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. SAVE YOURSELF THE HEADACHE! services due to the high risk associated with debt collection businesses. Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. 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. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Many may find PaymentClouds organization of products on its website to be less than navigable. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. Only. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Address: Recovery Solutions Group. When we both know its theirs! Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! These people are down right crooks! This is an attempt to collect a debt and any . Opens accounts with terms not agreed to. The collector has to tell you four pieces of information. 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. Lending and Debt Repayment Merchant Accounts. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! 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. They charge you all kinds of fees which your not told about. I was never given a written contract had computer generated signature. So then I cancelled and they charged me a $945 restocking reprogramming fee? The Merchant Solutions also appears to resell the products of First Data (Fiserv). Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. JUST SAY NO. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Not an existing MeS Virtual Terminal User? Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. i signed up a few weeks ago and havent been able to get into contact with them since. You may be charged fees for using this account. Dont sign up or you will regret it at the end. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. They said they would beat my current rate but never could. I had to close the account, due to poor sales results. I didnt fill out anything to open OR close the account and today was hit with $495 fee. I wish I would have read some reviews before I sign up with these con artists. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. This means that our job is to reduce the risk of any transactions for the merchant bank. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. YOU WILL BE SORRY! And particularly so for debt collectors due to the consumer demographic of debtors. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. They are charging me a huge fee to cancel. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. eMerchant Authority can help with this. A collection agency merchant account is essential to process payments in this unique industry. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Copyright 2020 eMerchant Authority | Website by JM Marketing. If you have your own The Merchant Solutions review to make, please do so in the comments below. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. $1350 fee if terminal is not returned within 10 days. 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. Learn more about the new debt collection rule. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. 4 Best Merchant Accounts For Collection Agencies 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. Their customer service is simple horrible. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Disgusted. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! 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. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). The chargeback will be made against their account. 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. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. This company was nothing but deceitful from the beginning. They have terrible reviews on google and many many complains on BBB. eMerchantBroker.com. The overall household debt for an average family increased by 11% during the last 10 years. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. $35.00 Still interested? By working with eMerchant Authority, this is a problem that can be avoided. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Annual Fee $79.00 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. They dont deserve a BBB rating they suck!!!! DO NOT USE!!! 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. We were charged a $350 restocking fee after being told there would be NO FEES. Additional rates and fees, including a technical support fee may apply. They terminated my account for non use since I was using another company and had not transferred over yet. Getting paid to re-write this page? Such a vendor can be a great help for your debt collector business. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. This field is for validation purposes and should be left unchanged. Fast turnaround: as little as 1-2 days. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. This Post Might Help: Best Restaurant Merchant Accounts. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. They are awful and very dishonest do not use them. They refuse to refund the money. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. If you would like to interview Phillip for your story or podcast, please reach out here. They may even have maximum limits to any transactions that you complete. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. I used Merchant Solutions for approx. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Merchant Mavericks ratings are not influenced by affiliate partnerships. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Get Your Quote. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more The competition is real with so many POS servicing company. THIS WAS A TOTAL LIE. High-risk specialist for U.S.-based collection agencies. 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. Verify before you sign with this company. I think I was the set up by Merchant Solutions.