Monthly Processing Range 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. I would recommend not to do business with this company. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. We were charged a $350 restocking fee after being told there would be NO FEES. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Try PaymentCloud. Our proven investigation tools help us create fast and effective debt recovery services. These people are down right crooks! The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. They never have any answers and are only looking for ways to disconnect you. i signed up a few weeks ago and havent been able to get into contact with them since. The .gov means its official. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. If you stop using it, they still charge you a lot of fees. These processors offer Quickbooks integration and have low rates. 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. Square is a top choice for POS for any type of business. We have lowered the companys score in this section to a C to reflect this consistency. You will not have enough time to do it, the machine terminal breaks all the time. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. Payment Processing . This company should not be allowed to do business. The worst company to do business with ever!!!! Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. This means that the process is fast. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. This means that you can always stay on top of any transactions that you are making. Do not get trap by this company. Weve resolved overdue accounts for clients without damaging customer relationships. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. I will NEVER consider using them again. Flexible and transparent pricing suits high- and low-ticket agencies. And because I signed the document, the company is telling me, that I am liable for the contract. Moreover, EMB is rate A by Card Payment Options. They refuse to refund the money. They want me to pay almost $900.00 for equipment I dont use. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. This includes debt collection companies and debt buyers. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. DO NOT EVEN talk to their salespeople. HORRIBLE ! The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. From The Editor 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. Customer service is horrible. In some cases, this leads to merchants contracting with debt collection agencies. I think I was the set up by Merchant Solutions. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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.. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. services due to the high risk associated with debt collection businesses. They are awful and very dishonest do not use them. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. Amazing! 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. These people are the biggest crooks Ive ever encountered. You almost certainly will not be able to work with companies like PayPal. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. They have been lying to me since day 1 of signing up with them. Find the resources you need to understand how consumer protection law impacts your 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. Disgusted. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. A lot of other company with no contract and fees to work with out there. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. eMerchantBroker can . Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. This means that our job is to reduce the risk of any transactions for the merchant bank. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. After i cancle my account they charged me 200$ come out of no where. Pure scam artists just looking to steal your hard earned money. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. They may even have maximum limits to any transactions that you complete. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. 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. 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. If you are a small business owner avoid these crooks like the plague. Keep your money you work for and dont use them. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Should have know. Verify before you sign with this company. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! For this reason, they are often linked to high complaint totals. Garbage company. 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. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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? However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Opens accounts with terms not agreed to. Understand how the CFPB's Debt Collection Rule can help you. Click here for more product information. 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. He is very knowledgeable and provided excellent support. CFG Merchant Solutions, LLC. These companies and people are banned, by federal court orders, from participating in the business of debt collection. They are charging me a huge fee to cancel. 651-398-1636. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. It was revoked by State of TN. Get clarity before you switch. 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. Essentially, they steal from the customer. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. DO NOT use this company. 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. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . I will make sure this is my last time using this company. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 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. 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. Federal government websites often end in .gov or .mil. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. Read more below to learn why we chose these options. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Call 1-888-288-2692. Respectable processors like EMB guarantee a fast, secure application process. Many may find PaymentClouds organization of products on its website to be less than navigable. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. And it was my fault for not reading the fine print on the documents. All feedback, positive or negative, helps us to improve the way we help small businesses. 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. Your email address will not be published. Phone number: (302) 241-0686. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Thanks ANAIS. 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. $35.00 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). This was not in our contract, but I couldnt get the money back without suing them. Now illness has caused me to lose my merchant tax ID. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. Its just a penalty fee that they add on you for leaving their 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.