Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Problems logging in? A collection agency merchant account is classified as high risk for a number of reasons. 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. 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. After i cancle my account they charged me 200$ come out of no where. This was not in our contract, but I couldnt get the money back without suing them. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. These revenues in no way influence our ratings or reviews. YOU WILL BE SORRY! I set up a payment arrangement . 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. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. From The Editor They are thieves because they stole money from my account and wont make it right with me. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. The companys rating is also impacted by its higher-than-average complaint total with the BBB. SAVE YOURSELF THE HEADACHE! Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. He is very knowledgeable and provided excellent support. To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. Location & Ownership Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Seeking to take them to court for their theft. Keep your money you work for and dont use them. Get clarity before you switch. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Let us know how well the content on this page solved your problem today. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. These gateways may also support online portals through which users must enter before they can submit their payments online. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Every review above has happened to me too exactly like the above. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. 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. 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. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. I think I was the set up by Merchant Solutions. High-risk specialist for U.S.-based collection agencies. Swipe credit cards securely by implementing PCI compliant payment solutions. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. they charged me $450 every month out of total 10k annual monthly. They said they would beat my current rate but never could. The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! 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. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Lending and Debt Repayment Merchant Accounts. These people called me for weeks and sent me all kinds of sales materials when my business started. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Merchant Solutions is a very dishonest processor. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. In addition to those 2 complaints, the company has received 58 informal reviews. Seriously they will destroy your business. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 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. 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! These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 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.. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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). Some merchant account providers may offer high fees. Get Your Quote. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Fax: (818) 707-7070. 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. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. Copyright 2020 eMerchant Authority | Website by JM Marketing. Square is a top choice for POS for any type of business. At Monetaria, we understand that your MCA agreements are time-sensitive. The .gov means its official. Flexible and transparent pricing suits high- and low-ticket agencies. Not much, but still more than disclosed. Going to BBB and will get attorney if I have to. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Look out for credit card processors who offer other merchant solutions that could be useful for your business. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Several complainants outright accuse the company of being a ripoff or a scam operation. Click here to earn a reward. 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. . They said they are the cheapest one but they are not. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more They Rip you off way more than wat they told you they would charged. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. It is not intended as legal or financial advice. 180 Maiden Lane, 15th Floor. All debt collectors track down past-due debts that businesses and consumers owe. When I wanted to cancel they wouldnt send me the cancellation form for weeks. You almost certainly will not be able to work with companies like PayPal. 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. 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. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. We can help your collection agency even if you've you been turned down by service providers in the past. Zero star rating, they are big time scam Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. These processors offer Quickbooks integration and have low rates. 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. Over the years, we have built up connections with banks all over the world. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Other companies may just outright decline your application. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. 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.
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