Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. 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. Here Are The Processors Who Don't Hide Fees. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. I have never had any other merchant?! The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Click here to earn a reward. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Upon cancellation after over 4 years I returned the machine in good order. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. So then I cancelled and they charged me a $945 restocking reprogramming fee? the name of the creditor you owe it to. Were dedicated to B2B debt recovery. The sales rep never returned my calls and is no longer with thw company. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Moreover, EMB is rate A by Card Payment Options. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. 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. Looking for legal documents or records? Merchant Solutions is a very dishonest processor. I hope there will be a class action lawsuit and I plan to be a part of it. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. They will tell you that there are no hidden fees and no extra charges. 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. Its a TOTAL SCAM! 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. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. This company was nothing but deceitful from the beginning. 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. Thousand Oaks, CA 91362. they hurt me by taking un authorized money out of my account If you hear from them just Run!!! In some cases, this leads to merchants contracting with debt collection agencies. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Sign up today and get a free card reader! Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. 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. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. The sole purpose of the material presented herein is to alert, educate, and inform readers. They constantly slip in unauthorized charges. 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. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales 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. They said they would beat my current rate but never could. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. STAY AWAY. A full point-of-sale (POS) system in one sleek package. 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. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. We can also provide the tools that you need to generate financial reports for any money passing through your merchant 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. 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. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Suite 209 The Merchant Solutions processes most major payment types. Toll free: (888) 544-9711. they charged me $450 every month out of total 10k annual monthly. This is why we want to help you get the right debt collection merchant account from the very start. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. These revenues in no way influence our ratings or reviews. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Phone number: (302) 241-0686. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Forgotten Password? High-risk specialist with anti-fraud and anti-chargeback protections. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. 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). 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.. My contract ends in January 2015 and I am looking forward to it. processing as well as the collections industry, in order to support compliance and best practices adherence . 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. 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. These gateways may also support online portals through which users must enter before they can submit their payments online. The worst company to do business with ever!!!! This company should not be allowed to do business. They want me to pay almost $900.00 for equipment I dont use. Copyright 2023 eMerchantBroker, LLC. Should have know. Very shady business practices and a very deceptive sales process. In Summary: 4 Best Merchant Accounts For Collection Agencies. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. Do not believe anything they say about their service. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 4 Best Merchant Accounts For Collection Agencies. Our services are secure and reliable. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Merchants Credit Association, is a debt collection company. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. The competition is real with so many POS servicing company. 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. They Are Not truthful about their service. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. Due to the unique processes we have in place, we can offer affordable rates for our services. This post will help: How to Get Out of a Merchant Account Contract. Address: Recovery Solutions Group. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Get Started With Durango Merchant Services. This is very dishonest company with deceptive business practices. Provider of affordable payment processing hardware that can streamline various debt collection operations. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. 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. 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. 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. This means that your business will be making a lot more profit for each transaction. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase.