They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. It took me 2 weeks of calling NON-STOP to get any response. This does not compare favorably to our list of best credit card processors. In addition, they told us the transaction fee would be 2.65% of each purchase. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Processing statements are intentionally complicated so that they can overcharge you. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Home; Services Healthcare Services; Consumer Business Collections . 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 take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. Instead, you need to search for high-risk merchant accounts. 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. 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). The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. close down your account. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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. He has also researched and published reviews about nearly every payment services provider and processor. 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? We appreciate it. 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%. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. Get the truth here. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 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 was skeptical and decided not to switch to merchant solutions. 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. 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. This company was nothing but deceitful from the beginning. Do not believe anything they say about their service. After i cancle my account they charged me 200$ come out of no where. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. The Signature page of the second contract is an EXACT COPY of the account I did open. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. These people are the biggest crooks Ive ever encountered. 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. This post will help: Cancelling a Merchant Account Without Paying a Fee. dont believe what they tell you However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. This Post Might Help: Best Restaurant Merchant Accounts. They stealing $1000.00 dollars from my account. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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 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. We work to advance government policies that protect consumers and promote competition. Required fields are marked *. Forgotten Password? Keep up the excellent work Austin and thank for helping us through out the entire setup process. Also when you call they have no customer service and are rude on the phone. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Now illness has caused me to lose my merchant tax ID. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. The Merchant Solutions is definitely THE worst credit card company EVER!!!! This means that you will need both a payment processor and a merchant account. THIS WAS A TOTAL LIE. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Are you with The Merchant Solutions? DO NOT use this company. If your company is in the business of collecting debts, then you will need to have some way to process payments. 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. Here Are The Processors Who Don't Hide Fees. 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. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Fast turnaround: as little as 1-2 days. 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. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. This means that you can always stay on top of any transactions that you are making. Opinions expressed here are authors alone. 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. YOU WILL BE SORRY! The .gov means its official. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. they hurt me by taking un authorized money out of my account 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. Early penalty for cancellation. Over the years, we have built up connections with banks all over the world. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Call us now on 877-700-5790 for further assistance. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. Many may find PaymentClouds organization of products on its website to be less than navigable. They may even have maximum limits to any transactions that you complete. 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. They really do not want to do this. . We have focused on merchant cash advances over two decades. We occasionally send out emails with special offers. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Beware, do not do business with merchant solutions. This means that your business will be making a lot more profit for each transaction. This is why we want to help you get the right debt collection merchant account from the very start. Let us know how well the content on this page solved your problem today. Fortunately, there are providers willing and able to help. Pam called me offering a competitive rate for credit card processing. They have been lying to me since day 1 of signing up with them. 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. If that happens, then it will be the merchant account provider on the line. 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. Learn more about our monetization policies here. When we both know its theirs! 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. 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. 4 Best Merchant Accounts For Collection Agencies. See this page to learn how we support our operations. eMerchantBroker can . If you can get one who has worked with businesses in the debt collection industry, the better. Seeking to take them to court for their theft. Very shady business practices and a very deceptive sales process. This means that you will be out of business. 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. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. Other companies may just outright decline your application. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. That doesnt count the canclelation fee that coming up from them. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Amazing! We also encourage merchants to check out our list of the providers of the best merchant accounts. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. New York, NY 10038. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. They have fees for everything when you cancel or have to end your contract early. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. If you have your own The Merchant Solutions review to make, please do so in the comments below. The risks related to your business will be assessed by underwriters. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Look out for credit card processors who offer other merchant solutions that could be useful for 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. Essentially, they steal from the customer. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. I have proof of all deductions after I cancelled. one year. eMerchant Authority operates an in-house underwriting team. 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. Higher cost than explained in solicitations When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. This company should not be allowed to do business. Its website can be hard to use as well. As of right now, I have this company for falsifying documents, and felony forgery. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. if anyone do business with this scums be prepared to have a high blood pressure. They are crooks. 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. Why would we want a service we couldnt use? Better look for alternatives. Youll get your merchant account for your collection agency in as little as 24 48 hours. Their customer service is terrible, they are never reachable. Payment Processing . Get Your Quote. This means that our job is to reduce the risk of any transactions for the merchant bank. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Trouble Getting Approved? PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. You may be charged fees for using this account. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. BE AWARE!!! I got a shock when they deducted total of $1000.00 from my account in 4 payments. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. They round up everything, even when they shouldnt according to elementary mathematics! Problems logging in? The Best Merchant Accounts For Collection Agencies & Debt Collectors. The Merchant Solutions processes most major payment types. DO NOT EVEN talk to their salespeople. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Merchants Credit Association, is a debt collection company. We can help your collection agency even if you've you been turned down by service providers in the past. An official website of the United States government. The merchant solutions is the most horrible company I have ever dealt with. Do not get trap by this company. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. 180 Maiden Lane, 15th Floor. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. If you stop using it, they still charge you a lot of fees. This company, Merchant Solutions, is a fraud. Due to the unique processes we have in place, we can offer affordable rates for our services. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. 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. Save yourself stress and aggravation and sign up with a different processor. 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. Signature not by me, computer generated. I was to have 1 account with Merchant Solutions ! Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. The overall household debt for an average family increased by 11% . Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. I will NEVER consider using them again. 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!! 1008 Mattlind Way. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Read more below to learn why we chose these options. I would not recommend TMS to my worst enemies. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. 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. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. eMerchant Authority can help with this. This field is for validation purposes and should be left unchanged. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. 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. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Both were resolved to the dissatisfaction of the merchant or received no final response. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. They refuse to refund the money. These are charged beyond any percent fees. We're Proud to Advance Cash to Business Owners Like You. She said that I would need to submit an application in order to verify the discounts they were offering. 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. I work damn hard to run my business and I will be damned if they are going to steal money from me. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Ex. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Some processors have no monthly, no annual fees, no contract, and cheap rates. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity.