Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Copyright 2023 Merchant Maverick. YOU WILL BE SORRY! Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. This company needs to be put out of business. 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. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). Which Business Bank Account is Right For You? The companys rating is also impacted by its higher-than-average complaint total with the BBB. These people are down right crooks! Get Started With Durango Merchant Services. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Many may find PaymentClouds organization of products on its website to be less than navigable. JUST SAY NO. Stay away from Themechantsolution!!! Upon cancellation after over 4 years I returned the machine in good order. Going to BBB and will get attorney if I have to. Annual PCI Fee $99.00 The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. These are all fees that were started 8 months into my contract. 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. This lack of transparency in pricing is typical of the industry in general. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. They are charging me a huge fee to cancel. Get the truth here. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. 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. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Copyright 2023 eMerchantBroker, LLC. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. . Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. Opens accounts with terms not agreed to. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Suite 209 I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Do not get trap by this company. We spoke with ANAIS today and were helped with understanding the rates. You can get your approval in as little as 24 hours. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Which Collection Agency Merchant Account Is Right For My Business? They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. The sales rep never returned my calls and is no longer with thw company. Its important to be able to connect with a real person on the phone. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. They have been lying to me since day 1 of signing up with them. eMerchantBroker can . Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. 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. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. Merchants Credit Association, is a debt collection company. If anyone has a better option please let me know. Learn more about dealing with debt collection at ftc.gov/debt. Keep up the excellent work Austin and thank for helping us through out the entire setup process. It took me 2 weeks of calling NON-STOP to get any response. 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. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. 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. 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. Try PaymentCloud. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. So only use this business if you like being lied to and stole from cause thats what their good at. 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. 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. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more 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. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Looking For One Of These Merchant Accounts For Collection Agencies? Suggest you consider that Paymentech and many others do not charge this. Youll get your merchant account for your collection agency in as little as 24 48 hours. Maintaining these ratios is challenging for merchants in many industries. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Ready to integrate payment processing solutions into your new business? My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. I would not recommend TMS to my worst enemies. Comp Admin Fee $9.95 After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. DO NOT USE!!! please dont sign up and let people know about that. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. 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. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. This Post Might Help: Best Restaurant Merchant Accounts. Respectable processors like EMB guarantee a fast, secure application process. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Today was the last straw which we really been shut down since April over covid19. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Home; Services Healthcare Services; Consumer Business Collections . From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. Why would we want a service we couldnt use? For me customer support is key and Austin is definitely an asset to this company. To better understand why we adjust BBB ratings, please see our Rating Criteria. These people are the biggest crooks Ive ever encountered. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Weve resolved overdue accounts for clients without damaging customer relationships. I have proof of all deductions after I cancelled. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. We have focused on merchant cash advances over two decades. This means that the process is fast. He is very knowledgeable and provided excellent support. Required fields are marked *. PaymentCloud can help almost any business get approved for payment processing. Learn how to resolve this complaint. They may require countless numbers of documents. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. The overall household debt for an average family increased by 11% during the last 10 years. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. All Rights Reserved. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Due to the risky nature of your business the typical bank wont deal with you. Monthly Processing Range 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. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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. The site is secure. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Signature not by me, computer generated. Pam called me offering a competitive rate for credit card processing. 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. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. This company hires predatory sales people, arent up front about fees and raped my bank account. She also helped us to file our annual PCI compliance saving us about $40 per month. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 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. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. Some merchant account providers may offer high fees. They round up everything, even when they shouldnt according to elementary mathematics! There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. 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!! These revenues in no way influence our ratings or reviews. Easier borrower qualifications that help you build business credit. This means that you will be out of business. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Phillip created this website and has written over 1,000 articles regarding all things payments. Square is a top choice for POS for any type of business. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. eMerchantBroker.com. See Which Processors Offer No Monthly Fees And No Contracts. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. They may even have maximum limits to any transactions that you complete. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). 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. 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. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. In addition to those 2 complaints, the company has received 58 informal reviews. Do not give them your business. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. FTC Staff. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. HORRIBLE ! 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. 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. I got a shock when they deducted total of $1000.00 from my account in 4 payments. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . 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 will close down your account. 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. If you hear from them just Run!!! This means that you will need both a payment processor and a merchant account. Processing statements are intentionally complicated so that they can overcharge you. Sign up today and get a free card reader! But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. Note that we are not able to provide private consultations, give advice, or answer questions. Only. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. 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. 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This means that your business will be making a lot more profit for each transaction. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. This means that you can always stay on top of any transactions that you are making. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. eMerchant Authority can help with this. Are you with The Merchant Solutions? 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.
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