Learn more about dealing with debt collection at ftc.gov/debt. 651-398-1636. Over the years, we have built up connections with banks all over the world. 4 Best Merchant Accounts For Collection Agencies. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. 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. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Because of their undisclosed fees and charges I ended up paying more than my previous company. 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 signed up a few weeks ago and havent been able to get into contact with them since. The Merchant Solutions also appears to resell the products of First Data (Fiserv). She said that I would need to submit an application in order to verify the discounts they were offering. So only use this business if you like being lied to and stole from cause thats what their good at. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. 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. Note that we are not able to provide private consultations, give advice, or answer questions. My contract ends in January 2015 and I am looking forward to it. I was never given a written contract had computer generated signature. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. 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 will close down your account. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. This means that you will need both a payment processor and a merchant account. Learn more about our monetization policies here. 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. Horrible company. It's a cut throat industry. 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. 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. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Of course, we will provide you with all of the tools that you need to process payments. New York, NY 10038. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. We also encourage merchants to check out our list of the providers of the best merchant accounts. To better understand why we adjust BBB ratings, please see our Rating Criteria. They refuse to refund the money. close down your account. They never have any answers and are only looking for ways to disconnect you. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. The worst company to do business with ever!!!! 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. 180 Maiden Lane, 15th Floor. 1008 Mattlind Way. You will be far too high of a risk to work with. eMerchantBroker can . In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). This is very dishonest company with deceptive business practices. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. 2985 E. Hillcrest Drive service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. This company needs to be put out of business. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. 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. Opinions expressed here are authors alone. Provider of affordable payment processing hardware that can streamline various debt collection operations. Lending and Debt Repayment Merchant Accounts. 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 collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Today was the last straw which we really been shut down since April over covid19. A full point-of-sale (POS) system in one sleek package. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. eMerchantBroker.com. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. They will tell you that there are no hidden fees and no extra charges. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Verify before you sign with this company. 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. Several complainants outright accuse the company of being a ripoff or a scam operation. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. From The Editor I work damn hard to run my business and I will be damned if they are going to steal money from me. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Essentially, they steal from the customer. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Pure scam artists just looking to steal your hard earned money. AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. When you should have paid 1.62. From The Editor Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. 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 ). Copyright 2023 eMerchantBroker, LLC. The sole purpose of the material presented herein is to alert, educate, and inform readers. I have been with them since 2015 and in June,2019 I decided to go to a different processor. I was never told about a restocking fee and some other charge until I got ready to cancel. They Rip you off way more than wat they told you they would charged. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Also that free terminal will cost you $350 when you try to cancel the account. eMerchant Authority operates an in-house underwriting team. Square is a top choice for POS for any type of business. I set up a payment arrangement . I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Were never worried about our overdue receivables. said no business ever. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. I was told thay my rates would be as low as 1.5%. 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. 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. Once the application process starts, we will find the best merchant account for you. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. No doubt necessary to achieve any success, as the sales person was barely literate. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. for lack of use and Merchants want 490 dollars to terminate service. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. They said they are the cheapest one but they are not. The following is a sample list of complaints filed against United Merchant . In Summary: 4 Best Merchant Accounts For Collection Agencies. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. In some cases, this leads to merchants contracting with debt collection agencies. 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. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). They round up everything, even when they shouldnt according to elementary mathematics! eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. 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. This company and its employees are rude, I have been trying to cancel and they make it difficult. 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. one year. This lack of transparency in pricing is typical of the industry in general. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. 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. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! 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. They constantly slip in unauthorized charges. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. So, its no surprise that banks often deny them merchant accounts. Required fields are marked *. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. This company, Merchant Solutions, is a fraud. Lets start with the salesman Daniel A. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. This means that your business will be making a lot more profit for each transaction. 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. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. We work to advance government policies that protect consumers and promote competition. 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. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. This is an attempt to collect a debt and any . This is a business that is rife with fraud and chargebacks. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Learn more about your rights as a consumer and how to spot and avoid scams. These people are down right crooks! Youre also working with a business that knows your problem and has the fix. If you have your own The Merchant Solutions review to make, please do so in the comments below. Upon cancellation after over 4 years I returned the machine in good order. They need to see how strong your profits are. This means that you will be out of business. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Keep your money you work for and dont use them. Do not believe anything they say about their service. 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. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. Besides, we understand just how financially difficult it is to become a business owner. You can get your approval in as little as 24 hours. dont believe what they tell you Opens accounts with terms not agreed to. After i cancle my account they charged me 200$ come out of no where. 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? If your company is in the business of collecting debts, then you will need to have some way to process payments. 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. 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. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. How Can Merchants Use Debt Collectors to Recover Chargebacks? Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Dont give them, or their mother company, First Data, your business!!! $1350 fee if terminal is not returned within 10 days. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. If you hear from them just Run!!! BEWARE OF THESE DOGS! The overall household debt for an average family increased by 11% . After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Disgusted. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. This means that the process is fast. DO NOT use this company. 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. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. 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. Annual Fee $79.00 We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. These companies and people are banned, by federal court orders, from participating in the business of debt collection. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. This does not compare favorably to our list of best credit card processors. They are thieves because they stole money from my account and wont make it right with me. For this reason, they are often linked to high complaint totals. Before sharing sensitive information, make sure youre on a federal government site. 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. Keep up the excellent work Austin and thank for helping us through out the entire setup process. 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. The risks related to your business will be assessed by underwriters. 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, 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. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Read more below to learn why we chose these options. 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. when you cancel.Please take your business elsewhere. They terminated my account for non use since I was using another company and had not transferred over yet. Fax: (818) 707-7070. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. The 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. 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. If that happens, then it will be the merchant account provider on the line.
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