In addition to those 2 complaints, the company has received 58 informal reviews. This is an attempt to collect a debt and any . We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. 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. Your email address will not be published. Very rude on phone, does not care about you as a customer. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Offers automated account application and custom quote processes. Early penalty for cancellation. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. She said that I would need to submit an application in order to verify the discounts they were offering. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Do you feel like its the right time to start a collection agency? 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. Telephone: (818) 409-6000. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. I hope there will be a class action lawsuit and I plan to be a part of it. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. We may earn revenue if you obtain services from a provider that we recommend. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. What out business owners out there about this Merchant Solutions. This post will help: How to Get Out of a Merchant Account Contract. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Ex. 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. 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. Several complainants outright accuse the company of being a ripoff or a scam operation. Youre also working with a business that knows your problem and has the fix. 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. 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. 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. Flexible and transparent pricing suits high- and low-ticket agencies. 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. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. 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. 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. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. 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. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. They terminated my account for non use since I was using another company and had not transferred over yet. please dont sign up and let people know about that. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. The .gov means its official. $35.00 Also when you call they have no customer service and are rude on the phone. For me customer support is key and Austin is definitely an asset to this company. This means that your business will be making a lot more profit for each transaction. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Because of their undisclosed fees and charges I ended up paying more than my previous company. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. 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. 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. 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. This company is deceitful. She also helped us to file our annual PCI compliance saving us about $40 per month. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Sign up today and get a free card reader! I have been in contact with them for months now, and they still cannot give me a justifiable answer. They refuse to refund the money. Monthly Processing Range This means that you can always stay on top of any transactions that you are making. I was never given a written contract had computer generated signature. Toll free: (888) 544-9711. 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. We're Proud to Advance Cash to Business Owners Like You. Don't Fall Into An Expensive Trap. 651-398-1636. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The Best Merchant Accounts For Collection Agencies & Debt Collectors. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. I am still trying to get that back. Due to the unique processes we have in place, we can offer affordable rates for our services. We occasionally send out emails with special offers. They said they would beat my current rate but never could. I should have closed my bank account the minute we closed our business so I could have avoided all of this. We were charged a $350 restocking fee after being told there would be NO FEES. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. No doubt necessary to achieve any success, as the sales person was barely literate. 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. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Thousand Oaks, CA 91362. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. I have been with them since 2015 and in June,2019 I decided to go to a different processor. To better understand why we adjust BBB ratings, please see our Rating Criteria. Their hidden fees are through the roof. This does not compare favorably to our list of best credit card processors. Were dedicated to B2B debt recovery. not explained. On November 30, 2021, the Debt Collection Rule became effective. eMerchantBroker.com. TMS offers a dedicated support phone line and an email form on its website. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Its just a penalty fee that they add on you for leaving their company. As of right now, I have this company for falsifying documents, and felony forgery. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. This has Been the worst POS processing company I have ever felt with. 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. 1008 Mattlind Way. And particularly so for debt collectors due to the consumer demographic of debtors. Suggest you consider that Paymentech and many others do not charge this. The types of collections that different agents and agencies deal with, though, can vary widely. 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. This company hires predatory sales people, arent up front about fees and raped my bank account. The sales rep never returned my calls and is no longer with thw company. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Looking for legal documents or records? Milford, DE 19963. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. 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. Keep your money you work for and dont use them. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. 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. I am looking to upgrade 4 of my restaurants systems. Ready to integrate payment processing solutions into your new business? Maintaining these ratios is challenging for merchants in many industries. We have focused on merchant cash advances over two decades. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. These are charged beyond any percent fees. Fast turnaround: as little as 1-2 days. Dont give them, or their mother company, First Data, your business!!! Many may find PaymentClouds organization of products on its website to be less than navigable. Its important to be able to connect with a real person on the phone. 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. 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 . 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. Lots of hidden fees that other companies dont charge! 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. 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. 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. This company, Merchant Solutions, is a fraud. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. It is not intended as legal or financial advice. This company is nothing but a fraud. Its website can be hard to use as well. These companies and people are banned, by federal court orders, from participating in the business of debt collection. 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. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Note: We have adjusted this companys BBB rating according to our own standards. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. Call us now on 877-700-5790 for further assistance. Screw this place I wish their was a way we could put them out of business. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. How Can Merchants Use Debt Collectors to Recover Chargebacks? Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Understand how the CFPB's Debt Collection Rule can help you. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Garbage company. In Summary: 4 Best Merchant Accounts For Collection Agencies. If you can get one who has worked with businesses in the debt collection industry, the better. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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. And because I signed the document, the company is telling me, that I am liable for the contract. As you're checking out a debt collection call, remember: don't respond to threats. DO NOT use this company. 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! Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. See Which Processors Offer No Monthly Fees And No Contracts. 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. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. Learn more about your rights as a consumer and how to spot and avoid scams. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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. From The Editor Besides, we understand just how financially difficult it is to become a business owner. Both were resolved to the dissatisfaction of the merchant or received no final response. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Do not believe anything they say about their service. $1350 fee if terminal is not returned within 10 days. These gateways may also support online portals through which users must enter before they can submit their payments online. eMerchant Authority can help with this. 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). 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. They are beyond shady and dont care at all about customer service!!! This was not in our contract, but I couldnt get the money back without suing them. eMerchant Authority operates an in-house underwriting team. I would not recommend TMS to my worst enemies. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. They are awful and very dishonest do not use them. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. This company will be out of business in one year or less. We provide merchant account services for both low and high-risk businesses. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. All feedback, positive or negative, helps us to improve the way we help small businesses. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Square is a top choice for POS for any type of business. Monthly Fee $25.00 They may require you to constantly have reserve cash in your account. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Youll get your merchant account for your collection agency in as little as 24 48 hours. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Very shady business practices and a very deceptive sales process. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Note that we are not able to provide private consultations, give advice, or answer questions. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. You really leave your business account open to these guys with free access to do as they like. Nasty contract . FTC Staff. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. This means that the process is fast. 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. 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. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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.