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Not an existing MeS Virtual Terminal User? Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. PaymentCloud can help almost any business get approved for payment processing. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Note: We have adjusted this companys BBB rating according to our own standards. 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. 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. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. I should have closed my bank account the minute we closed our business so I could have avoided all of this. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. 4 Best Merchant Accounts For Collection Agencies. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. It took me 2 weeks of calling NON-STOP to get any response. Its like they try to rip you off once last time b4 they let you go. Due to the unique processes we have in place, we can offer affordable rates for our services. If you have your own The Merchant Solutions review to make, please do so in the comments below. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. We were charged a $350 restocking fee after being told there would be NO FEES. High-risk specialist for U.S.-based collection agencies. 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. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. What out business owners out there about this Merchant Solutions. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. 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. 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! After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Opinions expressed here are authors alone. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. 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. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. A collection agency merchant account is essential to process payments in this unique industry. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. These are charged beyond any percent fees. Dont give them, or their mother company, First Data, your business!!! PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. You will not have enough time to do it, the machine terminal breaks all the time. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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. Copyright 2023 eMerchantBroker, LLC. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Essentially, they steal from the customer. 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. 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. We spoke with ANAIS today and were helped with understanding the rates. Home; Services Healthcare Services; Consumer Business Collections . No mention of 3 year contract and no proof of it. Monthly Processing Range Every review above has happened to me too exactly like the above. 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. Such a vendor can be a great help for your debt collector business. Over the years, we have built up connections with banks all over the world. Were dedicated to B2B debt recovery. They need to see how strong your profits are. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. All they want is your money. 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! Click here to earn a reward. Besides, we understand just how financially difficult it is to become a business owner. 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. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. The merchant solutions is the most horrible company I have ever dealt with. 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. 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. Seeking to take them to court for their theft. . 844-66-CFGMS (844-662-3467) RUN! 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. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Just ridiculous! Specialized account support for multiple collection agency types. . Here Are The Processors Who Don't Hide Fees. 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. Its important to be able to connect with a real person on the phone. This post will help: Cancelling a Merchant Account Without Paying a Fee. They will not return my phone calls now. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. It was revoked by State of TN. Our services are secure and reliable. 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. 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). Provider of affordable payment processing hardware that can streamline various debt collection operations. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. If you can get one who has worked with businesses in the debt collection industry, the better. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden 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. I used Merchant Solutions for approx. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. The risks related to your business will be assessed by underwriters. Ex. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Trouble Getting Approved? They dont deserve a BBB rating they suck!!!! A full point-of-sale (POS) system in one sleek package. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Recovery Solutions Group, LLC (RSG) Contact Information. dont believe what they tell you Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 651-398-1636. Their customer service is terrible, they are never reachable. 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. Some merchant account providers may offer high fees. They are beyond shady and dont care at all about customer service!!! Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Call us now on 877-700-5790 for further assistance. These people called me for weeks and sent me all kinds of sales materials when my business started. 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. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. They refuse to refund the money. Nasty contract . 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. The types of collections that different agents and agencies deal with, though, can vary widely. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. Total $247.95. 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. Note that we are not able to provide private consultations, give advice, or answer questions. 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. 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. Suggest you consider that Paymentech and many others do not charge this. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Its a TOTAL SCAM! The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. I have never had any other merchant?! Get Started With Durango Merchant Services. My contract ends in January 2015 and I am looking forward to it. Easier borrower qualifications that help you build business credit. I am still trying to get that back. Stay away from Themechantsolution!!! Zero star rating, they are big time scam DO NOT USE!!! In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. These are all fees that were started 8 months into my contract. 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. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. eMerchantBroker.com. They will tell you that there are no hidden fees and no extra charges. Now illness has caused me to lose my merchant tax ID. This credit card processing company is HORRIBLE! They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. 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. Merchant Solutions is a very dishonest processor. Flexible and transparent pricing suits high- and low-ticket agencies. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Keep your money you work for and dont use them. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Problems logging in? But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Sign up today and get a free card reader! 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. Since these banks know and trust the quality of our services, they will be able to trust you too. She said that I would need to submit an application in order to verify the discounts they were offering. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. Worse company ever. Only. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. New York, NY 10038. I was to have 1 account with Merchant Solutions ! Look out for credit card processors who offer other merchant solutions that could be useful for your business. 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. If you stop using it, they still charge you a lot of fees. 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). We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Get clarity before you switch. Its just a penalty fee that they add on you for leaving their company. 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. We also encourage merchants to check out our list of the providers of the best merchant accounts. In some cases, this leads to merchants contracting with debt collection agencies. 2985 E. Hillcrest Drive Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. This means that you can always stay on top of any transactions that you are making. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. 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. Find Loan Options For Your Small Business. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Toll free: (888) 544-9711. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. The Merchant Solutions is definitely THE worst credit card company EVER!!!! 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. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. Credit Card Processing for Debt Collection Businesses I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. On November 30, 2021, the Debt Collection Rule became effective. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. They are thieves because they stole money from my account and wont make it right with me. At Monetaria, we understand that your MCA agreements are time-sensitive. Payment Processing . Respectable processors like EMB guarantee a fast, secure application process. 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. This Post Might Help: Best Restaurant Merchant Accounts. They want me to pay almost $900.00 for equipment I dont use. Fax: (818) 707-7070. 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. Very shady business practices and a very deceptive sales process. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. I was never given a written contract had computer generated signature. Not much, but still more than disclosed. My company is no longer doing business and I have not used the machine in 6 months. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. We have focused on merchant cash advances over two decades. Youll get your merchant account for your collection agency in as little as 24 48 hours. They Are Not truthful about their service. The sole purpose of the material presented herein is to alert, educate, and inform readers. Get Your Quote. 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. 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. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. DO NOT EVEN talk to their salespeople. He has also researched and published reviews about nearly every payment services provider and processor. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. THIS WAS A TOTAL LIE. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. The .gov means its official. Their charges are exhorbitant. 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. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. 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. Processing statements are intentionally complicated so that they can overcharge you. However, pricing is not disclosed on either of those services. 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. Better look for alternatives. They charged me $300 for what they called setup charges. 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. if anyone do business with this scums be prepared to have a high blood pressure. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. i signed up a few weeks ago and havent been able to get into contact with them since. Its website can be hard to use as well. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Learn more about our monetization policies here. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much.

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