Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. This company was nothing but deceitful from the beginning. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Dont sign up or you will regret it at the end. However, pricing is not disclosed on either of those services. It was revoked by State of TN. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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. 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! Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Home; Services Healthcare Services; Consumer Business Collections . Verify before you sign with this company. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Every review above has happened to me too exactly like the above. BEWARE OF THESE DOGS! At this point, I am looking for a new processor . The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Most merchant providers are reluctant to offer. Specialized account support for multiple collection agency types. 651-398-1636. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! 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. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Do you feel like its the right time to start a collection agency? Location & Ownership The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Just ridiculous! 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. Its just a penalty fee that they add on you for leaving their company. If your company is in the business of collecting debts, then you will need to have some way to process payments. 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 PaymentCloud can help almost any business get approved for payment processing. My company is no longer doing business and I have not used the machine in 6 months. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. 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. This means that your business will be making a lot more profit for each transaction. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. I was to have 1 account with Merchant Solutions ! Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. You could tell a collector to send a validation notice. We can help your collection agency even if you've you been turned down by service providers in the past. Not much, but still more than disclosed. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Also that free terminal will cost you $350 when you try to cancel the account. I am looking to upgrade 4 of my restaurants systems. Fortunately, there are providers willing and able to help. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Easier borrower qualifications that help you build business credit. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. This means that you cannot work with companies like PayPal or Square. Youre also working with a business that knows your problem and has the fix. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. You almost certainly will not be able to work with companies like PayPal. I was told thay my rates would be as low as 1.5%. High-risk specialist for U.S.-based collection agencies. We work to advance government policies that protect consumers and promote competition. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. 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. When you should have paid 1.62. I got a shock when they deducted total of $1000.00 from my account in 4 payments. dont believe what they tell you Worse company ever. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. They want me to pay almost $900.00 for equipment I dont use. 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. Search the Legal Library instead. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. They are thieves because they stole money from my account and wont make it right with me. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Were never worried about our overdue receivables. said no business ever. The site is secure. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Austin Smith was very knowledgeable and helpful! The types of collections that different agents and agencies deal with, though, can vary widely. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Its a TOTAL SCAM! per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. They have terrible reviews on google and many many complains on BBB. 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. In Summary: 4 Best Merchant Accounts For Collection Agencies. Should have know. 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. eMerchantBroker.com. In addition to those 2 complaints, the company has received 58 informal reviews. 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. Toll free: (888) 544-9711. Stay away from Themechantsolution!!! At Monetaria, we understand that your MCA agreements are time-sensitive. they charged me $450 every month out of total 10k annual monthly. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. Maintaining these ratios is challenging for merchants in many industries. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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.