They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. It was revoked by State of TN. Other companies may just outright decline your application. Fortunately, there are providers willing and able to help. Phone number: (302) 241-0686. Keep up the excellent work Austin and thank for helping us through out the entire setup process. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. 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. Find legal resources and guidance to understand your business responsibilities and comply with the law. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Since these banks know and trust the quality of our services, they will be able to trust you too. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. Get clarity before you switch. When we both know its theirs! To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. I have proof of all deductions after I cancelled. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Due to the risky nature of your business the typical bank wont deal with you. I hope there will be a class action lawsuit and I plan to be a part of it. processing as well as the collections industry, in order to support compliance and best practices adherence . Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. I agreed to pay back the money that was owned. Its just a penalty fee that they add on you for leaving their company. Home; Services Healthcare Services; Consumer Business Collections . This company and its employees are rude, I have been trying to cancel and they make it difficult. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. An official website of the United States government. So, its no surprise that banks often deny them merchant accounts. If that happens, then it will be the merchant account provider on the line. Forgotten Password? They are very rude and they will not correct the problem with me even though they said they would. She also helped us to file our annual PCI compliance saving us about $40 per month. 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. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Location & Ownership The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. However, pricing is not disclosed on either of those services. The chargeback will be made against their account. Payment Processing . I am still waiting on on calls from their supervisors from last year. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. They have been lying to me since day 1 of signing up with them. He is very knowledgeable and provided excellent support. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. PCI Non-Cpmpliance. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. I was never told about a restocking fee and some other charge until I got ready to cancel. Maintaining these ratios is challenging for merchants in many industries. This was not in our contract, but I couldnt get the money back without suing them. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Its like they try to rip you off once last time b4 they let you go. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Min. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Look out for credit card processors who offer other merchant solutions that could be useful for your business. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Some processors have no monthly, no annual fees, no contract, and cheap rates. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. From The Editor Same situation. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Call 1-888-288-2692. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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 . PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Copyright 2023 Merchant Maverick. Phillip created this website and has written over 1,000 articles regarding all things payments. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. 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. I will make sure this is my last time using this company. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. 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. Zero star rating, they are big time scam PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. Worse company ever. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. We have focused on merchant cash advances over two decades. The following is a sample list of complaints filed against United Merchant . I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. 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. 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. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. This means that you could, effectively, lose your ability to run your business. Click here to earn a reward. They will not return my phone calls now. 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. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. Recovery Solutions Group, LLC (RSG) Contact Information. 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. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. 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. These revenues in no way influence our ratings or reviews. Still interested? This is why we want to help you get the right debt collection merchant account from the very start. Amazing! I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. 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. As you're checking out a debt collection call, remember: don't respond to threats. 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. They Rip you off way more than wat they told you they would charged. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. . 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. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. They are charging me a huge fee to cancel. I am still trying to get that back. See Which Processors Offer No Monthly Fees And No Contracts. Respectable processors like EMB guarantee a fast, secure application process. Square is a top choice for POS for any type of business. You could tell a collector to send a validation notice. 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? Call us now on 877-700-5790 for further assistance. this will happen if you change to another company. Pure scam artists just looking to steal your hard earned money. 4 Best Merchant Accounts For Collection Agencies. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. I wish I would have read some reviews before I sign up with these con artists. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. 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. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. And particularly so for debt collectors due to the consumer demographic of debtors. Weve resolved overdue accounts for clients without damaging customer relationships. 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. 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. Beware, do not do business with merchant solutions. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Their charges are exhorbitant. Seeking to take them to court for their theft. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. All Rights Reserved. Learn more about your rights as a consumer and how to spot and avoid scams. Also that free terminal will cost you $350 when you try to cancel the account. Their hidden fees are through the roof. 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. 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. eMerchant Authority can help with this. eMerchantBroker can . MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. dont believe what they tell you Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. 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. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more 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. If you would like to interview Phillip for your story or podcast, please reach out here. Noah is a writer and content creator currently living in Fairfax, VA. These are all fees that were started 8 months into my contract. Early penalty for cancellation. Read more below to learn why we chose these options. 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. Find Loan Options For Your Small Business. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Ideal for collection agencies with a history of excessive chargebacks. This company is nothing but a fraud. 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.

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