This means that the process is fast. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. They never have any answers and are only looking for ways to disconnect you. All they want is your money. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. Verify before you sign with this company. I have been with them since 2015 and in June,2019 I decided to go to a different processor. 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. I will make sure this is my last time using this company. Today was the last straw which we really been shut down since April over covid19. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. 53 of these reviews are positive, while the remaining 5 reviews are negative. We have focused on merchant cash advances over two decades. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. This means that you could, effectively, lose your ability to run your business. Call 1-888-288-2692. Only. They have been lying to me since day 1 of signing up with them. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. Telephone: (818) 409-6000. He has a BA in Creative Writing and a Minor in German from Goucher College. Trouble Getting Approved? 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. So then I cancelled and they charged me a $945 restocking reprogramming fee? please dont sign up and let people know about that. However, pricing is not disclosed on either of those services. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. 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. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. And particularly so for debt collectors due to the consumer demographic of debtors. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. 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. The sole purpose of the material presented herein is to alert, educate, and inform readers. We have lowered the companys score in this section to a C to reflect this consistency. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. TMS offers a dedicated support phone line and an email form on its website. If you would like to interview Phillip for your story or podcast, please reach out here. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Ready to integrate payment processing solutions into your new business? And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. 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. If your company is in the business of collecting debts, then you will need to have some way to process payments. Due to the unique processes we have in place, we can offer affordable rates for our services. This form is for feedback only. She also helped us to file our annual PCI compliance saving us about $40 per month. 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. Flexible and transparent pricing suits high- and low-ticket agencies. STAY AWAY. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Fortunately, there are providers willing and able to help. 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. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. After i cancle my account they charged me 200$ come out of no where. 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. Find Loan Options For Your Small Business. We also encourage merchants to check out our list of the providers of the best merchant accounts. I would recommend not to do business with this company. These people are down right crooks! While the process for applying for a merchant account with us is not instant, we have been doing this a long time. I have proof of all deductions after I cancelled. Before sharing sensitive information, make sure youre on a federal government site. 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. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. That doesnt count the canclelation fee that coming up from them. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Youre also working with a business that knows your problem and has the fix. Worse company ever. This is a business that is rife with fraud and chargebacks. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. 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. services due to the high risk associated with debt collection businesses. Keep your money you work for and dont use them. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. These are all fees that were started 8 months into my contract. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. We can help your collection agency even if you've you been turned down by service providers in the past. 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. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. 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. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. A collection agency merchant account is essential to process payments in this unique industry. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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.