Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. They will tell you that there are no hidden fees and no extra charges. Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. Look out for credit card processors who offer other merchant solutions that could be useful for your business. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. 1008 Mattlind Way. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. They charge you all kinds of fees which your not told about. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. They may require countless numbers of documents. Call 1-888-288-2692. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. Required fields are marked *. 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. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Dont give them, or their mother company, First Data, your business!!! This is very dishonest company with deceptive business practices. When you should have paid 1.62. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). 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.. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Lots of hidden fees that other companies dont charge! These are charged beyond any percent fees. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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. In some cases, this leads to merchants contracting with debt collection agencies. Just ridiculous! Very rude on phone, does not care about you as a customer. 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. Before sharing sensitive information, make sure youre on a federal government site. The types of collections that different agents and agencies deal with, though, can vary widely. So, its no surprise that banks often deny them merchant accounts. Home (425) 643-2613 (800) 755-1107. This lack of transparency in pricing is typical of the industry in general. Our services are secure and reliable. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. This company should not be allowed to do business. 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. 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. Early penalty for cancellation. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. You could tell a collector to send a validation notice. Other companies may just outright decline your application. They may require you to constantly have reserve cash in your account. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Its a TOTAL SCAM! 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. BE AWARE!!! I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. As you're checking out a debt collection call, remember: don't respond to threats. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Annual PCI Fee $99.00 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. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. TOTAL SCAMMERS!!! It isnt just the finances of your business that they pay attention to either. Trouble Getting Approved? The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. I was told thay my rates would be as low as 1.5%. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! It took me 2 weeks of calling NON-STOP to get any response. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Additional rates and fees, including a technical support fee may apply. We have focused on merchant cash advances over two decades. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. They said they are the cheapest one but they are not. Learn more about our monetization policies here. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. A collection agency merchant account is classified as high risk for a number of reasons. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Disgusted. Easier borrower qualifications that help you build business credit. Comp Admin Fee $9.95 Ex. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. Many may find PaymentClouds organization of products on its website to be less than navigable. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. CardPaymentOptions.com, Inc. All Rights Reserved. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. Its website can be hard to use as well. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. Phone number: (302) 241-0686. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. After i cancle my account they charged me 200$ come out of no where. I hope there will be a class action lawsuit and I plan to be a part of it. Thousand Oaks, CA 91362. Flexible and transparent pricing suits high- and low-ticket agencies. 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. DO NOT USE!!! Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Ready to integrate payment processing solutions into your new business? 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. Noah is a writer and content creator currently living in Fairfax, VA. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Thanks ANAIS. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. This has Been the worst POS processing company I have ever felt with. 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. Lets start with the salesman Daniel A. 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. They are beyond shady and dont care at all about customer service!!! Swipe credit cards securely by implementing PCI compliant payment solutions. They are crooks. They need to see how strong your profits are. Such a vendor can be a great help for your debt collector business. From The Editor With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. 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.