PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Which Business Bank Account is Right For You? Worse company ever. Click here for more product information. 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. 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 following is a sample list of complaints filed against United Merchant . What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. 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. Call us now on 877-700-5790 for further assistance. 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. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Thanks ANAIS. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Over the years, we have built up connections with banks all over the world. If you hear from them just Run!!! 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. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. I have tried to use card reader several times without success. Of course, we will provide you with all of the tools that you need to process payments. Understand how the CFPB's Debt Collection Rule can help you. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. for lack of use and Merchants want 490 dollars to terminate service. Toll free: (888) 544-9711. Look out for credit card processors who offer other merchant solutions that could be useful for your business. BBB received a pattern of complaints concerning collections practices. If you are a small business owner avoid these crooks like the plague. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. TMS offers a dedicated support phone line and an email form on its website. Offers automated account application and custom quote processes. High-risk specialist with anti-fraud and anti-chargeback protections. Problems logging in? Respectable processors like EMB guarantee a fast, secure application process. I will NEVER consider using them again. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. I set up a payment arrangement . Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. I hope there will be a class action lawsuit and I plan to be a part of it. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Your Merchant Cash Advances help commercial businesses succeed. We work to advance government policies that protect consumers and promote competition. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Strongly suggest that anyone does there homework and compare companies for this service. This Post Might Help: Best Restaurant Merchant Accounts. 2985 E. Hillcrest Drive They are awful and very dishonest do not use them. 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. Just ridiculous! The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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.. Avoid this outfit as they will make your life miserable. Home (425) 643-2613 (800) 755-1107. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. Easier borrower qualifications that help you build business credit. 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. 180 Maiden Lane, 15th Floor. Fax: (818) 707-7070. Try PaymentCloud. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Don't Fall Into An Expensive Trap. they charged me $450 every month out of total 10k annual monthly. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I have proof of all deductions after I cancelled. He has also researched and published reviews about nearly every payment services provider and processor. Screw this place I wish their was a way we could put them out of business. Youll get your merchant account for your collection agency in as little as 24 48 hours. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Are you with The Merchant Solutions? Save money with Merchant Solutions low processing rates and free terminal program. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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. And it was my fault for not reading the fine print on the documents. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Which Collection Agency Merchant Account Is Right For My Business? Its a TOTAL SCAM! Im so glad I read these before making a huge mistake. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. This post will help: How to Get Out of a Merchant Account Contract. We were charged a $350 restocking fee after being told there would be NO FEES. This company and its employees are rude, I have been trying to cancel and they make it difficult. If you would like to interview Phillip for your story or podcast, please reach out here. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. 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. Its like they try to rip you off once last time b4 they let you go. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Why would we want a service we couldnt use? We can help your collection agency even if you've you been turned down by service providers in the past. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. 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. New York, NY 10038. Horrible company. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Pam called me offering a competitive rate for credit card processing. 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. 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. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. eMerchant Authority operates an in-house underwriting team. 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. Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Let us know how well the content on this page solved your problem today. Were dedicated to B2B debt recovery. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Ideal for collection agencies with a history of excessive chargebacks. 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. Still interested? Square is a top choice for POS for any type of business. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! However, pricing is not disclosed on either of those services. For me customer support is key and Austin is definitely an asset to this company. 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. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. 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 . Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. Do not get trap by this company. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. On November 30, 2021, the Debt Collection Rule became effective. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! You may be charged fees for using this account. A collection agency merchant account is essential to process payments in this unique industry. They said they had cancelled the account, but the following month we were charged again. eMerchantBroker.com. Sign up today and get a free card reader! Required fields are marked *. Location & Ownership 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. 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. The Best Merchant Accounts For Collection Agencies & Debt Collectors. In Summary: 4 Best Merchant Accounts For Collection Agencies. Noah is a writer and content creator currently living in Fairfax, VA. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Comp Admin Fee $9.95 : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Suggest you consider that Paymentech and many others do not charge this. HORRIBLE ! This means that our job is to reduce the risk of any transactions for the merchant bank. THIS WAS A TOTAL LIE. Due to the unique processes we have in place, we can offer affordable rates for our services. This company should not be allowed to do business. To better understand why we adjust BBB ratings, please see our Rating Criteria. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. 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. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. As of right now, I have this company for falsifying documents, and felony forgery. Do you feel like its the right time to start a collection agency? They never have any answers and are only looking for ways to disconnect you. Fortunately, there are providers willing and able to help. They said they are the cheapest one but they are not. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. This includes debt collection companies and debt buyers. The collector has to tell you four pieces of information. 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. Other companies may just outright decline your application. Signature not by me, computer generated. Essentially, they steal from the customer. 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 ). Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. This company was nothing but deceitful from the beginning. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. If your company is in the business of collecting debts, then you will need to have some way to process payments. The site is secure. These are all fees that were started 8 months into my contract. Today was the last straw which we really been shut down since April over covid19. Merchants Credit Association, is a debt collection company. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. At this point, I am looking for a new processor . So only use this business if you like being lied to and stole from cause thats what their good at. 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Such a vendor can be a great help for your debt collector business. Their charges are exhorbitant. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. The merchant solutions is the most horrible company I have ever dealt with. They really do not want to do this. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Pure scam artists just looking to steal your hard earned money. Their customer service is terrible, they are never reachable. They charged me $300 for what they called setup charges. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. 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. The competition is real with so many POS servicing company. Anybody have any suggestions for getting out of this company? Also when you call they have no customer service and are rude on the phone. They have terrible reviews on google and many many complains on BBB. 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.
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