I would not recommend TMS to my worst enemies. He is very knowledgeable and provided excellent support. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. She also helped us to file our annual PCI compliance saving us about $40 per month. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Its website can be hard to use as well. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. one year. Search the Legal Library instead. This post will help: Cancelling a Merchant Account Without Paying a Fee. Getting paid to re-write this page? Square is a top choice for POS for any type of business. 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. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Horrible company. CardPaymentOptions.com, Inc. All Rights Reserved. Essentially, they steal from the customer. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. JUST SAY NO. 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! Help us to improve by providing some feedback on your experience today. Annual Fee $79.00 Don't Fall Into An Expensive Trap. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. 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. BEWARE OF THESE DOGS! Merchant Cash Advance in Collections: What to Do Zero star rating, they are big time scam Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. * The terms and conditions of this promotion currently cannot be found on the website. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Merchant Mavericks ratings are not influenced by affiliate partnerships. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Flexible and transparent pricing suits high- and low-ticket agencies. This company is deceitful. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Comp Admin Fee $9.95 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. Location & Ownership We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. And because I signed the document, the company is telling me, that I am liable for the contract. 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. 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. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. A collection agency merchant account is essential to process payments in this unique industry. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. 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. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Also when you call they have no customer service and are rude on the phone. We provide merchant account services for both low and high-risk businesses. See Which Processors Offer No Monthly Fees And No Contracts. The Merchant Solutions also appears to resell the products of First Data (Fiserv). This post will help: How to Get Out of a Merchant Account Contract. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Other companies may just outright decline your application. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. Of course, we will provide you with all of the tools that you need to process payments. Learn more about your rights as a consumer and how to spot and avoid scams. 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. 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.. they hurt me by taking un authorized money out of my account We also encourage merchants to check out our list of the providers of the best merchant accounts. 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 company does not show any indication that you conform to this act, then your application will be outright rejected. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Debt Collection Merchant Accounts Going to BBB and will get attorney if I have to. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Once the application process starts, we will find the best merchant account for you. Both were resolved to the dissatisfaction of the merchant or received no final response. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . Nasty contract . They are very rude and they will not correct the problem with me even though they said they would. This company and its employees are rude, I have been trying to cancel and they make it difficult. For this reason, they are often linked to high complaint totals. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. They refuse to refund the money. 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. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. They never have any answers and are only looking for ways to disconnect you. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Now they have charged me with a PCA compliance processing fee of $149, payable annually. This means that you can always stay on top of any transactions that you are making. Specialized account support for multiple collection agency types. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Learn more about the new debt collection rule. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Horrible company. Looking for legal documents or records? High-risk specialist with anti-fraud and anti-chargeback protections. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. I didnt fill out anything to open OR close the account and today was hit with $495 fee. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. I was skeptical and decided not to switch to merchant solutions. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. Click here for more product information. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. All Rights Reserved. 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. eMerchantBroker can . And particularly so for debt collectors due to the consumer demographic of debtors. Anybody have any suggestions for getting out of this company? Opens accounts with terms not agreed to. This company, Merchant Solutions, is a fraud. not explained. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. This company will be out of business in one year or less. You almost certainly will not be able to work with companies like PayPal. 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. They may even have maximum limits to any transactions that you complete. Its just a penalty fee that they add on you for leaving their company. Merchants Solution Group | Better Business Bureau Profile This means that the process is fast. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. The risks related to your business will be assessed by underwriters. this will happen if you change to another company. Some merchant account providers may offer high fees. Thousand Oaks, CA 91362. 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. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. You really leave your business account open to these guys with free access to do as they like. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Debt Collection Agency Merchant Account - PayKings Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. As of right now, I have this company for falsifying documents, and felony forgery. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com Sign up today and get a free card reader! It was revoked by State of TN. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. We may earn revenue if you obtain services from a provider that we recommend. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. 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.. Suite 209 Austin Smith was very knowledgeable and helpful! Ex. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Learn how to resolve this complaint. They Are Not truthful about their service. 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. Every review above has happened to me too exactly like the above. 1008 Mattlind Way. You can get your approval in as little as 24 hours. Note that we are not able to provide private consultations, give advice, or answer questions. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Our proven investigation tools help us create fast and effective debt recovery services. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. If you are a small business owner avoid these crooks like the plague. Which Collection Agencies Will Accept a Pay For Delete Agreement? They round up everything, even when they shouldnt according to elementary mathematics! Lending and Debt Repayment Merchant Accounts. Do not give them your business. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick Note: We have adjusted this companys BBB rating according to our own standards. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Youre also working with a business that knows your problem and has the fix. Excellent provider for collection agencies with a strong eCommerce presence. The overall household debt for an average family increased by 11% . Lots of hidden fees that other companies dont charge! You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Understand how the CFPB's Debt Collection Rule can help you. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Milford, DE 19963. Which Collection Agency Merchant Account Is Right For My Business? YOU WILL BE SORRY! Sending Chargebacks to Debt Collection Both were resolved to the dissatisfaction of the merchant or received no final response. Their hidden fees are through the roof. Learn more about our monetization policies here. We spoke with ANAIS today and were helped with understanding the rates. This Post Might Help: Best Restaurant Merchant Accounts. I was never given a written contract had computer generated signature. This was not in our contract, but I couldnt get the money back without suing them. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Credit Card Processing for Debt Collection Businesses 180 Maiden Lane, 15th Floor. Merchants Credit Association, is a debt collection company. What Consumers Should Do When Fake Debt Collection Scammers Call. 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. Merchant Solutions is a very dishonest processor. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Fortunately, there are providers willing and able to help. Our integrations connect you with the best tools for your business. HORRIBLE ! 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Noah is a writer and content creator currently living in Fairfax, VA. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. How To Know If A Debt Collector Is A Scam | Bankrate Should have know. How Can Merchants Use Debt Collectors to Recover Chargebacks? These gateways may also support online portals through which users must enter before they can submit their payments online. Some processors have no monthly, no annual fees, no contract, and cheap rates. And it was my fault for not reading the fine print on the documents. 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. Learn more about dealing with debt collection at ftc.gov/debt. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. I would recommend not to do business with this company. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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). They are thieves because they stole money from my account and wont make it right with me. This means that you cannot work with companies like PayPal or Square. Credit card processing for debt collection agencies We appreciate it. We have focused on merchant cash advances over two decades. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Screw this place I wish their was a way we could put them out of business. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Debt Collection Agency Merchant Services, Collection Agency Credit Card 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. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. These people are down right crooks! This is why we want to help you get the right debt collection merchant account from the very start. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. FTC Staff. It isnt just the finances of your business that they pay attention to either. Are you with The Merchant Solutions? These are all fees that were started 8 months into my contract. 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. I will NEVER consider using them again. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Keep up the excellent work Austin and thank for helping us through out the entire setup process. 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. 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.