They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Seriously they will destroy your business. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. 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. 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. 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. Amazing! Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Looking For One Of These Merchant Accounts For Collection Agencies? That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. I set up a payment arrangement . Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Ex. Help us to improve by providing some feedback on your experience today. Annual PCI Fee $99.00 I have never had any other merchant?! They will tell you that there are no hidden fees and no extra charges. Find the resources you need to understand how consumer protection law impacts your business. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Understand how the CFPB's Debt Collection Rule can help you. Going to BBB and will get attorney if I have to. Looking for legal documents or records? I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. Strongly suggest that anyone does there homework and compare companies for this service. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. Phillip created this website and has written over 1,000 articles regarding all things payments. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. This does not compare favorably to our list of best credit card processors. Try PaymentCloud. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Why Is Credit Card Processing For Collection Agencies Considered High Risk? This means that the process is fast. No doubt necessary to achieve any success, as the sales person was barely literate. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Now illness has caused me to lose my merchant tax ID. This field is for validation purposes and should be left unchanged. This is why we want to help you get the right debt collection merchant account from the very start. You could tell a collector to send a validation notice. These processors offer Quickbooks integration and have low rates. 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 vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. when you cancel.Please take your business elsewhere. Your Merchant Cash Advances help commercial businesses succeed. Pam called me offering a competitive rate for credit card processing. 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. PCI Non-Cpmpliance. 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. 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! Horrible company. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. eMerchant Authority operates an in-house underwriting team. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. CardPaymentOptions.com, Inc. All Rights Reserved. It was revoked by State of TN. Telephone: (818) 409-6000. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. This lack of transparency in pricing is typical of the industry in general. 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 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. Verify before you sign with this company. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. 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. The chargeback will be made against their account. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. In addition, they told us the transaction fee would be 2.65% of each purchase. You will be far too high of a risk to work with. I will NEVER consider using them again. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. 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. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. This company hires predatory sales people, arent up front about fees and raped my bank account. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. A collection agency merchant account is essential to process payments in this unique industry. 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. 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. Copyright 2023 eMerchantBroker, LLC. Federal government websites often end in .gov or .mil. I hope there will be a class action lawsuit and I plan to be a part of it. Seeking to take them to court for their theft.
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