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eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Do you feel like its the right time to start a collection agency? Only. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Keep your money you work for and dont use them. 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. 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. Garbage company. I will make sure this is my last time using this company. I used Merchant Solutions for approx. Learn more about your rights as a consumer and how to spot and avoid scams. They constantly slip in unauthorized charges. Call us now on 877-700-5790 for further assistance. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. At this point, I am looking for a new processor . Required fields are marked *. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. If anyone has a better option please let me know. 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. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. 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. 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. eMerchantBroker can . It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. For me customer support is key and Austin is definitely an asset to this company. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. They Are Not truthful about their service. They charged me $300 for what they called setup charges. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Since these banks know and trust the quality of our services, they will be able to trust you too. Most merchant providers are reluctant to offer. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. Of course, we will provide you with all of the tools that you need to process payments. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. I should have closed my bank account the minute we closed our business so I could have avoided all of this. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. Address: Recovery Solutions Group. Learn more about our monetization policies here. Search the Legal Library instead. Noah is a writer and content creator currently living in Fairfax, VA. He has a BA in Creative Writing and a Minor in German from Goucher College. Same situation. DO NOT use this company. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. 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. one year. 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. Find the resources you need to understand how consumer protection law impacts your business. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I was never given a written contract had computer generated signature. I wish I would have read some reviews before I sign up with these con artists. This post will help: Cancelling a Merchant Account Without Paying a Fee. Because of their undisclosed fees and charges I ended up paying more than my previous company. I had to close the account, due to poor sales results. Worse company ever. A collection agency merchant account is essential to process payments in this unique industry. This has Been the worst POS processing company I have ever felt with. 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. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. 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. 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. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. The Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. On November 30, 2021, the Debt Collection Rule became effective. $35.00 Teaming with IVR Technology Group, we also provide pay-by-phone voice . You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. 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. This post will help: How to Get Out of a Merchant Account Contract. They may even have maximum limits to any transactions that you complete. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. This Post Might Help: Best Restaurant Merchant Accounts. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Anybody have any suggestions for getting out of this company? Product & company names, logos, and trademarks referred to on this site belong to their respective owners. In addition, they told us the transaction fee would be 2.65% of each purchase. 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. Every review above has happened to me too exactly like the above. We can help your collection agency even if you've you been turned down by service providers in the past. 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. Learn more about the new debt collection rule. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Maintaining these ratios is challenging for merchants in many industries. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. I was to have 1 account with Merchant Solutions ! Their customer service is terrible, they are never reachable. No doubt necessary to achieve any success, as the sales person was barely literate. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. i signed up a few weeks ago and havent been able to get into contact with them since. If you stop using it, they still charge you a lot of fees. Do not give them your business. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. 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. Due to the risky nature of your business the typical bank wont deal with you. 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. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. TMS offers a dedicated support phone line and an email form on its website. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. Not much, but still more than disclosed. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. You may be charged fees for using this account. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. So, its no surprise that banks often deny them merchant accounts. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Several complainants outright accuse the company of being a ripoff or a scam operation. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. They stealing $1000.00 dollars from my account. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. He is very knowledgeable and provided excellent support. Recovery Solutions Group, LLC (RSG) Contact Information. Annual PCI Fee $99.00 They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. This means that our job is to reduce the risk of any transactions for the merchant bank. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM.