We spoke with ANAIS today and were helped with understanding the rates.
Merchants Solution Group | Better Business Bureau Profile Other companies may just outright decline your application. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Youre also working with a business that knows your problem and has the fix. It took me 2 weeks of calling NON-STOP to get any response. 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. Telephone: (818) 409-6000. 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. You can get your approval in as little as 24 hours. It is not intended as legal or financial advice. Save money with Merchant Solutions low processing rates and free terminal program. 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. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Total $247.95. Its like they try to rip you off once last time b4 they let you go. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. We appreciate it. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. 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. These are all fees that were started 8 months into my contract. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 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. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 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. Swipe credit cards securely by implementing PCI compliant payment solutions. 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. 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!
Merchant Cash Advance Debt Collection Services | Monetaria document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Dont sign up or you will regret it at the end. Maintaining these ratios is challenging for merchants in many industries. When you choose us, youre not just getting back your assets.
Credit card processing for debt collection agencies 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. Don't Fall Into An Expensive Trap. Are you with The Merchant Solutions? Copyright 2023 Merchant Maverick. Zero star rating, they are big time scam $35.00 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. If you are a small business owner avoid these crooks like the plague. * The terms and conditions of this promotion currently cannot be found on the website. 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.
Sending Chargebacks to Debt Collection 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. 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. This is why we want to help you get the right debt collection merchant account from the very start. YOU WILL BE SORRY! I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Their customer service is terrible, they are never reachable. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Besides, we understand just how financially difficult it is to become a business owner.
Calls from United Merchant Asset Recovery? - Consumer Law Firm Center 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. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. If you can get one who has worked with businesses in the debt collection industry, the better. Higher cost than explained in solicitations Its important to be able to connect with a real person on the phone. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. This means that you could, effectively, lose your ability to run your business. Worse company ever. 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. They will not return my phone calls now. 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 refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. You may be charged fees for using this account. 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. Once the application process starts, we will find the best merchant account for you. 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). Your business cannot opt for a standard merchant account here. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Numerous calls went straight to voicemail without any return calls. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Screw this place I wish their was a way we could put them out of business. This company is deceitful. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. 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%. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. 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. From The Editor Phone number: (302) 241-0686. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Problems logging in? All feedback, positive or negative, helps us to improve the way we help small businesses. 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. It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. 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). Understand how the CFPB's Debt Collection Rule can help you. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. The worst company to do business with ever!!!!
How To Know If A Debt Collector Is A Scam | Bankrate Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Thanks ANAIS. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. He has also researched and published reviews about nearly every payment services provider and processor. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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. Several complainants outright accuse the company of being a ripoff or a scam operation. You will be far too high of a risk to work with. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. They may require you to constantly have reserve cash in your account. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Find Loan Options For Your Small Business. Respectable processors like EMB guarantee a fast, secure application process. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Seeking to take them to court for their theft. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. They really do not want to do this. Comp Admin Fee $9.95 when you cancel.Please take your business elsewhere. 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. . Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Most merchant providers are reluctant to offer. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. This means that the process is fast.
Which Collection Agencies Will Accept a Pay For Delete Agreement? When you should have paid 1.62. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. This means that your business will be making a lot more profit for each transaction. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Our integrations connect you with the best tools for your business. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. This company is nothing but a fraud. 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 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.
Login - vt.merchante-solutions.com 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. Pam called me offering a competitive rate for credit card processing. We provide merchant account services for both low and high-risk businesses. Horrible company. Note that we are not able to provide private consultations, give advice, or answer questions. We may earn revenue if you obtain services from a provider that we recommend. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Lots of hidden fees that other companies dont charge! A collection agency merchant account is classified as high risk for a number of reasons. Noah is a writer and content creator currently living in Fairfax, VA. 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.
Debt Collection Merchant Accounts You will not have enough time to do it, the machine terminal breaks all the time. 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. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. He is very knowledgeable and provided excellent support. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. 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. See Who The Worst Processors Are. RUN! Not much, but still more than disclosed. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!!
Complaints for Recovery Solutions Group, LLC - Better Business Bureau The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. TOTAL SCAMMERS!!! I didnt fill out anything to open OR close the account and today was hit with $495 fee.
How to look up licensees and those debt collectors allowed to do They said they had cancelled the account, but the following month we were charged again. i signed up a few weeks ago and havent been able to get into contact with them since. I was told thay my rates would be as low as 1.5%. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Find the resources you need to understand how consumer protection law impacts your business. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. 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 ). Such a vendor can be a great help for your debt collector business. Credit Card Processing for Debt Collection Businesses But unlike other financial transactions, you don't have time to spend phoning and e-mailing. This Post Might Help: Best Restaurant Merchant Accounts. I will NEVER consider using them again. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. 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. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. I used Merchant Solutions for approx. this will happen if you change to another company. Their charges are exhorbitant. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. Opinions expressed here are authors alone. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. We have lowered the companys score in this section to a C to reflect this consistency. 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. the name of the creditor you owe it to. This means that you can always stay on top of any transactions that you are making. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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. They are very rude and they will not correct the problem with me even though they said they would. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. eMerchantBroker can .
What are debt settlement/debt relief services and should I use them? . 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. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. DO NOT USE!!! The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. Copyright 2023 eMerchantBroker, LLC. 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. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. This includes debt collection companies and debt buyers. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. $1350 fee if terminal is not returned within 10 days. Since these banks know and trust the quality of our services, they will be able to trust you too. 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. The .gov means its official. Seriously they will destroy your business. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum.
Sequoia Financial Services - 2021 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. It was revoked by State of TN. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. The sole purpose of the material presented herein is to alert, educate, and inform readers. 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 ?????? This means that our job is to reduce the risk of any transactions for the merchant bank. Thousand Oaks, CA 91362. TMS offers a dedicated support phone line and an email form on its website. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. 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. 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. This field is for validation purposes and should be left unchanged. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Toll free: (888) 544-9711. If that happens, then it will be the merchant account provider on the line. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. I have proof of all deductions after I cancelled. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. That doesnt count the canclelation fee that coming up from them. Home; Services Healthcare Services; Consumer Business Collections . Excellent provider for collection agencies with a strong eCommerce presence. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Annual PCI Fee $99.00 They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original.