PCI Non-Cpmpliance. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. This means that you will need both a payment processor and a merchant account. 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. 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. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. The overall household debt for an average family increased by 11% during the last 10 years. This company hires predatory sales people, arent up front about fees and raped my bank account. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. They will not return my phone calls now. Other companies may just outright decline your application. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. 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. Essentially, they steal from the customer. 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. 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. If your company is in the business of collecting debts, then you will need to have some way to process payments. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Help us to improve by providing some feedback on your experience today. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. I was skeptical and decided not to switch to merchant solutions. $1350 fee if terminal is not returned within 10 days. This credit card processing company is HORRIBLE! 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. Recovery Solutions Group, LLC (RSG) Contact Information. Not much, but still more than disclosed. not explained. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. 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. We also encourage merchants to check out our list of the providers of the best merchant accounts. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. This lack of transparency in pricing is typical of the industry in general. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Noah is a writer and content creator currently living in Fairfax, VA. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. 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. Screw this place I wish their was a way we could put them out of 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. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . BE AWARE!!! 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. They Are Not truthful about their service. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . A collection agency merchant account is essential to process payments in this unique industry. This form is for feedback only. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Your business cannot opt for a standard merchant account here. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. 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. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Ideal for collection agencies with a history of excessive chargebacks. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). The types of collections that different agents and agencies deal with, though, can vary widely. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee.
Credit & Debt Collections Merchant Services - DigiPay Solutions . Your email address will not be published. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. You will be far too high of a risk to work with. 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. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Such a vendor can be a great help for your debt collector business. From The Editor At Monetaria, we understand that your MCA agreements are time-sensitive. Comp Admin Fee $9.95 Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Should have know. Trouble Getting Approved? Opinions expressed here are authors alone. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Min. And it was my fault for not reading the fine print on the documents. 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. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. Our integrations connect you with the best tools for your business. To better understand why we adjust BBB ratings, please see our Rating Criteria. They have been lying to me since day 1 of signing up with them.
Do not give them your business. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Ready to integrate payment processing solutions into your new business? After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. The merchant solutions is the most horrible company I have ever dealt with.
The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com So then I cancelled and they charged me a $945 restocking reprogramming fee? 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. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Copyright 2023 Merchant Maverick. 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. Home; Services Healthcare Services; Consumer Business Collections . BBB received a pattern of complaints concerning collections practices. 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. See this page to learn how we support our operations. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. eMerchantBroker can . 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. I agreed to pay back the money that was owned. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . This means that you can always stay on top of any transactions that you are making. This company, Merchant Solutions, is a fraud. Your Merchant Cash Advances help commercial businesses succeed. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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.
Debt Collection Merchant Services - Merchant Card Advisors Let us know how well the content on this page solved your problem today. Opens accounts with terms not agreed to. HORRIBLE ! If your company does not show any indication that you conform to this act, then your application will be outright rejected. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Additional rates and fees, including a technical support fee may apply. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Also when you call they have no customer service and are rude on the phone. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. 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. Our services are secure and reliable. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. This company was nothing but deceitful from the beginning. In some cases, this leads to merchants contracting with debt collection agencies. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. 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.
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