He has a BA in Creative Writing and a Minor in German from Goucher College. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Disgusted. Maintaining these ratios is challenging for merchants in many industries. 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.. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Still interested? Their charges are exhorbitant. Annual PCI Fee $99.00 These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. * The terms and conditions of this promotion currently cannot be found on the website. Your business cannot opt for a standard merchant account here. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. No mention of 3 year contract and no proof of it. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Swipe credit cards securely by implementing PCI compliant payment solutions. 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. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. As of right now, I have this company for falsifying documents, and felony forgery. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Problems logging in? This is a business that is rife with fraud and chargebacks. A lot of other company with no contract and fees to work with out there. If your company is in the business of collecting debts, then you will need to have some way to process payments. Milford, DE 19963. Early penalty for cancellation. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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. 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. They Rip you off way more than wat they told you they would charged. Flexible and transparent pricing suits high- and low-ticket agencies. The risks related to your business will be assessed by underwriters. They said they would beat my current rate but never could. They want me to pay almost $900.00 for equipment I dont use. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The following is a sample list of complaints filed against United Merchant . It isnt just the finances of your business that they pay attention to either. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. processing as well as the collections industry, in order to support compliance and best practices adherence . Copyright 2023 Merchant Maverick. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. For this reason, they are often linked to high complaint totals. This means that you cannot work with companies like PayPal or Square. Once the application process starts, we will find the best merchant account for you. New York, NY 10038. I was told thay my rates would be as low as 1.5%. 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. Get clarity before you switch. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. You may be charged fees for using this account. This credit card processing company is HORRIBLE! DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! 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. I have tried to use card reader several times without success. Suite 209 The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. If you would like to interview Phillip for your story or podcast, please reach out here. Has representatives that open fradulent accounts. Call 1-888-288-2692. They are charging me a huge fee to cancel. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. Seriously they will destroy your business. Dont sign up or you will regret it at the end. The Merchant Solutions also appears to resell the products of First Data (Fiserv). The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. This means that your business will be making a lot more profit for each transaction. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! 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. Provider of affordable payment processing hardware that can streamline various debt collection operations. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. This means that you could, effectively, lose your ability to run your business. 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! $1350 fee if terminal is not returned within 10 days. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. I work damn hard to run my business and I will be damned if they are going to steal money from me. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Processing statements are intentionally complicated so that they can overcharge you. Learn more about the new debt collection rule. Look out for credit card processors who offer other merchant solutions that could be useful for your business. From The Editor Phone number: (302) 241-0686. Annual Fee $79.00 I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. 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. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Its important to be able to connect with a real person on the phone. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Let us know how well the content on this page solved your problem today. Dont give them, or their mother company, First Data, your business!!! 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 This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Due to the risky nature of your business the typical bank wont deal with you. High-risk specialist for U.S.-based collection agencies. Note that we are not able to provide private consultations, give advice, or answer questions. This company will be out of business in one year or less. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Opinions expressed here are authors alone. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. 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 anyone has a better option please let me know. Some merchant account providers may offer high fees. 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. Monthly Fee $25.00 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. Address: Recovery Solutions Group. An official website of the United States government. STAY AWAY. They have fees for everything when you cancel or have to end your contract early. 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! 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. This means that you can always stay on top of any transactions that you are making. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. 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. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. TOTAL SCAMMERS!!! Were dedicated to B2B debt recovery. 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. If you have your own The Merchant Solutions review to make, please do so in the comments below. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Ideal for collection agencies with a history of excessive chargebacks. CardPaymentOptions.com, Inc. All Rights Reserved. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. So only use this business if you like being lied to and stole from cause thats what their good at. These gateways may also support online portals through which users must enter before they can submit their payments online. Pam called me offering a competitive rate for credit card processing. 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. 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. how much money you owe. 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? TMS offers a dedicated support phone line and an email form on its website. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. 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. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 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. SAVE YOURSELF THE HEADACHE! BEWARE OF THESE DOGS! 651-398-1636. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. 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. Min. 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 ). Our 24/7 customer support team is always on call to answer your questions and attend to your needs. This post will help: How to Get Out of a Merchant Account Contract. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Do not believe anything they say about their service. Lending and Debt Repayment Merchant Accounts. The companys rating is also impacted by its higher-than-average complaint total with the BBB. 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. 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. All Rights Reserved. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. 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. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. Your email address will not be published. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Ready to integrate payment processing solutions into your new business? We have focused on merchant cash advances over two decades. Very rude on phone, does not care about you as a customer. They said they had cancelled the account, but the following month we were charged again. This means that our job is to reduce the risk of any transactions for the merchant bank. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Not an existing MeS Virtual Terminal User? 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. 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Garbage company. In Summary: 4 Best Merchant Accounts For Collection Agencies.
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