the name of the creditor you owe it to. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. YOU WILL BE SORRY! Forgotten Password? I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. 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. It isnt just the finances of your business that they pay attention to either. They have terrible reviews on google and many many complains on BBB. Swipe credit cards securely by implementing PCI compliant payment solutions. They are beyond shady and dont care at all about customer service!!! This means that you will need both a payment processor and a merchant account. If your company is in the business of collecting debts, then you will need to have some way to process payments. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Every review above has happened to me too exactly like the above. 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. Square is a top choice for POS for any type of business. I am still waiting on on calls from their supervisors from last year. 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. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. Horrible company. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. This has Been the worst POS processing company I have ever felt with. 4 Best Merchant Accounts For Collection Agencies. Suite 209 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.. They dont deserve a BBB rating they suck!!!! I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Monthly Processing Range Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. They will tell you that there are no hidden fees and no extra charges. 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. 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. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. He has a BA in Creative Writing and a Minor in German from Goucher College. Call 1-888-288-2692. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. I had to close the account, due to poor sales results. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. They terminated my account for non use since I was using another company and had not transferred over yet. 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%. Toll free: (888) 544-9711. This form is for feedback only. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. We have focused on merchant cash advances over two decades. Stay away from Themechantsolution!!! Were dedicated to B2B debt recovery. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. I have been with them since 2015 and in June,2019 I decided to go to a different processor. These are all fees that were started 8 months into my contract. Comp Admin Fee $9.95 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. We work to advance government policies that protect consumers and promote competition. 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 will close down your account. 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). To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. These people called me for weeks and sent me all kinds of sales materials when my business started. We occasionally send out emails with special offers. Opens accounts with terms not agreed to. Respectable processors like EMB guarantee a fast, secure application process. Besides, we understand just how financially difficult it is to become a business owner. BE AWARE!!! Monthly Fee $25.00 In some cases, this leads to merchants contracting with debt collection agencies. You may be charged fees for using this account. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Phone number: (302) 241-0686. Trouble Getting Approved? Lots of hidden fees that other companies dont charge! I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. On November 30, 2021, the Debt Collection Rule became effective. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. The worst company to do business with ever!!!! I work damn hard to run my business and I will be damned if they are going to steal money from me. This means that you cannot work with companies like PayPal or Square. It took me 2 weeks of calling NON-STOP to get any response. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. Just ridiculous! Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. The types of collections that different agents and agencies deal with, though, can vary widely. They constantly slip in unauthorized charges. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. 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. Home (425) 643-2613 (800) 755-1107. 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. A lot of other company with no contract and fees to work with out there. The competition is real with so many POS servicing company. 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. They said they would beat my current rate but never could. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Our services are secure and reliable. Your email address will not be published. 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.

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