DSCFAQ
- Who is Meracord?
- For 30 years, Meracord has been an industry leader in payment servicing. As a payment servicer for the debt settlement industry, Meracord gives Debt Settlement Companies and consumers peace of mind.
- What services does Meracord provide?
- Meracord is an independent payment servicer that collects, processes, and disburses payments for customers in debt reduction programs. Customers’ savings are maintained securely in a non-interest bearing, FDIC insured trust account. Your contracted fees are disbursed daily as part of the service.
- How do my clients monitor their Meracord account?
- By using MyPromise, our Web-based database and reporting system, your clients will have access to their Meracord account information 24 hours a day, 7 days a week, by secure login access to http://mypromise.meracord.com. Your clients can see when their monthly payments have been received, when notice of a settlement has been received, how much money they have saved for settlement purposes, when a payment has been sent to a creditor, and much more. Your clients also can speak with a live Meracord customer relations specialist Monday through Friday from 6 a.m. to 5 p.m. Pacific Standard Time.
- How does Meracord disburse settlement payments to creditors?
- Your clients’ funds are held in a secure, non-interest bearing trust account until you have successfully negotiated a settlement with a creditor. As soon as Meracord receives notice that a settlement has been reached, and the settlement is approved by your client, Meracord sends the settlement payment to the appropriate creditor in accordance with the written instructions from the creditor.
- Does Meracord provide credit counseling or settlement negotiations?
- No. Meracord operates in compliance with the various states' money transmitter laws, specializing in payment servicing. Meracord is an independent company that receives, processes and disburses debt settlement companies’ clients’ payments.
- How can my clients make their payments to Meracord?
- Debt settlement company clients will separately authorize Meracord, in writing, to have their payments electronically withdrawn from their designated bank account each month. Your clients can also send payments by check or money order, and can make additional payments by web or by phone.
- How do I know how much money my client has accumulated for settlement?
- Debt settlement companies have 24/7 online view only access to their clients’ Meracord account information via mypromise.meracord.com. Using MyPromise, a debt settlement company can review reserve account balances and account activity for all its clients. Meracord also provides debt settlement companies with daily reports that contain this information.
- Can my clients withdraw their money from their Meracord account?
- Yes. The funds on deposit in the Meracord trust account belong to the debt settlement companies’ clients. Meracord is entrusted to hold these funds in a secure, non-interest bearing trust account for their benefit. You will, however, always know exactly how much your clients have available for settlement.
- How do I receive my contractual fees?
- When Meracord receives a payment from your client, we will deduct the contractual fees your client has agreed to pay you and automatically forward those funds to you electronically on a daily basis.
Links
Network With Us
