Im so glad I read these before making a huge mistake. In addition to those 2 complaints, the company has received 58 informal reviews. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. Suite 209 Anybody have any suggestions for getting out of this company? This Post Might Help: Best Restaurant Merchant Accounts. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. Horrible company. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. 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. Numerous calls went straight to voicemail without any return calls. And because I signed the document, the company is telling me, that I am liable for the contract. 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. 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. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. 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. See Who The Worst Processors Are. Opens accounts with terms not agreed to. 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 may even have maximum limits to any transactions that you complete. These people are the biggest crooks Ive ever encountered. Beware, do not do business with merchant solutions. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Its a TOTAL SCAM! So then I cancelled and they charged me a $945 restocking reprogramming fee? They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. I used Merchant Solutions for approx. They may require you to constantly have reserve cash in your account. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Learn more about our monetization policies here. If you have your own The Merchant Solutions review to make, please do so in the comments below. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. 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.. Get clarity before you switch. how much money you owe. Some merchant account providers may offer high fees. 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. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. 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. It took me 2 weeks of calling NON-STOP to get any response. Also when you call they have no customer service and are rude on the phone. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). Recovery Solutions Group, LLC (RSG) Contact Information. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Understand how the CFPB's Debt Collection Rule can help you. Get the truth here. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. When you choose us, youre not just getting back your assets. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. 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. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Has representatives that open fradulent accounts. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. $1350 fee if terminal is not returned within 10 days. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Merchants Credit Association, is a debt collection company. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! This company should not be allowed to do business. 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. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. 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. 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. Still interested? A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. THIS WAS A TOTAL LIE. I work damn hard to run my business and I will be damned if they are going to steal money from me. All Rights Reserved. Many may find PaymentClouds organization of products on its website to be less than navigable. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. : 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. They have fees for everything when you cancel or have to end your contract early. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Learn more about your rights as a consumer and how to spot and avoid scams. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% This field is for validation purposes and should be left unchanged. 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. close down your account. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Suggest you consider that Paymentech and many others do not charge this. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Same situation. She also helped us to file our annual PCI compliance saving us about $40 per month. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 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. Our services are secure and reliable. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. They are charging me a huge fee to cancel. Monthly Processing Range Over the years, we have built up connections with banks all over the world. Were dedicated to B2B debt recovery. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. We may earn revenue if you obtain services from a provider that we recommend. Don't Fall Into An Expensive Trap. 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. They stealing $1000.00 dollars from my account. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Help us to improve by providing some feedback on your experience today. Other companies may just outright decline your application. 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. 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. Several complainants outright accuse the company of being a ripoff or a scam operation. In Summary: 4 Best Merchant Accounts For Collection Agencies. This is why we want to help you get the right debt collection merchant account from the very start. I have never had any other merchant?! 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 ). Phone number: (302) 241-0686. 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. Save money with Merchant Solutions low processing rates and free terminal program. This was not in our contract, but I couldnt get the money back without suing them. 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. 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. Early penalty for cancellation. Copyright 2023 eMerchantBroker, LLC. This is an attempt to collect a debt and any . I am still trying to get that back. High-risk specialist for U.S.-based collection agencies. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Amazing! MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Required fields are marked *. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Sign up today and get a free card reader! I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. Toll free: (888) 544-9711. Of course, we will provide you with all of the tools that you need to process payments. 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. Annual Fee $79.00 Do not give them your business. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. We can help your collection agency even if you've you been turned down by service providers in the past. 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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! On November 30, 2021, the Debt Collection Rule became effective. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. This means that your business will be making a lot more profit for each transaction. Learn more about dealing with debt collection at ftc.gov/debt. not explained. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Due to the risky nature of your business the typical bank wont deal with you. Worse company ever. Signature not by me, computer generated. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Payment Processing . 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. My company is no longer doing business and I have not used the machine in 6 months. 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. I had to close the account, due to poor sales results. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. I would not recommend TMS to my worst enemies. . A lot of other company with no contract and fees to work with out there. Now they have charged me with a PCA compliance processing fee of $149, payable annually. He has a BA in Creative Writing and a Minor in German from Goucher College. Address: Recovery Solutions Group. Its just a penalty fee that they add on you for leaving their company. Annual PCI Fee $99.00 Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Location & Ownership 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!! 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. They charged me $300 for what they called setup charges. 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. Fax: (818) 707-7070. Seeking to take them to court for their theft. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. DO NOT use this company. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. dont believe what they tell you Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. If you hear from them just Run!!! 4 Best Merchant Accounts For Collection Agencies. 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. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. They refuse to refund the money. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. If you have already signed up with them, get out fast. This company is deceitful. This includes debt collection companies and debt buyers. This means that the process is fast. They will tell you that there are no hidden fees and no extra charges. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. The Best Merchant Accounts For Collection Agencies & Debt Collectors. At Monetaria, we understand that your MCA agreements are time-sensitive. Square is a top choice for POS for any type of business. Only. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. This lack of transparency in pricing is typical of the industry in general. The overall household debt for an average family increased by 11% during the last 10 years. Get Your Quote. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. for lack of use and Merchants want 490 dollars to terminate service. You will be far too high of a risk to work with. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. I didnt fill out anything to open OR close the account and today was hit with $495 fee. they hurt me by taking un authorized money out of my account Its like they try to rip you off once last time b4 they let you go. 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 got a shock when they deducted total of $1000.00 from my account in 4 payments. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Our integrations connect you with the best tools for your business. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Forgotten Password? Now illness has caused me to lose my merchant tax ID. It isnt just the finances of your business that they pay attention to either. I am looking to upgrade 4 of my restaurants systems. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Because of their undisclosed fees and charges I ended up paying more than my previous company. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. 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. 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. This means that you cannot work with companies like PayPal or Square. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Looking for legal documents or records? Learn how to resolve this complaint. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. They have been lying to me since day 1 of signing up with them. Some processors have no monthly, no annual fees, no contract, and cheap rates. At this point, I am looking for a new processor . Additional rates and fees, including a technical support fee may apply. 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. That doesnt count the canclelation fee that coming up from them. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees.
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