Before sharing sensitive information, make sure youre on a federal government site. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. They said they would beat my current rate but never could. Forgotten Password? 53 of these reviews are positive, while the remaining 5 reviews are negative. 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. Ex. These are charged beyond any percent fees. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. I wish I would have read some reviews before I sign up with these con artists. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Same situation. 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. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. I used Merchant Solutions for approx. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. 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. please dont sign up and let people know about that. 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Instead, you need to search for high-risk merchant accounts. 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. This is a business that is rife with fraud and chargebacks. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Fast turnaround: as little as 1-2 days. I had to close the account, due to poor sales results. Your Merchant Cash Advances help commercial businesses succeed. 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. 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. I have never had any other merchant?! Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. How To Know If A Debt Collector Is A Scam | Bankrate Looking For One Of These Merchant Accounts For Collection Agencies? 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. 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. Do not give them your business. We have lowered the companys score in this section to a C to reflect this consistency. This company is deceitful. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. After i cancle my account they charged me 200$ come out of no where. 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. You almost certainly will not be able to work with companies like PayPal. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. It isnt just the finances of your business that they pay attention to either. If you hear from them just Run!!! 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. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. I have been with them since 2015 and in June,2019 I decided to go to a different processor. They are crooks. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. BBB received a pattern of complaints concerning collections practices. 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. What are debt settlement/debt relief services and should I use them? 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). All they want is your money. Why Is Credit Card Processing For Collection Agencies Considered High Risk? If you have already signed up with them, get out fast. this will happen if you change to another company. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. 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. : 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. processing as well as the collections industry, in order to support compliance and best practices adherence . Understand how the CFPB's Debt Collection Rule can help you. Also that free terminal will cost you $350 when you try to cancel the account. Complaints for Recovery Solutions Group, LLC - Better Business Bureau We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. This means that your business will be making a lot more profit for each transaction. 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. 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. Fake and Abusive Debt Collectors | Consumer Advice Fax: (818) 707-7070. Get the truth here. This means that our job is to reduce the risk of any transactions for the merchant bank. 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. eMerchant Authority can help with this. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. These gateways may also support online portals through which users must enter before they can submit their payments online. Looking for legal documents or records? 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 . Its website can be hard to use as well. 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. 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. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 4 Best Merchant Accounts For Collection Agencies. See this page to learn how we support our operations. . This is an attempt to collect a debt and any . eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Trouble Getting Approved? Some of these limitations can be pretty tough on a business, particularly in their early days. How to look up licensees and those debt collectors allowed to do And particularly so for debt collectors due to the consumer demographic of debtors. Its important to be able to connect with a real person on the phone. Learn more about our monetization policies here. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Not much, but still more than disclosed. Don't Fall Into An Expensive Trap. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Lending and Debt Repayment Merchant Accounts. Also when you call they have no customer service and are rude on the phone. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. They said they are the cheapest one but they are not. Dont give them, or their mother company, First Data, your business!!! Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. This company was nothing but deceitful from the beginning. Anybody have any suggestions for getting out of this company? Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. This is very dishonest company with deceptive business practices. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 You really leave your business account open to these guys with free access to do as they like. They will tell you that there are no hidden fees and no extra charges. If you have your own The Merchant Solutions review to make, please do so in the comments below. THIS WAS A TOTAL LIE. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. 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. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Credit Card Processing for Debt Collection Businesses When you should have paid 1.62. However, pricing is not disclosed on either of those services. Debt Collection Merchant Accounts 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. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Payment Processing . For me customer support is key and Austin is definitely an asset to this company. Some merchant account providers may offer high fees. 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. They said they had cancelled the account, but the following month we were charged again. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Which Collection Agencies Will Accept a Pay For Delete Agreement? In Summary: 4 Best Merchant Accounts For Collection Agencies. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. A collection agency merchant account is essential to process payments in this unique industry. They terminated my account for non use since I was using another company and had not transferred over yet. Debt Collection Merchant Services - Merchant Card Advisors 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. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Customer service is horrible. Of course, we will provide you with all of the tools that you need to process payments. 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. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. 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. I am still trying to get that back. Debt Collection FAQs | Consumer Advice Signature not by me, computer generated. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Recovery Solutions Group, LLC (RSG) Contact Information. Do not get trap by this company. 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. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Copyright 2023 eMerchantBroker, LLC. Here Are The Processors Who Don't Hide Fees. 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. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. 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. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937.
John David Montgomery, Articles M