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eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. This is why we want to help you get the right debt collection merchant account from the very start. Weve resolved overdue accounts for clients without damaging customer relationships. To better understand why we adjust BBB ratings, please see our Rating Criteria. I hope there will be a class action lawsuit and I plan to be a part of it. 2985 E. Hillcrest Drive Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. Additional rates and fees, including a technical support fee may apply. 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. I am still trying to get that back. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Get clarity before you switch. We're Proud to Advance Cash to Business Owners Like You. Phone number: (302) 241-0686. I will make sure this is my last time using this company. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Milford, DE 19963. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. This company will be out of business in one year or less. Avoid this outfit as they will make your life miserable. 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. A lot of other company with no contract and fees to work with out there. Were dedicated to B2B debt recovery. Should have know. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. DO NOT USE!!! We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. See Which Processors Offer No Monthly Fees And No Contracts. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. 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. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 651-398-1636. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. The sales rep never returned my calls and is no longer with thw company. Why Is Credit Card Processing For Collection Agencies Considered High Risk? We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. They are charging me a huge fee to cancel. When you choose us, youre not just getting back your assets. If your company does not show any indication that you conform to this act, then your application will be outright rejected. 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. High-risk specialist with anti-fraud and anti-chargeback protections. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. PCI Non-Cpmpliance. 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 . 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. 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? 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. 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. Due to the unique processes we have in place, we can offer affordable rates for our services. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Don't Fall Into An Expensive Trap. Note that we are not able to provide private consultations, give advice, or answer questions. We also encourage merchants to check out our list of the providers of the best merchant accounts. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. Ex. JUST SAY NO. This company, Merchant Solutions, is a fraud. Teaming with IVR Technology Group, we also provide pay-by-phone voice . We occasionally send out emails with special offers. Total $247.95. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Now illness has caused me to lose my merchant tax ID. Over the years, we have built up connections with banks all over the world. Before sharing sensitive information, make sure youre on a federal government site. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. They are beyond shady and dont care at all about customer service!!! I was never told about a restocking fee and some other charge until I got ready to cancel. These people are the biggest crooks Ive ever encountered. Save yourself stress and aggravation and sign up with a different processor. 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. Looking For One Of These Merchant Accounts For Collection Agencies? These companies and people are banned, by federal court orders, from participating in the business of debt collection. Fax: (818) 707-7070. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 53 of these reviews are positive, while the remaining 5 reviews are negative. Some processors have no monthly, no annual fees, no contract, and cheap rates. processing as well as the collections industry, in order to support compliance and best practices adherence . Pure scam artists just looking to steal your hard earned money. Besides, we understand just how financially difficult it is to become a business owner. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. You will not have enough time to do it, the machine terminal breaks all the time. 4 Best Merchant Accounts For Collection Agencies. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. This means that you can always stay on top of any transactions that you are making. I should have closed my bank account the minute we closed our business so I could have avoided all of this. No mention of 3 year contract and no proof of it. This is an attempt to collect a debt and any . 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. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Which Collection Agency Merchant Account Is Right For My Business? And particularly so for debt collectors due to the consumer demographic of debtors. They charge you all kinds of fees which your not told about. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. . Zero star rating, they are big time scam Now they have charged me with a PCA compliance processing fee of $149, payable annually. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. Fortunately, there are providers willing and able to help. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I was told thay my rates would be as low as 1.5%. In Summary: 4 Best Merchant Accounts For Collection Agencies. Keep your money you work for and dont use them. From The Editor document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! 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, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Call us now on 877-700-5790 for further assistance. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. When I wanted to cancel they wouldnt send me the cancellation form for weeks. 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. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. I was skeptical and decided not to switch to merchant solutions. DO NOT EVEN talk to their salespeople. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. The companys rating is also impacted by its higher-than-average complaint total with the BBB. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. My company is no longer doing business and I have not used the machine in 6 months. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. 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 ). $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. 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 https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Trouble Getting Approved? It took me 2 weeks of calling NON-STOP to get any response. 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 ?????? Our proven investigation tools help us create fast and effective debt recovery services. I didnt fill out anything to open OR close the account and today was hit with $495 fee. At this point, I am looking for a new processor . 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. Im so glad I read these before making a huge mistake. 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! However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. if anyone do business with this scums be prepared to have a high blood pressure. Their customer service is simple horrible. If you stop using it, they still charge you a lot of fees. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. I work damn hard to run my business and I will be damned if they are going to steal money from me. 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. These processors offer Quickbooks integration and have low rates. Merchants Credit Association, is a debt collection company. If you can get one who has worked with businesses in the debt collection industry, the better. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Most merchant providers are reluctant to offer. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Still interested? This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Look out for credit card processors who offer other merchant solutions that could be useful for your business. This was not in our contract, but I couldnt get the money back without suing them. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! If you have already signed up with them, get out fast. Why would we want a service we couldnt use? I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. 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. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. 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. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Since these banks know and trust the quality of our services, they will be able to trust you too. We can help your collection agency even if you've you been turned down by service providers in the past. The risks related to your business will be assessed by underwriters. Credit Card Processing for Debt Collection Businesses 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. Several complainants outright accuse the company of being a ripoff or a scam operation. PaymentCloud can help almost any business get approved for payment processing. Very shady business practices and a very deceptive sales process. 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. This has Been the worst POS processing company I have ever felt with. Going to BBB and will get attorney if I have to. 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.