Our 24/7 customer support team is always on call to answer your questions and attend to your needs. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. 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. 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. Look out for credit card processors who offer other merchant solutions that could be useful for your business. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. 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. Provider of affordable payment processing hardware that can streamline various debt collection operations. Problems logging in? 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. Horrible company. Since these banks know and trust the quality of our services, they will be able to trust you too. After i cancle my account they charged me 200$ come out of no where. Debt Collection Agency Merchant Services, Collection Agency Credit Card If you would like to interview Phillip for your story or podcast, please reach out here. Merchant Solutions is a very dishonest processor. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Learn more about our monetization policies here. Fake and Abusive Debt Collectors | Consumer Advice We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Their customer service is terrible, they are never reachable. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. They may require you to constantly have reserve cash in your account. Such a vendor can be a great help for your debt collector business. You will be far too high of a risk to work with. how much money you owe. 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 $9.00 per month maintenance fee. Still interested? PCI Non-Cpmpliance. They never have any answers and are only looking for ways to disconnect you. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Austin Smith was very knowledgeable and helpful! PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. When you should have paid 1.62. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. The companys rating is also impacted by its higher-than-average complaint total with the BBB. We have focused on merchant cash advances over two decades. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Read more below to learn why we chose these options. I would not recommend TMS to my worst enemies. I had to close the account, due to poor sales results. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. This lack of transparency in pricing is typical of the industry in general. $35.00 My contract ends in January 2015 and I am looking forward to it. In addition, they told us the transaction fee would be 2.65% of each purchase. Min. Pure scam artists just looking to steal your hard earned money. Stay away from Themechantsolution!!! Don't Fall Into An Expensive Trap. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. They round up everything, even when they shouldnt according to elementary mathematics! Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. The Merchant Solutions also appears to resell the products of First Data (Fiserv). A collection agency merchant account is essential to process payments in this unique industry. So then I cancelled and they charged me a $945 restocking reprogramming fee? Credit Card Processing for Debt Collection Businesses Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. If you have already signed up with them, get out fast. Just ridiculous! They said they had cancelled the account, but the following month we were charged again. I used Merchant Solutions for approx. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. 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. I am still waiting on on calls from their supervisors from last year. We also encourage merchants to check out our list of the providers of the best merchant accounts. Merchant Solutions Group - Merchant Cash Advance | Working Capital 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. 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. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. 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. 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. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Seattle Collection Agency | Merchants Credit Association This is a business that is rife with fraud and chargebacks. From The Editor And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. 4 Best Merchant Accounts For Collection Agencies. The Merchant Solutions processes most major payment types. 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. 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. Looking For One Of These Merchant Accounts For Collection Agencies? This company is deceitful. Find the resources you need to understand how consumer protection law impacts your business. The .gov means its official. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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. This credit card processing company is HORRIBLE! The chargeback will be made against their account. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Their customer service is simple horrible. Also that free terminal will cost you $350 when you try to cancel the account. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. The merchant solutions is the most horrible company I have ever dealt with. 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. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Fast turnaround: as little as 1-2 days. 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. For this reason, they are often linked to high complaint totals. This means that you could, effectively, lose your ability to run your business. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. This company hires predatory sales people, arent up front about fees and raped my bank account. Thanks ANAIS. I am looking to upgrade 4 of my restaurants systems. Get clarity before you switch. If you are a small business owner avoid these crooks like the plague. Merchant Cash Advance Debt Collection Services | Monetaria The sales rep never returned my calls and is no longer with thw company. Because of their undisclosed fees and charges I ended up paying more than my previous company. These gateways may also support online portals through which users must enter before they can submit their payments online. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. TOTAL SCAMMERS!!! By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Both were resolved to the dissatisfaction of the merchant or received no final response. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Im so glad I read these before making a huge mistake. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Youll get your merchant account for your collection agency in as little as 24 48 hours. Our proven investigation tools help us create fast and effective debt recovery services. Search the Legal Library instead. These people are the biggest crooks Ive ever encountered. 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. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. close down your account. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers.
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