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. Additional rates and fees, including a technical support fee may apply. Look out for credit card processors who offer other merchant solutions that could be useful for your business. Today was the last straw which we really been shut down since April over covid19. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Sign up today and get a free card reader! When you choose us, youre not just getting back your assets. 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 Phantom debt collectors impersonate law firms | Consumer Advice if anyone do business with this scums be prepared to have a high blood pressure. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. They have been lying to me since day 1 of signing up with them. They terminated my account for non use since I was using another company and had not transferred over yet. 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. Because of their undisclosed fees and charges I ended up paying more than my previous company. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick Understand how the CFPB's Debt Collection Rule can help you. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. They Rip you off way more than wat they told you they would charged. This has Been the worst POS processing company I have ever felt with. They stealing $1000.00 dollars from my account. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. 4 Best Merchant Accounts For Collection Agencies. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. I work damn hard to run my business and I will be damned if they are going to steal money from me. Pam called me offering a competitive rate for credit card processing. If you have your own The Merchant Solutions review to make, please do so in the comments below. Best Merchant Accounts for Debt Collection Agencies Which Collection Agencies Will Accept a Pay For Delete Agreement? 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. Maintaining these ratios is challenging for merchants in many industries. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. how much money you owe. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. For me customer support is key and Austin is definitely an asset to this company. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. BBB received a pattern of complaints concerning collections practices. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Besides, we understand just how financially difficult it is to become a business owner. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. CFG Merchant Solutions, LLC. So, its no surprise that banks often deny them merchant accounts. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. FTC Staff. What Consumers Should Do When Fake Debt Collection Scammers Call. Credit Card Processing for Debt Collection Businesses Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. not explained. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. Looking For One Of These Merchant Accounts For Collection Agencies? (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Very shady business practices and a very deceptive sales process. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). Disgusted. I would not recommend TMS to my worst enemies. 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. Telephone: (818) 409-6000. Specialized account support for multiple collection agency types. If you have already signed up with them, get out fast. Los Angeles Debt Collection - Credit Consulting Services Home - Merchant Solutions LLC 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. From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. 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. Worse company ever. This is an attempt to collect a debt and any . Ex. Comp Admin Fee $9.95 In some cases, this leads to merchants contracting with debt collection agencies. Credit card processing for debt collection agencies Merchant Mavericks ratings are not influenced by affiliate partnerships. We also encourage merchants to check out our list of the providers of the best merchant accounts. Anybody have any suggestions for getting out of this company? 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. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Complaints for Recovery Solutions Group, LLC - Better Business Bureau No mention of 3 year contract and no proof of it. 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. Debt Collection Merchant Accounts PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. I got a shock when they deducted total of $1000.00 from my account in 4 payments. 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. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. 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. when you cancel.Please take your business elsewhere. This credit card processing company is HORRIBLE! 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. 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. 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! Learn more about your rights as a consumer and how to spot and avoid scams. 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. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. This means that you will need both a payment processor and a merchant account. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. You can get your approval in as little as 24 hours. They said they had cancelled the account, but the following month we were charged again. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. This field is for validation purposes and should be left unchanged. They need to see how strong your profits are. Why would we want a service we couldnt use? He has a BA in Creative Writing and a Minor in German from Goucher College. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. I will NEVER consider using them again. They constantly slip in unauthorized charges. Our services are secure and reliable. They have terrible reviews on google and many many complains on BBB. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. From The Editor Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. The overall household debt for an average family increased by 11% . I am still trying to get that back. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. We provide merchant account services for both low and high-risk businesses. STAY AWAY. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Debt Collection Merchant Services - Merchant Card Advisors A collection agency merchant account is classified as high risk for a number of reasons. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. dont believe what they tell you The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. When we both know its theirs! Get the truth here. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Sending Chargebacks to Debt Collection one year. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Some processors have no monthly, no annual fees, no contract, and cheap rates. The sales rep never returned my calls and is no longer with thw company. Noah is a writer and content creator currently living in Fairfax, VA. 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. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. If you can get one who has worked with businesses in the debt collection industry, the better. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. How to tell the difference between a legitimate debt collector and 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. Trouble Getting Approved? Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. They are beyond shady and dont care at all about customer service!!! This means that you could, effectively, lose your ability to run your business. Their hidden fees are through the roof. 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. This means that the process is fast. DO NOT USE!!! In addition, they told us the transaction fee would be 2.65% of each purchase. Monthly Fee $25.00 If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Of course, we will provide you with all of the tools that you need to process payments. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. I hope there will be a class action lawsuit and I plan to be a part of it. 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Offers automated account application and custom quote processes. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Once the application process starts, we will find the best merchant account for you. Over the years, we have built up connections with banks all over the world. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Read more below to learn why we chose these options. Verify before you sign with this company. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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. We have lowered the companys score in this section to a C to reflect this consistency. 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. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Credit & Debt Collections Merchant Services - DigiPay Solutions This company hires predatory sales people, arent up front about fees and raped my bank account.