Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. DO NOT USE!!! How to look up licensees and those debt collectors allowed to do 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. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. 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. I used Merchant Solutions for approx. Merchant Cash Advance Debt Collection Services | Monetaria EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. 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. When you choose us, youre not just getting back your assets. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. I got a shock when they deducted total of $1000.00 from my account in 4 payments. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. 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. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Get Started With Durango Merchant Services. 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. Learn more about your rights as a consumer and how to spot and avoid scams. 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. 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. We also encourage merchants to check out our list of the providers of the best merchant accounts. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Learn more about dealing with debt collection at ftc.gov/debt. They stealing $1000.00 dollars from my account. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. Should have know. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Credit & Debt Collections Merchant Services - DigiPay Solutions 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. If that happens, then it will be the merchant account provider on the line. You will not have enough time to do it, the machine terminal breaks all the time. 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. Get clarity before you switch. Our integrations connect you with the best tools for your business. Debt Collection Agency Merchant Services, Collection Agency Credit Card 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. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. . All Rights Reserved. . Home - Merchant Solutions LLC Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. 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. Login - vt.merchante-solutions.com Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. 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. On November 30, 2021, the Debt Collection Rule became effective. I will make sure this is my last time using this company. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. They have been lying to me since day 1 of signing up with them. The .gov means its official. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. The companys rating is also impacted by its higher-than-average complaint total with the BBB. 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. The worst company to do business with ever!!!! Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. this will happen if you change to another company. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. Looking for legal documents or records? They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. It was revoked by State of TN. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? And it was my fault for not reading the fine print on the documents. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. They charged me $300 for what they called setup charges. 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. DO NOT use this company. This company was nothing but deceitful from the beginning. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. 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. Home (425) 643-2613 (800) 755-1107. I would recommend not to do business with this company. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. They refuse to refund the money. Zero star rating, they are big time scam Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. We appreciate it. Higher cost than explained in solicitations When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. 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. This lack of transparency in pricing is typical of the industry in general. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. 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. 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. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Such a vendor can be a great help for your debt collector business. You may be charged fees for using this account. Required fields are marked *. We were charged a $350 restocking fee after being told there would be NO FEES. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick This is an attempt to collect a debt and any . 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! 1008 Mattlind Way. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. 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. 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. YOU WILL BE SORRY! * The terms and conditions of this promotion currently cannot be found on the website. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center Youre also working with a business that knows your problem and has the fix. This company should not be allowed to do business. Note that we are not able to provide private consultations, give advice, or answer questions. These are all fees that were started 8 months into my contract. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. Specialized account support for multiple collection agency types. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Maintaining these ratios is challenging for merchants in many industries. 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). This means that your business will be making a lot more profit for each transaction. Ex. 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. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. If you have already signed up with them, get out fast. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. An official website of the United States government. I agreed to pay back the money that was owned. Only. Now illness has caused me to lose my merchant tax ID. $35.00 Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. I have been with them since 2015 and in June,2019 I decided to go to a different processor. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. I am looking to upgrade 4 of my restaurants systems. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Most merchant providers are reluctant to offer. Were dedicated to B2B debt recovery. Our proven investigation tools help us create fast and effective debt recovery services. 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! i signed up a few weeks ago and havent been able to get into contact with them since. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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. 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. Phantom debt collectors impersonate law firms | Consumer Advice It took me 2 weeks of calling NON-STOP to get any response. They are charging me a huge fee to cancel. I didnt fill out anything to open OR close the account and today was hit with $495 fee. The types of collections that different agents and agencies deal with, though, can vary widely. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I think I was the set up by Merchant Solutions. This company hires predatory sales people, arent up front about fees and raped my bank account. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 This company is nothing but a fraud. As of right now, I have this company for falsifying documents, and felony forgery. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. I have never had any other merchant?! Very shady business practices and a very deceptive sales process. Many may find PaymentClouds organization of products on its website to be less than navigable. Banned Debt Collectors | Federal Trade Commission This Post Might Help: Best Restaurant Merchant Accounts. Debt Collection Agency Merchant Account - PayKings eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Copyright 2023 eMerchantBroker, LLC. 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%. Thousand Oaks, CA 91362. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% I was to have 1 account with Merchant Solutions ! Now they have charged me with a PCA compliance processing fee of $149, payable annually. The risks related to your business will be assessed by underwriters. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Why Is Credit Card Processing For Collection Agencies Considered High Risk? This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. 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 ). When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. I was skeptical and decided not to switch to merchant solutions. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. Several complainants outright accuse the company of being a ripoff or a scam operation. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee.