This company and its employees are rude, I have been trying to cancel and they make it difficult. Its important to be able to connect with a real person on the phone. Flexible and transparent pricing suits high- and low-ticket agencies. 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 . Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. This field is for validation purposes and should be left unchanged. They charge you all kinds of fees which your not told about. Forgotten Password? is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Their hidden fees are through the roof. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. A full point-of-sale (POS) system in one sleek package. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. She said that I would need to submit an application in order to verify the discounts they were offering. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. In addition, they told us the transaction fee would be 2.65% of each purchase. We also encourage merchants to check out our list of the providers of the best merchant accounts. Trouble Getting Approved? I got a shock when they deducted total of $1000.00 from my account in 4 payments. Help us to improve by providing some feedback on your experience today. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. 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. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. And particularly so for debt collectors due to the consumer demographic of debtors. I have been in contact with them for months now, and they still cannot give me a justifiable answer. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Numerous calls went straight to voicemail without any return calls. Of course, we will provide you with all of the tools that you need to process payments. We spoke with ANAIS today and were helped with understanding the rates. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Amazing! Save money with Merchant Solutions low processing rates and free terminal program. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Some merchant account providers may offer high fees. 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 overall household debt for an average family increased by 11% during the last 10 years. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. I wish I would have read some reviews before I sign up with these con artists. 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Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Ideal for collection agencies with a history of excessive chargebacks. Milford, DE 19963. The risks related to your business will be assessed by underwriters. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. I was skeptical and decided not to switch to merchant solutions. They need to see how strong your profits are. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. This means that your business will be making a lot more profit for each transaction. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. Easier borrower qualifications that help you build business credit. Learn more about the new debt collection rule. This means that the process is fast. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. After i cancle my account they charged me 200$ come out of no where. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. 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. I had to close the account, due to poor sales results. It's a cut throat industry. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Copyright 2023 eMerchantBroker, LLC. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Your business cannot opt for a standard merchant account here. This company is deceitful. Do not get trap by this company. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. 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. You can get your approval in as little as 24 hours. The merchant solutions is the most horrible company I have ever dealt with. So, its no surprise that banks often deny them merchant accounts. 180 Maiden Lane, 15th Floor. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Swipe credit cards securely by implementing PCI compliant payment solutions. Dont give them, or their mother company, First Data, your business!!! They are very rude and they will not correct the problem with me even though they said they would. They are thieves because they stole money from my account and wont make it right with me. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. 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%. This means that you will be out of business. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. please dont sign up and let people know about that. 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.. Total $247.95. Over the years, we have built up connections with banks all over the world. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. Merchant Solutions is a very dishonest processor. Which Business Bank Account is Right For You? Suite 209 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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Here Are The Processors Who Don't Hide Fees. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Looking For One Of These Merchant Accounts For Collection Agencies? To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Keep up the excellent work Austin and thank for helping us through out the entire setup process. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. The chargeback will be made against their account. DO NOT USE!!! Additional rates and fees, including a technical support fee may apply. 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. Telephone: (818) 409-6000. 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 ). 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. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Offers automated account application and custom quote processes. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. We have focused on merchant cash advances over two decades. Youre also working with a business that knows your problem and has the fix. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Very shady business practices and a very deceptive sales process. This form is for feedback only. 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. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. 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 ?????? On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Sign up today and get a free card reader! processing as well as the collections industry, in order to support compliance and best practices adherence . These people called me for weeks and sent me all kinds of sales materials when my business started. If you have already signed up with them, get out fast. This company, Merchant Solutions, is a fraud. Their customer service is simple horrible. What out business owners out there about this Merchant Solutions. Looking for legal documents or records? Worse company ever. They refuse to refund the money. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. You almost certainly will not be able to work with companies like PayPal. 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. The types of collections that different agents and agencies deal with, though, can vary widely. 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. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. From The Editor Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Same situation. 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 are charging me a huge fee to cancel. TMS offers a dedicated support phone line and an email form on its website. Verify before you sign with this company. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. Address: Recovery Solutions Group. Note that we are not able to provide private consultations, give advice, or answer questions. Required fields are marked *. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Excellent provider for collection agencies with a strong eCommerce presence. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Location & Ownership Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. These processors offer Quickbooks integration and have low rates. They will not return my phone calls now. Should have know. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Opens accounts with terms not agreed to. 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. These are charged beyond any percent fees. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. You really leave your business account open to these guys with free access to do as they like. Its website can be hard to use as well. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. These people are down right crooks! I will make sure this is my last time using this company. Call us now on 877-700-5790 for further assistance. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. I have proof of all deductions after I cancelled. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. The site is secure. Once the application process starts, we will find the best merchant account for you. Also that free terminal will cost you $350 when you try to cancel the account. From The Editor After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Are you with The Merchant Solutions? 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. Read more below to learn why we chose these options. 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Its just a penalty fee that they add on you for leaving their company. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Customer service is horrible. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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. An official website of the United States government. These people are the biggest crooks Ive ever encountered. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. 844-66-CFGMS (844-662-3467) JUST SAY NO. That doesnt count the canclelation fee that coming up from them. Not an existing MeS Virtual Terminal User? Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Find legal resources and guidance to understand your business responsibilities and comply with the law. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. This means that you can always stay on top of any transactions that you are making. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. They stealing $1000.00 dollars from my account. It took me 2 weeks of calling NON-STOP to get any response. This is why we want to help you get the right debt collection merchant account from the very start. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. 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. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. When you should have paid 1.62. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. BBB received a pattern of complaints concerning collections practices. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. No doubt necessary to achieve any success, as the sales person was barely literate. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. BEWARE OF THESE DOGS! You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. You may be charged fees for using this account. Specialized account support for multiple collection agency types. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Our proven investigation tools help us create fast and effective debt recovery services. . Pam called me offering a competitive rate for credit card processing. 53 of these reviews are positive, while the remaining 5 reviews are negative. Instead, you need to search for high-risk merchant accounts. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. 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. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Phillip created this website and has written over 1,000 articles regarding all things payments. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. So then I cancelled and they charged me a $945 restocking reprogramming fee? We have lowered the companys score in this section to a C to reflect this consistency. High-risk specialist with anti-fraud and anti-chargeback protections. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. At this point, I am looking for a new processor . When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. This post will help: Cancelling a Merchant Account Without Paying a Fee. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. They charged me $300 for what they called setup charges. This lack of transparency in pricing is typical of the industry in general. I was never given a written contract had computer generated signature. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. I used Merchant Solutions for approx. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Copyright 2023 eMerchantBroker, LLC. They will tell you that there are no hidden fees and no extra charges. They terminated my account for non use since I was using another company and had not transferred over yet. 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. The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! Upon cancellation after over 4 years I returned the machine in good order. Annual Fee $79.00 eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. 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. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Don't Fall Into An Expensive Trap. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Stay away from Themechantsolution!!! Copyright 2023 Merchant Maverick. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. YOU WILL BE SORRY! This company should not be allowed to do business. 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. dont believe what they tell you HORRIBLE ! 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 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!! Beware, do not do business with merchant solutions. Still interested? Before sharing sensitive information, make sure youre on a federal government site. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. RUN! 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. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Due to the risky nature of your business the typical bank wont deal with you.

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