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Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. He has also researched and published reviews about nearly every payment services provider and processor. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. Still interested? Save money with Merchant Solutions low processing rates and free terminal program. Los Angeles Debt Collection - Credit Consulting Services Additional rates and fees, including a technical support fee may apply. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. I am looking to upgrade 4 of my restaurants systems. These people called me for weeks and sent me all kinds of sales materials when my business started. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Your Merchant Cash Advances help commercial businesses succeed. Which Collection Agencies Will Accept a Pay For Delete Agreement? As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Thousand Oaks, CA 91362. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! 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.. The competition is real with so many POS servicing company. Horrible company. Most merchant providers are reluctant to offer. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Debt collection | Consumer Financial Protection Bureau They will tell you that there are no hidden fees and no extra charges. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. New York, NY 10038. Instead, you need to search for high-risk merchant accounts. when you cancel.Please take your business elsewhere. Garbage company. eMerchantBroker can . The worst company to do business with ever!!!! The site is secure. You could tell a collector to send a validation notice. i signed up a few weeks ago and havent been able to get into contact with them since. They are very rude and they will not correct the problem with me even though they said they would. This field is for validation purposes and should be left unchanged. Search the Legal Library instead. Trouble Getting Approved? Sending Chargebacks to Debt Collection Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. * The terms and conditions of this promotion currently cannot be found on the website. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Looking for legal documents or records? The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Find the resources you need to understand how consumer protection law impacts your business. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. Keep your money you work for and dont use them. I have tried to use card reader several times without success. The Best Merchant Accounts For Collection Agencies & Debt Collectors. That doesnt count the canclelation fee that coming up from them. Look out for credit card processors who offer other merchant solutions that could be useful for your business. how much money you owe. 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. 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 . Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. We can help your collection agency even if you've you been turned down by service providers in the past. They are charging me a huge fee to cancel. This has Been the worst POS processing company I have ever felt with. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. STAY AWAY. BBB received a pattern of complaints concerning collections practices. YOU WILL BE SORRY! 651-398-1636. 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 They will give you false information over the phone and then tell you their salesperson had no authorization to give it. 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. 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. Of course, we will provide you with all of the tools that you need to process payments. 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. Avoid this outfit as they will make your life miserable. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. I was never told about a restocking fee and some other charge until I got ready to cancel. It is not intended as legal or financial advice. They round up everything, even when they shouldnt according to elementary mathematics! My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. 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. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. The sole purpose of the material presented herein is to alert, educate, and inform readers. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. The sales rep never returned my calls and is no longer with thw company. And particularly so for debt collectors due to the consumer demographic of debtors. Lending and Debt Repayment Merchant Accounts. Easier borrower qualifications that help you build business credit. 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? Then I began getting charged a PCI non compliant fee $40.00. Their customer service is simple horrible. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. They Are Not truthful about their service. The risks related to your business will be assessed by underwriters. On November 30, 2021, the Debt Collection Rule became effective. I was skeptical and decided not to switch to merchant solutions. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. We also encourage merchants to check out our list of the providers of the best merchant accounts. 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. We spoke with ANAIS today and were helped with understanding the rates. They are awful and very dishonest do not use them. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. See Which Processors Offer No Monthly Fees And No Contracts. I hope there will be a class action lawsuit and I plan to be a part of it. Better look for alternatives. 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. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Find legal resources and guidance to understand your business responsibilities and comply with the law. Fortunately, there are providers willing and able to help. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Noah is a writer and content creator currently living in Fairfax, VA. 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. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Before sharing sensitive information, make sure youre on a federal government site. Their customer service is terrible, they are never reachable. Strongly suggest that anyone does there homework and compare companies for this service. 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. I will make sure this is my last time using this company. In addition to those 2 complaints, the company has received 58 informal reviews. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. 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. Debt Collections Merchant Account Solutions - eMerchant Authority Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Payment Processing . Total $247.95. Its just a penalty fee that they add on you for leaving their company. Opinions expressed here are authors alone. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. If you have your own The Merchant Solutions review to make, please do so in the comments below. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Merchant Cash Advance Debt Collection Services | Monetaria The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Get the truth here. 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 drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group As of right now, I have this company for falsifying documents, and felony forgery. Merchant Mavericks ratings are not influenced by affiliate partnerships. He is very knowledgeable and provided excellent support. Thanks ANAIS. Its website can be hard to use as well. Also when you call they have no customer service and are rude on the phone. Besides, we understand just how financially difficult it is to become a business owner. This company hires predatory sales people, arent up front about fees and raped my bank account. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. Monthly Processing Range They refuse to refund the money. This Post Might Help: Best Restaurant Merchant Accounts. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. This means that you will need both a payment processor and a merchant account. Going to BBB and will get attorney if I have to. BEWARE OF THESE DOGS! Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. DO NOT EVEN talk to their salespeople. Merchant Solutions Group - Merchant Cash Advance | Working Capital I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. THIS WAS A TOTAL LIE. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. When we both know its theirs! It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Over the years, we have built up connections with banks all over the world. From The Editor 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. Pure scam artists just looking to steal your hard earned money. This form is for feedback only. CFG Merchant Solutions, LLC. Suite 209 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 is why we want to help you get the right debt collection merchant account from the very start. They want me to pay almost $900.00 for equipment I dont use. 180 Maiden Lane, 15th Floor. 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. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. 4 Best Merchant Accounts For Collection Agencies. 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. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. The overall household debt for an average family increased by 11% . Youll get your merchant account for your collection agency in as little as 24 48 hours. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. However, pricing is not disclosed on either of those services. They may require you to constantly have reserve cash in your account. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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 Merchant Solutions is definitely THE worst credit card company EVER!!!! This post will help: Cancelling a Merchant Account Without Paying a Fee. Credit Card Processing for Debt Collection Businesses 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. They Rip you off way more than wat they told you they would charged. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. Upon cancellation after over 4 years I returned the machine in good order. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. 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. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. This is very dishonest company with deceptive business practices. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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. Many may find PaymentClouds organization of products on its website to be less than navigable. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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.