Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 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! Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. BE AWARE!!! In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. dont believe what they tell you 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. He has a BA in Creative Writing and a Minor in German from Goucher College. 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. Find the resources you need to understand how consumer protection law impacts your business. We have lowered the companys score in this section to a C to reflect this consistency. Better look for alternatives. Pure scam artists just looking to steal your hard earned money. Milford, DE 19963. High-risk specialist with anti-fraud and anti-chargeback protections. 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. Under federal law, a debt collector must send you a written validation notice within five days after they first contact 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Beware, do not do business with merchant solutions. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. This company is deceitful. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Were never worried about our overdue receivables. said no business ever. 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. Federal government websites often end in .gov or .mil. 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. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Noah is a writer and content creator currently living in Fairfax, VA. When I wanted to cancel they wouldnt send me the cancellation form for weeks. I am still waiting on on calls from their supervisors from last year. please dont sign up and let people know about that. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. This means that you can always stay on top of any transactions that you are making. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. Should have know. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. 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. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. So only use this business if you like being lied to and stole from cause thats what their good at. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. She said that I would need to submit an application in order to verify the discounts they were offering. They dont deserve a BBB rating they suck!!!! However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. They are crooks. Not an existing MeS Virtual Terminal User? Get Started With Durango Merchant Services. Ideal for collection agencies with a history of excessive chargebacks. 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. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. He has also researched and published reviews about nearly every payment services provider and processor. 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. If you stop using it, they still charge you a lot of fees. services due to the high risk associated with debt collection businesses. As of right now, I have this company for falsifying documents, and felony forgery. Monthly Fee $25.00 In some cases, this leads to merchants contracting with debt collection agencies. The competition is real with so many POS servicing company. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Some of these limitations can be pretty tough on a business, particularly in their early days. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. At this point, I am looking for a new processor . They are beyond shady and dont care at all about customer service!!! Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. Fax: (818) 707-7070. To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. Amazing! This company should not be allowed to do business. For me customer support is key and Austin is definitely an asset to this company. Forgotten Password? Credit Card Processing for Debt Collection Businesses : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. 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. I would recommend not to do business with this company. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. I was to have 1 account with Merchant Solutions ! Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. CFG Merchant Solutions, LLC. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. We also encourage merchants to check out our list of the providers of the best merchant accounts. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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're Proud to Advance Cash to Business Owners Like You. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. 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. Also when you call they have no customer service and are rude on the phone. No mention of 3 year contract and no proof of it. Anybody have any suggestions for getting out of this company? 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. They have fees for everything when you cancel or have to end your contract early.

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