You really leave your business account open to these guys with free access to do as they like. This field is for validation purposes and should be left unchanged. Both were resolved to the dissatisfaction of the merchant or received no final response. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. We appreciate it. 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. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Pure scam artists just looking to steal your hard earned money. Fast turnaround: as little as 1-2 days. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. In addition to those 2 complaints, the company has received 58 informal reviews. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. The sole purpose of the material presented herein is to alert, educate, and inform readers. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. I was told thay my rates would be as low as 1.5%. This is a business that is rife with fraud and chargebacks. All Rights Reserved. We provide merchant account services for both low and high-risk businesses. Only. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. 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. Get the truth here. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. He is very knowledgeable and provided excellent support. Also that free terminal will cost you $350 when you try to cancel the account. On November 30, 2021, the Debt Collection Rule became effective. Ideal for collection agencies with a history of excessive chargebacks. My contract ends in January 2015 and I am looking forward to it. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. This means that your business will be making a lot more profit for each transaction. This Post Might Help: Best Restaurant Merchant Accounts. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Both were resolved to the dissatisfaction of the merchant or received no final response. They said they would beat my current rate but never could. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Do not give them your business. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. They said they are the cheapest one but they are not. They are charging me a huge fee to cancel. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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. Early penalty for cancellation. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. This is an attempt to collect a debt and any . 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! 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. 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 These people called me for weeks and sent me all kinds of sales materials when my business started. Save money with Merchant Solutions low processing rates and free terminal program. 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. A collection agency merchant account is classified as high risk for a number of reasons. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. 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. 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. Do you feel like its the right time to start a collection agency? However, pricing is not disclosed on either of those services. An official website of the United States government. They want me to pay almost $900.00 for equipment I dont use. 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. So only use this business if you like being lied to and stole from cause thats what their good at. These revenues in no way influence our ratings or reviews. 844-66-CFGMS (844-662-3467) We may earn revenue if you obtain services from a provider that we recommend. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. 1008 Mattlind Way. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. Very shady business practices and a very deceptive sales process. They said they had cancelled the account, but the following month we were charged again. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. When you should have paid 1.62. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Over the years, we have built up connections with banks all over the world. The overall household debt for an average family increased by 11% . 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. If you stop using it, they still charge you a lot of fees. From The Editor Recovery Solutions Group, LLC (RSG) Contact Information. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . FTC Staff. I was to have 1 account with Merchant Solutions ! To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. From The Editor Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. Credit Card Processing for Debt Collection Businesses With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Call 1-888-288-2692. Monthly Fee $25.00 Opens accounts with terms not agreed to. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Location & Ownership In Summary: 4 Best Merchant Accounts For Collection Agencies. close down your account. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Before sharing sensitive information, make sure youre on a federal government site. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. 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.. Suite 209 Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Min. This means that you cannot work with companies like PayPal or Square. 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. Do not get trap by this company. $1350 fee if terminal is not returned within 10 days. Provider of affordable payment processing hardware that can streamline various debt collection operations. The site is secure. This company is nothing but a fraud. No mention of 3 year contract and no proof of it. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Click here for more product information. 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. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. This means that the process is fast. Milford, DE 19963. Upon cancellation after over 4 years I returned the machine in good order. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Your email address will not be published. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? This lack of transparency in pricing is typical of the industry in general. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 This means that you will be out of business. This company was nothing but deceitful from the beginning. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. Which Collection Agency Merchant Account Is Right For My Business? Keep your money you work for and dont use them. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more You will be far too high of a risk to work with. I have been with them since 2015 and in June,2019 I decided to go to a different processor. She said that I would need to submit an application in order to verify the discounts they were offering. This form is for feedback only. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. 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%. Merchant Mavericks ratings are not influenced by affiliate partnerships. I will NEVER consider using them again. Excellent provider for collection agencies with a strong eCommerce presence. Signature not by me, computer generated. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. No doubt necessary to achieve any success, as the sales person was barely literate. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. The .gov means its official. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Same situation. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Offers automated account application and custom quote processes. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Pam called me offering a competitive rate for credit card processing. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. It took me 2 weeks of calling NON-STOP to get any response. All feedback, positive or negative, helps us to improve the way we help small businesses. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. Note that we are not able to provide private consultations, give advice, or answer questions. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. JUST SAY NO. 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. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Easier borrower qualifications that help you build business credit. Dont give them, or their mother company, First Data, your business!!! When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. They charged me $300 for what they called setup charges. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. Its a TOTAL SCAM! 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. one year. Since these banks know and trust the quality of our services, they will be able to trust you too.