advice Federal government websites often end in .gov or .mil. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. . Merchants Credit Association, is a debt collection company. I am still waiting on on calls from their supervisors from last year. Copyright 2023 eMerchantBroker, LLC. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. 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. Find Loan Options For Your Small Business. when you cancel.Please take your business elsewhere. If your company is in the business of collecting debts, then you will need to have some way to process payments. Some processors have no monthly, no annual fees, no contract, and cheap rates. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. 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.

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