Our proven investigation tools help us create fast and effective debt recovery services. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. They may require you to constantly have reserve cash in your account. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Looking for legal documents or records? Learn more about our monetization policies here. 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. She also helped us to file our annual PCI compliance saving us about $40 per month. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. I am looking to upgrade 4 of my restaurants systems. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. The merchant solutions is the most horrible company I have ever dealt with. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Opinions expressed here are authors alone. PaymentCloud can help almost any business get approved for payment processing. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. processing as well as the collections industry, in order to support compliance and best practices adherence . Were dedicated to B2B debt recovery. Credit Card Processing for Debt Collection Businesses Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Suggest you consider that Paymentech and many others do not charge this. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Pure scam artists just looking to steal your hard earned money. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. Teaming with IVR Technology Group, we also provide pay-by-phone voice . 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. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Copyright 2020 eMerchant Authority | Website by JM Marketing. 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%. 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. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. They need to see how strong your profits are. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Easier borrower qualifications that help you build business credit. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. Other companies may just outright decline your application. Noah is a writer and content creator currently living in Fairfax, VA. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. I have proof of all deductions after I cancelled. Keep your money you work for and dont use them. Do not get trap by this company. 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. 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. If that happens, then it will be the merchant account provider on the line. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Dont give them, or their mother company, First Data, your business!!! This company is nothing but a fraud. services due to the high risk associated with debt collection businesses. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Toll free: (888) 544-9711. This company and its employees are rude, I have been trying to cancel and they make it difficult. They may even have maximum limits to any transactions that you complete. It was revoked by State of TN. 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. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Over the years, we have built up connections with banks all over the world. Ex. 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. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. DO NOT 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. The chargeback will be made against their account. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Look out for credit card processors who offer other merchant solutions that could be useful for your business. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. 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. Specialized account support for multiple collection agency types. BBB received a pattern of complaints concerning collections practices. These companies and people are banned, by federal court orders, from participating in the business of debt collection. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. They charged me $300 for what they called setup charges. Zero star rating, they are big time scam These people are down right crooks! Best Merchant Accounts for Debt Collection Agencies The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Offers automated account application and custom quote processes. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. Better look for alternatives. Stay away from Themechantsolution!!! Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Our services are secure and reliable. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Worse company ever. close down your account. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Should have know. They have fees for everything when you cancel or have to end your contract early. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. In addition, they told us the transaction fee would be 2.65% of each purchase. Also when you call they have no customer service and are rude on the phone. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. They are beyond shady and dont care at all about customer service!!! He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. This company needs to be put out of business. On November 30, 2021, the Debt Collection Rule became effective. Higher cost than explained in solicitations They will tell you that there are no hidden fees and no extra charges. High-risk specialist with anti-fraud and anti-chargeback protections. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. If you would like to interview Phillip for your story or podcast, please reach out here. Their hidden fees are through the roof. He is very knowledgeable and provided excellent support. I wish I would have read some reviews before I sign up with these con artists. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Search the Legal Library instead. If your company is in the business of collecting debts, then you will need to have some way to process payments. 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. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 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. We can help you to seamlessly integrate eMerchant Authority payment solutions into your 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. STAY AWAY. 53 of these reviews are positive, while the remaining 5 reviews are negative. 844-66-CFGMS (844-662-3467) Moreover, EMB is rate A by Card Payment Options. Early penalty for cancellation. The worst company to do business with ever!!!! These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. BE AWARE!!! Merchant Cash Advance in Collections: What to Do He has a BA in Creative Writing and a Minor in German from Goucher College. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Pam called me offering a competitive rate for credit card processing. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. I had to close the account, due to poor sales results. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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! Horrible company. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Get clarity before you switch. It's a cut throat industry. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Which Business Bank Account is Right For You? 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. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. Here Are The Processors Who Don't Hide Fees. I was skeptical and decided not to switch to merchant solutions. Which Collection Agency Merchant Account Is Right For My Business? And particularly so for debt collectors due to the consumer demographic of debtors. 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. this will happen if you change to another company. These revenues in no way influence our ratings or reviews. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Debt Collection Agency Merchant Account| Fast Approval 4 Best Merchant Accounts For Collection Agencies. 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). Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Anybody have any suggestions for getting out of this company?