So not only was I billed WITHOUT my consent, but then they refused to refund more than half. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. please dont sign up and let people know about that. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. 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. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Our proven investigation tools help us create fast and effective debt recovery services. This field is for validation purposes and should be left unchanged. I am still waiting on on calls from their supervisors from last year. If you hear from them just Run!!! Why Is Credit Card Processing For Collection Agencies Considered High Risk? Do not believe anything they say about their service. 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. I had to close the account, due to poor sales results. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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. This has Been the worst POS processing company I have ever felt with. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Lending and Debt Repayment Merchant Accounts. A collection agency merchant account is essential to process payments in this unique industry. The collector has to tell you four pieces of information. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. 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. 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. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Their charges are exhorbitant. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Copyright 2023 eMerchantBroker, LLC. 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. This credit card processing company is HORRIBLE! On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Before sharing sensitive information, make sure youre on a federal government site. Processing statements are intentionally complicated so that they can overcharge you. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. 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. CardPaymentOptions.com, Inc. All Rights Reserved. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. I was never given a written contract had computer generated signature. Excellent provider for collection agencies with a strong eCommerce presence. 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. 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. They need to see how strong your profits are. High-risk specialist for U.S.-based collection agencies. They charge you all kinds of fees which your not told about. Pam called me offering a competitive rate for credit card processing. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Trouble Getting Approved? That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Do you feel like its the right time to start a collection agency? Both were resolved to the dissatisfaction of the merchant or received no final response. PCI Non-Cpmpliance. A full point-of-sale (POS) system in one sleek package. She said that I would need to submit an application in order to verify the discounts they were offering. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Swipe credit cards securely by implementing PCI compliant payment solutions. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Save money with Merchant Solutions low processing rates and free terminal program. 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. Toll free: (888) 544-9711. Find the resources you need to understand how consumer protection law impacts your business. BBB received a pattern of complaints concerning collections practices. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Keep up the excellent work Austin and thank for helping us through out the entire setup process. These gateways may also support online portals through which users must enter before they can submit their payments online. This lack of transparency in pricing is typical of the industry in general. 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? This company needs to be put out of business. 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 ). Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. 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%. Learn more about our monetization policies here. Get Your Quote. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. They are crooks. Are you with The Merchant Solutions? Its website can be hard to use as well. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. All Rights Reserved. not explained. . 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. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. They refuse to refund the money. 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. 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. For me customer support is key and Austin is definitely an asset to this company. 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. 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. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. He is very knowledgeable and provided excellent support. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. 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. Upon cancellation after over 4 years I returned the machine in good order. 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. This company should not be allowed to do business. 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. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. After i cancle my account they charged me 200$ come out of no where. When you choose us, youre not just getting back your assets. I would not recommend TMS to my worst enemies. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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. Should have know. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! You can get your approval in as little as 24 hours. This means that you can always stay on top of any transactions that you are making. They may require countless numbers of documents. 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. From The Editor Provider of affordable payment processing hardware that can streamline various debt collection operations. Phone number: (302) 241-0686. They really do not want to do this. Forgotten Password? You will not have enough time to do it, the machine terminal breaks all the time. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. Has representatives that open fradulent accounts. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. 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. A collection agency merchant account is classified as high risk for a number of reasons. 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 companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Youll get your merchant account for your collection agency in as little as 24 48 hours. I am looking to upgrade 4 of my restaurants systems. It is not intended as legal or financial advice. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. All debt collectors track down past-due debts that businesses and consumers owe. This means that our job is to reduce the risk of any transactions for the merchant bank. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Total $247.95. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Fast turnaround: as little as 1-2 days. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. 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. And particularly so for debt collectors due to the consumer demographic of debtors. Not much, but still more than disclosed. Youre also working with a business that knows your problem and has the fix. They Are Not truthful about their service. If you can get one who has worked with businesses in the debt collection industry, the better. They want me to pay almost $900.00 for equipment I dont use. Your Merchant Cash Advances help commercial businesses succeed. 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. Strongly suggest that anyone does there homework and compare companies for this service. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Annual PCI Fee $99.00 Advertiser Disclosure: Our unbiased reviews and content are supported in part by.
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