eMerchantBroker can . PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. This is why we want to help you get the right debt collection merchant account from the very start. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. You really leave your business account open to these guys with free access to do as they like. Try PaymentCloud. Its website can be hard to use as well. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. Instead, you need to search for high-risk merchant accounts. Get Your Quote. 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. 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. See Who The Worst Processors Are. 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. For this reason, they are often linked to high complaint totals. If you have your own The Merchant Solutions review to make, please do so in the comments below. 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. From The Editor It took me 2 weeks of calling NON-STOP to get any response. Numerous calls went straight to voicemail without any return calls. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. 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. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Get Started With Durango Merchant Services. 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. 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. See this page to learn how we support our operations. You can get your approval in as little as 24 hours. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! 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. Search the Legal Library instead. We also encourage merchants to check out our list of the providers of the best merchant accounts. Flexible and transparent pricing suits high- and low-ticket agencies. Save yourself stress and aggravation and sign up with a different processor. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Opens accounts with terms not agreed to. I was told thay my rates would be as low as 1.5%. I have been in contact with them for months now, and they still cannot give me a justifiable answer. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Required fields are marked *. 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. Over the years, we have built up connections with banks all over the world. 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. 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. dont believe what they tell you 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. From The Editor All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Copyright 2020 eMerchant Authority | Website by JM Marketing. 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. services due to the high risk associated with debt collection businesses. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Both were resolved to the dissatisfaction of the merchant or received no final response. Looking for legal documents or records? Noah is a writer and content creator currently living in Fairfax, VA. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. 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 ?????? Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Their customer service is simple horrible. 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. Lets start with the salesman Daniel A. 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. If you hear from them just Run!!! The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. I work damn hard to run my business and I will be damned if they are going to steal money from me. The collector has to tell you four pieces of information. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. This means that you can always stay on top of any transactions that you are making. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. 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. TMS offers a dedicated support phone line and an email form on its website. Help us to improve by providing some feedback on your experience today. These revenues in no way influence our ratings or reviews. Now illness has caused me to lose my merchant tax ID. Not much, but still more than disclosed. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. I used Merchant Solutions for approx. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. He is very knowledgeable and provided excellent support. Find legal resources and guidance to understand your business responsibilities and comply with the law. * The terms and conditions of this promotion currently cannot be found on the website. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Ideal for collection agencies with a history of excessive chargebacks. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Home (425) 643-2613 (800) 755-1107. We spoke with ANAIS today and were helped with understanding the rates. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Same situation. This field is for validation purposes and should be left unchanged. SAVE YOURSELF THE HEADACHE! Only. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. 651-398-1636. 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. I set up a payment arrangement . Credit Card Processing for Debt Collection Businesses 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. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. HORRIBLE ! We appreciate it. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Every review above has happened to me too exactly like the above. Your Merchant Cash Advances help commercial businesses succeed. When you choose us, youre not just getting back your assets. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. 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. Forgotten Password? Merchant Mavericks ratings are not influenced by affiliate partnerships. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. 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? 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%. Still interested? please dont sign up and let people know about that. 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. 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. Copyright 2023 eMerchantBroker, LLC. They terminated my account for non use since I was using another company and had not transferred over yet. Processing statements are intentionally complicated so that they can overcharge you. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Of course, we will provide you with all of the tools that you need to process payments. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 2985 E. Hillcrest Drive This company was nothing but deceitful from the beginning. EMB is voted the top high risk processor in the US and has an A+ rating 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. eMerchantBroker.com. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Horrible company. 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Maintaining these ratios is challenging for merchants in many industries. Do you feel like its the right time to start a collection agency? Lending and Debt Repayment Merchant Accounts. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Since these banks know and trust the quality of our services, they will be able to trust you too. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Their charges are exhorbitant. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. They Are Not truthful about their service. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Do not give them your business. This means that you will need both a payment processor and a merchant account. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. They said they had cancelled the account, but the following month we were charged again. They refuse to refund the money. Fortunately, there are providers willing and able to help. Looking For One Of These Merchant Accounts For Collection Agencies? I will make sure this is my last time using this company. However, pricing is not disclosed on either of those services. My contract ends in January 2015 and I am looking forward to it. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Learn how to resolve this complaint. Merchant Solutions is a very dishonest processor. I have tried to use card reader several times without success. If anyone has a better option please let me know. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. They dont deserve a BBB rating they suck!!!! Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Find the resources you need to understand how consumer protection law impacts your business. At this point, I am looking for a new processor . 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. for lack of use and Merchants want 490 dollars to terminate service. The types of collections that different agents and agencies deal with, though, can vary widely. 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! 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. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. This company hires predatory sales people, arent up front about fees and raped my bank account. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Opinions expressed here are authors alone. Respectable processors like EMB guarantee a fast, secure application process. These are charged beyond any percent fees. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. I would recommend not to do business with this company. Stay away from Themechantsolution!!! It is not intended as legal or financial advice. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Its a TOTAL SCAM! I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. how much money you owe. 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. Copyright 2023 Merchant Maverick. Get the truth here. They will not return my phone calls now. Ex. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. Anybody have any suggestions for getting out of this company? This post will help: How to Get Out of a Merchant Account Contract. Disgusted. This company is nothing but a fraud. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. If you are a small business owner avoid these crooks like the plague. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. The overall household debt for an average family increased by 11% . DO NOT USE!!! 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. 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. STAY AWAY. Zero star rating, they are big time scam Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. This was not in our contract, but I couldnt get the money back without suing them. This credit card processing company is HORRIBLE! The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. They are thieves because they stole money from my account and wont make it right with me. From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. Better look for alternatives. A collection agency merchant account is essential to process payments in this unique industry. 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! If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. 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. Because of their undisclosed fees and charges I ended up paying more than my previous company. These processors offer Quickbooks integration and have low rates. 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. Before sharing sensitive information, make sure youre on a federal government site. 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. Suggest you consider that Paymentech and many others do not charge this. 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. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. 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. Such a vendor can be a great help for your debt collector business. 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%. RUN! I was never given a written contract had computer generated signature. Fast turnaround: as little as 1-2 days. 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. Understand how the CFPB's Debt Collection Rule can help you. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Verify before you sign with this company. TOTAL SCAMMERS!!! when you cancel.Please take your business elsewhere. New York, NY 10038. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. When you should have paid 1.62. 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. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Find Loan Options For Your Small Business. Screw this place I wish their was a way we could put them out of business. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Suite 209 PCI Non-Cpmpliance. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. You could tell a collector to send a validation notice. not explained. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. They have been lying to me since day 1 of signing up with them. When we both know its theirs! You may be charged fees for using this account. 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). DO NOT use this company. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. They are beyond shady and dont care at all about customer service!!! In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. CardPaymentOptions.com, Inc. All Rights Reserved. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Trouble Getting Approved? If you would like to interview Phillip for your story or podcast, please reach out here. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
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