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BEWARE OF THESE DOGS! The overall household debt for an average family increased by 11% . I was told thay my rates would be as low as 1.5%. 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. 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. Sign up today and get a free card reader! With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Fax: (818) 707-7070. CardPaymentOptions.com, Inc. All Rights Reserved. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. They are awful and very dishonest do not use them. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Total $247.95. 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. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Some processors have no monthly, no annual fees, no contract, and cheap rates. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Call us now on 877-700-5790 for further assistance. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. 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. Copyright 2023 eMerchantBroker, LLC. It's a cut throat industry. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Call 1-888-288-2692. Opinions expressed here are authors alone. Ex. 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! PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Specialized account support for multiple collection agency types. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. You could tell a collector to send a validation notice. Our integrations connect you with the best tools for your business. If you are a small business owner avoid these crooks like the plague. This company hires predatory sales people, arent up front about fees and raped my bank account. Federal government websites often end in .gov or .mil. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Why would we want a service we couldnt use? This means that the process is fast. when you cancel.Please take your business elsewhere. 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. All debt collectors track down past-due debts that businesses and consumers owe. for lack of use and Merchants want 490 dollars to terminate service. They will tell you that there are no hidden fees and no extra 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. They may require you to constantly have reserve cash in your account. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. Horrible company. Better look for alternatives. They round up everything, even when they shouldnt according to elementary mathematics! After i cancle my account they charged me 200$ come out of no where. 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. 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. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. TMS offers a dedicated support phone line and an email form on its website. 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. We appreciate it. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). This means that you will be out of business. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. These are charged beyond any percent fees. I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. Lets start with the salesman Daniel A. Both were resolved to the dissatisfaction of the merchant or received no final response. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Im so glad I read these before making a huge mistake. 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 ?????? BE AWARE!!! On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. And because I signed the document, the company is telling me, that I am liable for the contract. 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. 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. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. They want me to pay almost $900.00 for equipment I dont use. Garbage company. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. We work to advance government policies that protect consumers and promote competition. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Same situation. We have focused on merchant cash advances over two decades. 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). This means that you could, effectively, lose your ability to run your business. On November 30, 2021, the Debt Collection Rule became effective. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. please dont sign up and let people know about that. It took me 2 weeks of calling NON-STOP to get any response. Not an existing MeS Virtual Terminal User? The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. These people called me for weeks and sent me all kinds of sales materials when my business started. 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. i signed up a few weeks ago and havent been able to get into contact with them since. Swipe credit cards securely by implementing PCI compliant payment solutions. 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. 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. 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. Their charges are exhorbitant. Click here to earn a reward. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. The companys rating is also impacted by its higher-than-average complaint total with the BBB. They charged me $300 for what they called setup charges. So then I cancelled and they charged me a $945 restocking reprogramming fee? I think I was the set up by Merchant Solutions. 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 second your merchant account closes down is the second that you are no longer able to accept payments for your company. Essentially, they steal from the customer. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. 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. Learn how to resolve this complaint. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. 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! In addition, they told us the transaction fee would be 2.65% of each purchase. Location & Ownership Note: We have adjusted this companys BBB rating according to our own standards. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Get the truth here. By working with eMerchant Authority, this is a problem that can be avoided. Horrible company. At Monetaria, we understand that your MCA agreements are time-sensitive. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. I am still waiting on on calls from their supervisors from last year. Processing statements are intentionally complicated so that they can overcharge you. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. 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. These processors offer Quickbooks integration and have low rates. This company should not be allowed to do business. They never have any answers and are only looking for ways to disconnect you. services due to the high risk associated with debt collection businesses. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. From The Editor All Rights Reserved. However, pricing is not disclosed on either of those services. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Annual PCI Fee $99.00 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. 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 $20.00. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Their hidden fees are through the roof. Are you with The Merchant Solutions? Pure scam artists just looking to steal your hard earned money. A full point-of-sale (POS) system in one sleek package. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. A lot of other company with no contract and fees to work with out there. 1008 Mattlind Way. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Once the application process starts, we will find the best merchant account for you. I was never given a written contract had computer generated signature. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. They are crooks. They really do not want to do this. Such a vendor can be a great help for your debt collector business. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. 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. I was skeptical and decided not to switch to merchant solutions. Maintaining these ratios is challenging for merchants in many industries.