They Are Not truthful about their service. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Numerous calls went straight to voicemail without any return calls. Flexible and transparent pricing suits high- and low-ticket agencies. Required fields are marked *. Annual PCI Fee $99.00 Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. If you have already signed up with them, get out fast. Monthly Processing Range Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Learn more about our monetization policies here. Lots of hidden fees that other companies dont charge! Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Opinions expressed here are authors alone. If you have your own The Merchant Solutions review to make, please do so in the comments below. Dont give them, or their mother company, First Data, your business!!! Square is a top choice for POS for any type of business. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. 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! 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. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. 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. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. 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. Get Your Quote. 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. 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. The risks related to your business will be assessed by underwriters. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Were dedicated to B2B debt recovery. 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. 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. Looking For One Of These Merchant Accounts For Collection Agencies? Strongly suggest that anyone does there homework and compare companies for this service. Looking for legal documents or records? Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. they charged me $450 every month out of total 10k annual monthly. He has a BA in Creative Writing and a Minor in German from Goucher College. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. We were charged a $350 restocking fee after being told there would be NO FEES. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Your business cannot opt for a standard merchant account here. 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. This Post Might Help: Best Restaurant Merchant Accounts. Annual Fee $79.00 1008 Mattlind Way. At Monetaria, we understand that your MCA agreements are time-sensitive. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Problems logging in? eMerchantBroker.com. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). 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. We appreciate it. This means that your business will be making a lot more profit for each transaction. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. 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. Click here for more product information. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. You may be charged fees for using this account. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. 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. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Processing statements are intentionally complicated so that they can overcharge you. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. They said they are the cheapest one but they are not. We spoke with ANAIS today and were helped with understanding the rates. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. The competition is real with so many POS servicing company. They may require countless numbers of documents. 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. This form is for feedback only. Thanks ANAIS. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. 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. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Horrible company. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. YOU WILL BE SORRY! They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Due to the unique processes we have in place, we can offer affordable rates for our services. Save money with Merchant Solutions low processing rates and free terminal program. Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. See this page to learn how we support our operations. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Pure scam artists just looking to steal your hard earned money. Learn more about dealing with debt collection at ftc.gov/debt. Easier borrower qualifications that help you build business credit. I am still trying to get that back. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. Address: Recovery Solutions Group. 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. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. Only. Going to BBB and will get attorney if I have to. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. CFG Merchant Solutions, LLC. It took me 2 weeks of calling NON-STOP to get any response. This company, Merchant Solutions, is a fraud. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. This post will help: How to Get Out of a Merchant Account Contract. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. 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. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. This means that our job is to reduce the risk of any transactions for the merchant bank. They need to see how strong your profits are. Their customer service is simple horrible. Do not get trap by this company. They stealing $1000.00 dollars from my account. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. He is very knowledgeable and provided excellent support. I would not recommend TMS to my worst enemies. 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. When you choose us, youre not just getting back your assets. Its a TOTAL SCAM! I think I was the set up by Merchant Solutions. 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). That doesnt count the canclelation fee that coming up from them. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Essentially, they steal from the customer. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. All Rights Reserved. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. Getting paid to re-write this page? It isnt just the finances of your business that they pay attention to either. My company is no longer doing business and I have not used the machine in 6 months. High-risk specialist for U.S.-based collection agencies. Were never worried about our overdue receivables. said no business ever. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion.
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