*Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. . Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Fax: (818) 707-7070. This post will help: Cancelling a Merchant Account Without Paying a Fee. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. All Rights Reserved. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Very rude on phone, does not care about you as a customer. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. This lack of transparency in pricing is typical of the industry in general. This means that you will be out of business. this will happen if you change to another company. 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. 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. And because I signed the document, the company is telling me, that I am liable for the contract. Some merchant account providers may offer high fees. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Sign up today and get a free card reader! 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. This company is deceitful. Provider of affordable payment processing hardware that can streamline various debt collection operations. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. They may even have maximum limits to any transactions that you complete. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. We have focused on merchant cash advances over two decades. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. My contract ends in January 2015 and I am looking forward to it. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. 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. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. eMerchantBroker can . In Summary: 4 Best Merchant Accounts For Collection Agencies. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. Verify before you sign with this company. Flexible and transparent pricing suits high- and low-ticket agencies. We spoke with ANAIS today and were helped with understanding the rates. YOU WILL BE SORRY! dont believe what they tell you If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. I work damn hard to run my business and I will be damned if they are going to steal money from me. 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. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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. Square is a top choice for POS for any type of business. Zero star rating, they are big time scam Ready to integrate payment processing solutions into your new business? 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. Phone number: (302) 241-0686. 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. 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. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Since these banks know and trust the quality of our services, they will be able to trust you too. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Let us know how well the content on this page solved your problem today. Total $247.95. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! Keep up the excellent work Austin and thank for helping us through out the entire setup process. Specialized account support for multiple collection agency types. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 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. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Get the truth here. A full point-of-sale (POS) system in one sleek package. You really leave your business account open to these guys with free access to do as they like. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. This company should not be allowed to do business. They dont deserve a BBB rating they suck!!!! Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Toll free: (888) 544-9711. 2985 E. Hillcrest Drive Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. We occasionally send out emails with special offers. Stay away from Themechantsolution!!! Screw this place I wish their was a way we could put them out of business. Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! 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. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. the name of the creditor you owe it to. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. THIS WAS A TOTAL LIE. On November 30, 2021, the Debt Collection Rule became effective. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. 844-66-CFGMS (844-662-3467) Ex. 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. Then I began getting charged a PCI non compliant fee $40.00. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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! 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. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. 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. 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. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Try PaymentCloud. Its website can be hard to use as well. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. This company is nothing but a fraud. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. It is not intended as legal or financial advice. 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. They are awful and very dishonest do not use them. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. We work to advance government policies that protect consumers and promote competition. Instead, you need to search for high-risk merchant accounts. This has Been the worst POS processing company I have ever felt with. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. 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. Noah is a writer and content creator currently living in Fairfax, VA. 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. They have terrible reviews on google and many many complains on BBB. So only use this business if you like being lied to and stole from cause thats what their good at. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Due to the risky nature of your business the typical bank wont deal with you. 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 Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! They really do not want to do this. Only. This includes debt collection companies and debt buyers. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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? Why would we want a service we couldnt use? You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. eMerchantBroker.com. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Such a vendor can be a great help for your debt collector business. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Lending and Debt Repayment Merchant Accounts. I would not recommend TMS to my worst enemies. Of course, we will provide you with all of the tools that you need to process payments. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. From The Editor Worse company ever. Upon cancellation after over 4 years I returned the machine in good order. The overall household debt for an average family increased by 11% . TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. Home; Services Healthcare Services; Consumer Business Collections . Most merchant providers are reluctant to offer. 651-398-1636. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. I have never had any other merchant?! Seriously they will destroy your business. She also helped us to file our annual PCI compliance saving us about $40 per month. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Several complainants outright accuse the company of being a ripoff or a scam operation. 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. Note: We have adjusted this companys BBB rating according to our own standards. Monthly Fee $25.00 After i cancle my account they charged me 200$ come out of no where. $35.00 Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. 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. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. They Rip you off way more than wat they told you they would charged. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. We appreciate it. 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. for lack of use and Merchants want 490 dollars to terminate service. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? processing as well as the collections industry, in order to support compliance and best practices adherence . PCI Non-Cpmpliance. 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. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. Milford, DE 19963. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. I set up a payment arrangement . If you stop using it, they still charge you a lot of fees. Many may find PaymentClouds organization of products on its website to be less than navigable. Don't Fall Into An Expensive Trap. they charged me $450 every month out of total 10k annual monthly. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. I was told thay my rates would be as low as 1.5%. Going to BBB and will get attorney if I have to. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 We're Proud to Advance Cash to Business Owners Like You. 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. 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 ). Credit Card Processing for Debt Collection Businesses Its like they try to rip you off once last time b4 they let you go. If that happens, then it will be the merchant account provider on the line. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. The Merchant Solutions processes most major payment types. 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 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. 180 Maiden Lane, 15th Floor. Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%.

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