This is a business that is rife with fraud and chargebacks. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. However, pricing is not disclosed on either of those services. 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. 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. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% 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. Now illness has caused me to lose my merchant tax ID. We're Proud to Advance Cash to Business Owners Like You. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. At Monetaria, we understand that your MCA agreements are time-sensitive. I had to close the account, due to poor sales results. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. It's a cut throat industry. Moreover, EMB is rate A by Card Payment Options. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. please dont sign up and let people know about that. The competition is real with so many POS servicing company. Youll get your merchant account for your collection agency in as little as 24 48 hours. I was never told about a restocking fee and some other charge until I got ready to cancel. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. services due to the high risk associated with debt collection businesses. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. An official website of the United States government. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. This includes debt collection companies and debt buyers. Why Is Credit Card Processing For Collection Agencies Considered High Risk? While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Horrible company. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. DO NOT USE!!! 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 ?????? Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Nasty contract . Learn more about our monetization policies here. This means that you will be out of business. This means that you cannot work with companies like PayPal or Square. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Telephone: (818) 409-6000. We have lowered the companys score in this section to a C to reflect this consistency. I have been with them since 2015 and in June,2019 I decided to go to a different processor. 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. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. 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. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. The merchant solutions is the most horrible company I have ever dealt with. Its a TOTAL SCAM! i signed up a few weeks ago and havent been able to get into contact with them since. . I am still trying to get that back. Toll free: (888) 544-9711. 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. See Which Processors Offer No Monthly Fees And No Contracts. 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. 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. not explained. Provider of affordable payment processing hardware that can streamline various debt collection operations. This post will help: Cancelling a Merchant Account Without Paying a Fee. They Are Not truthful about their service. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. 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. We occasionally send out emails with special offers. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. DO NOT EVEN talk to their salespeople. They are charging me a huge fee to cancel. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. 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. Their hidden fees are through the roof. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! Milford, DE 19963. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. My company is no longer doing business and I have not used the machine in 6 months. Suggest you consider that Paymentech and many others do not charge this. Do not believe anything they say about their service. We were charged a $350 restocking fee after being told there would be NO FEES. This means that the process is fast. Of course, we will provide you with all of the tools that you need to process payments. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. At this point, I am looking for a new processor . Also that free terminal will cost you $350 when you try to cancel the account. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. This post will help: How to Get Out of a Merchant Account Contract. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. Min. They are very rude and they will not correct the problem with me even though they said they would. the name of the creditor you owe it to. The site is secure. They are thieves because they stole money from my account and wont make it right with me. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. Do you feel like its the right time to start a collection agency? They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. And because I signed the document, the company is telling me, that I am liable for the contract. I have proof of all deductions after I cancelled. They may require you to constantly have reserve cash in your account. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Problems logging in? I wish I would have read some reviews before I sign up with these con artists. Opens accounts with terms not agreed to. The Best Merchant Accounts For Collection Agencies & Debt Collectors. 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 may require countless numbers of documents. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Before sharing sensitive information, make sure youre on a federal government site. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. The sole purpose of the material presented herein is to alert, educate, and inform readers. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Pure scam artists just looking to steal your hard earned money. Essentially, they steal from the customer. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. The .gov means its official. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. You may be charged fees for using this account. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. I set up a payment arrangement . Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. After i cancle my account they charged me 200$ come out of no where. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 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 majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. If you would like to interview Phillip for your story or podcast, please reach out here. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. They really do not want to do this. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. 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. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Suite 209