I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 844-66-CFGMS (844-662-3467) Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Get Started With Durango Merchant Services. Their hidden fees are through the roof. New York, NY 10038. Opens accounts with terms not agreed to. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. Numerous calls went straight to voicemail without any return calls. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. We have lowered the companys score in this section to a C to reflect this consistency. They may require countless numbers of documents. After i cancle my account they charged me 200$ come out of no where. This company is nothing but a fraud. They have been lying to me since day 1 of signing up with them. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Seriously they will destroy your business. I am still trying to get that back. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Save money with Merchant Solutions low processing rates and free terminal program. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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. they hurt me by taking un authorized money out of my account 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. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. 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. CFG Merchant Solutions, LLC. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Its website can be hard to use as well. 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. We provide merchant account services for both low and high-risk businesses. Ready to integrate payment processing solutions into your new business? 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. 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. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! The merchant solutions is the most horrible company I have ever dealt with. $35.00 The overall household debt for an average family increased by 11% . if anyone do business with this scums be prepared to have a high blood pressure. In some cases, this leads to merchants contracting with debt collection agencies. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. We're Proud to Advance Cash to Business Owners Like You. Some processors have no monthly, no annual fees, no contract, and cheap rates. You may be charged fees for using this account. 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. Copyright 2020 eMerchant Authority | Website by JM Marketing. Looking For One Of These Merchant Accounts For Collection Agencies? What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. 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. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. for lack of use and Merchants want 490 dollars to terminate service. A collection agency merchant account is classified as high risk for a number of reasons. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Dont sign up or you will regret it at the end. DO NOT EVEN talk to their salespeople. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales They are very rude and they will not correct the problem with me even though they said they would. Higher cost than explained in solicitations If you can get one who has worked with businesses in the debt collection industry, the better. 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. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Other companies may just outright decline your application. He has also researched and published reviews about nearly every payment services provider and processor. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. They have terrible reviews on google and many many complains on BBB. Suggest you consider that Paymentech and many others do not charge this. It isnt just the finances of your business that they pay attention to either. This is an attempt to collect a debt and any . Flexible and transparent pricing suits high- and low-ticket agencies. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. In addition, they told us the transaction fee would be 2.65% of each purchase. These are charged beyond any percent fees. They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. And particularly so for debt collectors due to the consumer demographic of debtors. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Weve resolved overdue accounts for clients without damaging customer relationships. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . The sole purpose of the material presented herein is to alert, educate, and inform readers. You will be far too high of a risk to work with. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. See this page to learn how we support our operations. They are charging me a huge fee to cancel. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. BEWARE OF THESE DOGS! 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. JUST SAY NO. As you're checking out a debt collection call, remember: don't respond to threats. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. The following is a sample list of complaints filed against United Merchant . I was skeptical and decided not to switch to merchant solutions. Your business cannot opt for a standard merchant account here. eMerchant Authority operates an in-house underwriting team. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 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. Telephone: (818) 409-6000. 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. Instead, you need to search for high-risk merchant accounts. They charged me $300 for what they called setup charges. 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. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Now illness has caused me to lose my merchant tax ID. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices.
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