I got a shock when they deducted total of $1000.00 from my account in 4 payments. At this point, I am looking for a new processor . But unlike other financial transactions, you don't have time to spend phoning and e-mailing. 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. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. You may be charged fees for using this account. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Understand how the CFPB's Debt Collection Rule can help you. This is an attempt to collect a debt and any . With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Avoid this outfit as they will make your life miserable. Additional rates and fees, including a technical support fee may apply. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Ideal for collection agencies with a history of excessive chargebacks. Why would we want a service we couldnt use? 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. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. The Signature page of the second contract is an EXACT COPY of the account I did open. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. This company should not be allowed to do business. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. Signature not by me, computer generated. We have lowered the companys score in this section to a C to reflect this consistency. Here Are The Processors Who Don't Hide Fees. From The Editor The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. JUST SAY NO. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. 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. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. 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. The overall household debt for an average family increased by 11% during the last 10 years. And it was my fault for not reading the fine print on the documents. 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. how much money you owe. They round up everything, even when they shouldnt according to elementary mathematics! 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). In some cases, this leads to merchants contracting with debt collection agencies. Why Is Credit Card Processing For Collection Agencies Considered High Risk? They need to see how strong your profits are. Looking for legal documents or records? When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Keep your money you work for and dont use them. To better understand why we adjust BBB ratings, please see our Rating Criteria. 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. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. Location & Ownership This post will help: Cancelling a Merchant Account Without Paying a Fee. 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. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. The following is a sample list of complaints filed against United Merchant . Its like they try to rip you off once last time b4 they let you go. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! They have fees for everything when you cancel or have to end your contract early. It was revoked by State of TN. I am still waiting on on calls from their supervisors from last year. This means that you cannot work with companies like PayPal or Square. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. 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. Customer service is horrible. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. You will not have enough time to do it, the machine terminal breaks all the time. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Get Started With Durango Merchant Services. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Phone number: (302) 241-0686. Let us know how well the content on this page solved your problem today. These are all fees that were started 8 months into my contract. 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. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. I am still trying to get that back. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Some merchant account providers may offer high fees. Fast turnaround: as little as 1-2 days. 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. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. This company will be out of business in one year or less. They will tell you that there are no hidden fees and no extra charges. 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. Numerous calls went straight to voicemail without any return calls. My contract ends in January 2015 and I am looking forward to it. Their customer service is simple horrible. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. $1350 fee if terminal is not returned within 10 days. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Its just a penalty fee that they add on you for leaving their company. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Looking For One Of These Merchant Accounts For Collection Agencies? Do not believe anything they say about their service. Keep up the excellent work Austin and thank for helping us through out the entire setup process. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. This company and its employees are rude, I have been trying to cancel and they make it difficult. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Are you with The Merchant Solutions? Several complainants outright accuse the company of being a ripoff or a scam operation. 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. 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. 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. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 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. 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. I hope there will be a class action lawsuit and I plan to be a part of it. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. The Merchant Solutions processes most major payment types. STAY AWAY. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. Note: We have adjusted this companys BBB rating according to our own standards. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. These gateways may also support online portals through which users must enter before they can submit their payments online. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. In addition to those 2 complaints, the company has received 58 informal reviews. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. THIS WAS A TOTAL LIE. PaymentCloud can help almost any business get approved for payment processing. Nasty contract . 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.
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