Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. This company should not be allowed to do business. PCI Non-Cpmpliance. The site is secure. They said they would beat my current rate but never could. In some cases, this leads to merchants contracting with debt collection agencies. Offers automated account application and custom quote processes. After i cancle my account they charged me 200$ come out of no where. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. 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. For me customer support is key and Austin is definitely an asset to this company. No mention of 3 year contract and no proof of it. Get clarity before you switch. These are charged beyond any percent fees. when you cancel.Please take your business elsewhere. I set up a payment arrangement . They terminated my account for non use since I was using another company and had not transferred over yet. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! 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. eMerchantBroker can . EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. how much money you owe. In Summary: 4 Best Merchant Accounts For Collection Agencies. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Monthly Processing Range There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Youll get your merchant account for your collection agency in as little as 24 48 hours. Find the resources you need to understand how consumer protection law impacts your business. Both were resolved to the dissatisfaction of the merchant or received no final response. Their hidden fees are through the roof. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. You may be charged fees for using this account. . They will give you false information over the phone and then tell you their salesperson had no authorization to give it. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. We appreciate it. From The Editor This company is nothing but a fraud. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Strongly suggest that anyone does there homework and compare companies for this service. They are thieves because they stole money from my account and wont make it right with me. High-risk specialist for U.S.-based collection agencies. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. 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. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Recovery Solutions Group, LLC (RSG) Contact Information. The chargeback will be made against their account. Square is a top choice for POS for any type of business. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Additional rates and fees, including a technical support fee may apply. Total $247.95. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. They have fees for everything when you cancel or have to end your contract early. The worst company to do business with ever!!!! These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. 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. We provide merchant account services for both low and high-risk businesses. They constantly slip in unauthorized charges. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Problems logging in? I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! Im so glad I read these before making a huge mistake. Why Is Credit Card Processing For Collection Agencies Considered High Risk? If you can get one who has worked with businesses in the debt collection industry, the better. 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). 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. 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. Worse company ever. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. This means that you will be out of business. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. 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 may require countless numbers of documents. 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. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. This is an attempt to collect a debt and any . Advertiser Disclosure: Our unbiased reviews and content are supported in part by. 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. They round up everything, even when they shouldnt according to elementary mathematics! 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. A lot of other company with no contract and fees to work with out there. They are awful and very dishonest do not use them. Same situation. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Just ridiculous! Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. 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. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. I had to close the account, due to poor sales results. Min. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. As you're checking out a debt collection call, remember: don't respond to threats. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. These processors offer Quickbooks integration and have low rates. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. they charged me $450 every month out of total 10k annual monthly. 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. However, pricing is not disclosed on either of those services. The sole purpose of the material presented herein is to alert, educate, and inform readers. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They want me to pay almost $900.00 for equipment I dont use. Since these banks know and trust the quality of our services, they will be able to trust you too. This does not compare favorably to our list of best credit card processors. They have been lying to me since day 1 of signing up with them. They really do not want to do this. Disgusted. The Signature page of the second contract is an EXACT COPY of the account I did open. Anybody have any suggestions for getting out of this company? Find legal resources and guidance to understand your business responsibilities and comply with the law. These are all fees that were started 8 months into my contract. 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.