If your company is in the business of collecting debts, then you will need to have some way to process payments. 4 Best Merchant Accounts For Collection Agencies 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. Your email address will not be published. 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. They round up everything, even when they shouldnt according to elementary mathematics! They are thieves because they stole money from my account and wont make it right with me. 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. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. 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. 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. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Thanks ANAIS. A full point-of-sale (POS) system in one sleek package. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. The site is secure. the name of the creditor you owe it to. They said they would beat my current rate but never could. Lending and Debt Repayment Merchant Accounts. Merchant Mavericks ratings are not influenced by affiliate partnerships. Get the truth here. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Comp Admin Fee $9.95 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. This Post Might Help: Best Restaurant Merchant Accounts. Its just a penalty fee that they add on you for leaving their company. Look out for credit card processors who offer other merchant solutions that could be useful for your business. Were dedicated to B2B debt recovery. DO NOT use this company. I agreed to pay back the money that was owned. Learn how to resolve this complaint. Strongly suggest that anyone does there homework and compare companies for this service. 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. 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. services due to the high risk associated with debt collection businesses. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. 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. This means that you could, effectively, lose your ability to run your business. Telephone: (818) 409-6000. Do you feel like its the right time to start a collection agency? Respectable processors like EMB guarantee a fast, secure application process. Looking for legal documents or records? 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 Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. 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. 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. You will be far too high of a risk to work with. See this page to learn how we support our operations. I was skeptical and decided not to switch to merchant solutions. 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. Recovery Solutions Group, LLC (RSG) Contact Information. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. Why Is Credit Card Processing For Collection Agencies Considered High Risk? TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Milford, DE 19963. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. This means that you will be out of business. Some processors have no monthly, no annual fees, no contract, and cheap rates. A lot of other company with no contract and fees to work with out there. Square is a top choice for POS for any type of business. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Moreover, EMB is rate A by Card Payment Options. Total $247.95. 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 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Read more below to learn why we chose these options. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! This lack of transparency in pricing is typical of the industry in general. * The terms and conditions of this promotion currently cannot be found on the website. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Note that we are not able to provide private consultations, give advice, or answer questions. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Annual PCI Fee $99.00 YOU WILL BE SORRY! 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Here Are The Processors Who Don't Hide Fees. New York, NY 10038. Lots of hidden fees that other companies dont charge! Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. Copyright 2023 eMerchantBroker, LLC. Learn more about your rights as a consumer and how to spot and avoid scams. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. 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.. Find Loan Options For Your Small Business. eMerchantBroker.com. They stealing $1000.00 dollars from my account. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Ex. These are all fees that were started 8 months into my contract. 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. As of right now, I have this company for falsifying documents, and felony forgery. I had to close the account, due to poor sales results. Over the years, we have built up connections with banks all over the world. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. Copyright 2023 Merchant Maverick. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. This form is for feedback only. 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. dont believe what they tell you I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. Due to the risky nature of your business the typical bank wont deal with you. Address: Recovery Solutions Group. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. 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! Why would we want a service we couldnt use? Suite 209 If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Screw this place I wish their was a way we could put them out of business. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Annual Fee $79.00 Since these banks know and trust the quality of our services, they will be able to trust you too. The overall household debt for an average family increased by 11% . Product & company names, logos, and trademarks referred to on this site belong to their respective owners. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. She also helped us to file our annual PCI compliance saving us about $40 per month.
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