This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. In some cases, this leads to merchants contracting with debt collection agencies. The risks related to your business will be assessed by underwriters. This company should not be allowed to do business. Signature not by me, computer generated. They never have any answers and are only looking for ways to disconnect you. Should have know. It isnt just the finances of your business that they pay attention to either. So only use this business if you like being lied to and stole from cause thats what their good at. The merchant solutions is the most horrible company I have ever dealt with. Credit Card Processing for Debt Collection Businesses Debt Collection | Federal Trade Commission eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. the name of the creditor you owe it to. 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. 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). And because I signed the document, the company is telling me, that I am liable for the contract. These revenues in no way influence our ratings or reviews. eMerchantBroker.com. 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. Additional rates and fees, including a technical support fee may apply. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Several complainants outright accuse the company of being a ripoff or a scam operation. Austin Smith was very knowledgeable and helpful! Our services are secure and reliable. We occasionally send out emails with special offers. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. A collection agency merchant account is essential to process payments in this unique industry. THIS WAS A TOTAL LIE. If you are a small business owner avoid these crooks like the plague. The following is a sample list of complaints filed against United Merchant . The chargeback will be made against their account. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. I was never told about a restocking fee and some other charge until I got ready to cancel. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group Do you feel like its the right time to start a collection agency? These people are the biggest crooks Ive ever encountered. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Getting paid to re-write this page? Our integrations connect you with the best tools for your business. 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. for lack of use and Merchants want 490 dollars to terminate service. Click here for more product information. I agreed to pay back the money that was owned. We have lowered the companys score in this section to a C to reflect this consistency. The collector has to tell you four pieces of 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. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. 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. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. These companies and people are banned, by federal court orders, from participating in the business of debt collection. My contract ends in January 2015 and I am looking forward to it. I will NEVER consider using them again. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Debt Collection Industry and Merchant Accounts Nasty contract . This means that your business will be making a lot more profit for each transaction. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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. I would not recommend TMS to my worst enemies. Keep up the excellent work Austin and thank for helping us through out the entire setup process. 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. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. Login - vt.merchante-solutions.com Note: We have adjusted this companys BBB rating according to our own standards. How To Know If A Debt Collector Is A Scam | Bankrate That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. She said that I would need to submit an application in order to verify the discounts they were offering. 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. they charged me $450 every month out of total 10k annual monthly. Most merchant providers are reluctant to offer. Debt Collections Merchant Account Solutions - eMerchant Authority How to look up licensees and those debt collectors allowed to do 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. services due to the high risk associated with debt collection businesses. Find Loan Options For Your Small Business. Because of their undisclosed fees and charges I ended up paying more than my previous company. He has a BA in Creative Writing and a Minor in German from Goucher College. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. I will make sure this is my last time using this company. It's a cut throat industry. If you can get one who has worked with businesses in the debt collection industry, the better. Let us know how well the content on this page solved your problem today. 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. I have been with them since 2015 and in June,2019 I decided to go to a different processor. 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. 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. 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. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. If you have already signed up with them, get out fast. Their charges are exhorbitant. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. This means that you will be out of business. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Debt Collection Agency Merchant Account| Fast Approval 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. 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. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Note that we are not able to provide private consultations, give advice, or answer questions. 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. The overall household debt for an average family increased by 11% during the last 10 years. Looking for legal documents or records? Help us to improve by providing some feedback on your experience today. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. Learn more about the new debt collection rule. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. All debt collectors track down past-due debts that businesses and consumers owe. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Going to BBB and will get attorney if I have to. Youre also working with a business that knows your problem and has the fix. not explained. You will be far too high of a risk to work with. From The Editor This company and its employees are rude, I have been trying to cancel and they make it difficult. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. They are charging me a huge fee to cancel. No mention of 3 year contract and no proof of it. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Debt Collectors List | NY Debt Collections List 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. 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. Only. The .gov means its official. Beware, do not do business with merchant solutions. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. They want me to pay almost $900.00 for equipment I dont use. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Easier borrower qualifications that help you build business credit. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Do not give them your business. 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. 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. Federal government websites often end in .gov or .mil. 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. Here Are The Processors Who Don't Hide Fees. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. this will happen if you change to another company. Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. Credit & Debt Collections Merchant Services - DigiPay Solutions Higher cost than explained in solicitations I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. 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. Horrible company. They said they had cancelled the account, but the following month we were charged again. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Merchant Mavericks ratings are not influenced by affiliate partnerships. 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. Amazing! Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. : 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. BE AWARE!!! Screw this place I wish their was a way we could put them out of business. Your Merchant Cash Advances help commercial businesses succeed. This credit card processing company is HORRIBLE! Debt Collection FAQs | Consumer Advice 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. Their customer service is simple horrible. This is an attempt to collect a debt and any . 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. She also helped us to file our annual PCI compliance saving us about $40 per month. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. This post will help: Cancelling a Merchant Account Without Paying a Fee. 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. 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. Maintaining these ratios is challenging for merchants in many industries. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. 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! The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. 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. 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. When you should have paid 1.62. They are very rude and they will not correct the problem with me even though they said they would. Merchant Cash Advance Debt Collection Services | Monetaria 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. These processors offer Quickbooks integration and have low rates. Their customer service is terrible, they are never reachable. 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. All they want is your money. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Payment Processing . The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. This includes debt collection companies and debt buyers. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Stay away from Themechantsolution!!! Early penalty for cancellation. Phillip created this website and has written over 1,000 articles regarding all things payments. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. This company hires predatory sales people, arent up front about fees and raped my bank account. Toll free: (888) 544-9711. Were never worried about our overdue receivables. said no business ever. Noah is a writer and content creator currently living in Fairfax, VA. In addition, they told us the transaction fee would be 2.65% of each purchase. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. Im so glad I read these before making a huge mistake. 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. TOTAL SCAMMERS!!! Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. 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. We're Proud to Advance Cash to Business Owners Like You. 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There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. A lot of other company with no contract and fees to work with out there. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. 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 ?????? Suite 209 Its like they try to rip you off once last time b4 they let you go. $35.00 I was to have 1 account with Merchant Solutions ! Horrible company. Sequoia Financial Services - 2021 When we both know its theirs! Debt collection | Consumer Financial Protection Bureau A full point-of-sale (POS) system in one sleek package. Thanks ANAIS. Flexible and transparent pricing suits high- and low-ticket agencies. I got a shock when they deducted total of $1000.00 from my account in 4 payments. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Better look for alternatives. Debt Collection Agency Merchant Services, Collection Agency Credit Card Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. one year. 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. The Best Merchant Accounts For Collection Agencies & Debt Collectors. From The Editor The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. They have fees for everything when you cancel or have to end your contract early. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 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. Copyright 2023 Merchant Maverick. This field is for validation purposes and should be left unchanged. The sales rep never returned my calls and is no longer with thw company. They have been lying to me since day 1 of signing up with them. Merchant Solutions is a very dishonest processor. Garbage company. The worst company to do business with ever!!!! Pam called me offering a competitive rate for credit card processing. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Which Collection Agency Merchant Account Is Right For My Business? As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. Debt Collection Merchant Account Solutions - National Merchants Association YOU WILL BE SORRY! I work damn hard to run my business and I will be damned if they are going to steal money from me. 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. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why.
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