For me customer support is key and Austin is definitely an asset to this company. 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. 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. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. 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. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. We have lowered the companys score in this section to a C to reflect this consistency. Save yourself stress and aggravation and sign up with a different processor. Telephone: (818) 409-6000. Horrible company. Credit Card Processing for Debt Collection Businesses This company is nothing but a fraud. Nasty contract . On November 30, 2021, the Debt Collection Rule became effective. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. A lot of other company with no contract and fees to work with out there. 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. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Stay away from Themechantsolution!!! We appreciate it. Our proven investigation tools help us create fast and effective debt recovery services. They really do not want to do this. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Lots of hidden fees that other companies dont charge! Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Payment Processing . If you would like to interview Phillip for your story or podcast, please reach out here. Were dedicated to B2B debt recovery. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. I have been in contact with them for months now, and they still cannot give me a justifiable answer. please dont sign up and let people know about that. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. * The terms and conditions of this promotion currently cannot be found on the website. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. eMerchant Authority can help with this. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. . Still interested? Why Is Credit Card Processing For Collection Agencies Considered High Risk? The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Some merchant account providers may offer high fees. Several complainants outright accuse the company of being a ripoff or a scam operation. If you stop using it, they still charge you a lot of fees. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Total $247.95. We also encourage merchants to check out our list of the providers of the best merchant accounts. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Now illness has caused me to lose my merchant tax ID. Signature not by me, computer generated. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. They said they would beat my current rate but never could. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Click here to earn a reward. It is not intended as legal or financial advice. That doesnt count the canclelation fee that coming up from them. i signed up a few weeks ago and havent been able to get into contact with them since. 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. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. In addition to those 2 complaints, the company has received 58 informal reviews. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . Opens accounts with terms not agreed to. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. I was never given a written contract had computer generated signature. For this reason, they are often linked to high complaint totals. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. THIS WAS A TOTAL LIE. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. SAVE YOURSELF THE HEADACHE! John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. So then I cancelled and they charged me a $945 restocking reprogramming fee? Avoid this outfit as they will make your life miserable. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Which Collection Agency Merchant Account Is Right For My Business? Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. TMS offers a dedicated support phone line and an email form on its website. This credit card processing company is HORRIBLE! They may require you to constantly have reserve cash in your account. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. Ex. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Many may find PaymentClouds organization of products on its website to be less than navigable. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. 651-398-1636. After i cancle my account they charged me 200$ come out of no where. Note: We have adjusted this companys BBB rating according to our own standards. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Provider of affordable payment processing hardware that can streamline various debt collection operations. Swipe credit cards securely by implementing PCI compliant payment solutions. A collection agency merchant account is classified as high risk for a number of reasons. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. I was skeptical and decided not to switch to merchant solutions. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . This post will help: How to Get Out of a Merchant Account Contract. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. 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. Call 1-888-288-2692. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Over the years, we have built up connections with banks all over the world. So, its no surprise that banks often deny them merchant accounts. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Just ridiculous! Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Merchant Mavericks ratings are not influenced by affiliate partnerships. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Verify before you sign with this company. 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. Pam called me offering a competitive rate for credit card processing. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. This means that you could, effectively, lose your ability to run your business. Annual Fee $79.00 When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. Some processors have no monthly, no annual fees, no contract, and cheap rates. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Lets start with the salesman Daniel A. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. They are very rude and they will not correct the problem with me even though they said they would. They will tell you that there are no hidden fees and no extra charges. The companys rating is also impacted by its higher-than-average complaint total with the BBB. I would not recommend TMS to my worst enemies. Lending and Debt Repayment Merchant Accounts. When we both know its theirs! See Which Processors Offer No Monthly Fees And No Contracts. Read more below to learn why we chose these options. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. 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. 180 Maiden Lane, 15th Floor. You will be far too high of a risk to work with. All they want is your money. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. Processing statements are intentionally complicated so that they can overcharge you. 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. 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. Do not get trap by this company. They are crooks. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Since these banks know and trust the quality of our services, they will be able to trust you too. 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. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. CardPaymentOptions.com, Inc. All Rights Reserved.

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