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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Find legal resources and guidance to understand your business responsibilities and comply with the law. These people are the biggest crooks Ive ever encountered. 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. Before sharing sensitive information, make sure youre on a federal government site. Zero star rating, they are big time scam If anyone has a better option please let me know. Debt Collection Agency Merchant Account - PayKings We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. When I wanted to cancel they wouldnt send me the cancellation form for weeks. 4 Best Merchant Accounts For Collection Agencies. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. This means that you could, effectively, lose your ability to run your business. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Were never worried about our overdue receivables. said no business ever. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Dont sign up or you will regret it at the end. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. 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. 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. 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! You may be charged fees for using this account. Merchant Solutions Group - Merchant Cash Advance | Working Capital 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. Lending and Debt Repayment Merchant Accounts. I will make sure this is my last time using this company. If you are a small business owner avoid these crooks like the plague. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Seriously they will destroy your business. 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. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. 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. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. In addition, they told us the transaction fee would be 2.65% of each purchase. Why would we want a service we couldnt use? Call us now on 877-700-5790 for further assistance. Save yourself stress and aggravation and sign up with a different processor. CardPaymentOptions.com, Inc. All Rights Reserved. Better look for alternatives. 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. Click here to earn a reward. 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. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. close down your account. Do not believe anything they say about their service. Going to BBB and will get attorney if I have to. We appreciate it. It is not intended as legal or financial advice. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. I didnt fill out anything to open OR close the account and today was hit with $495 fee. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. If you stop using it, they still charge you a lot of fees. 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. This lack of transparency in pricing is typical of the industry in general. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Your email address will not be published. We occasionally send out emails with special offers. this will happen if you change to another company. Seattle Collection Agency | Merchants Credit Association The following is a sample list of complaints filed against United Merchant . 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. The risks related to your business will be assessed by underwriters. We also encourage merchants to check out our list of the providers of the best merchant accounts. Search the Legal Library instead. They are awful and very dishonest do not use them. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. 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. By working with eMerchant Authority, this is a problem that can be avoided. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. 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. Note: We have adjusted this companys BBB rating according to our own standards. Sending Chargebacks to Debt Collection 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. Amazing! The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. Besides, we understand just how financially difficult it is to become a business owner. 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. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. Ready to integrate payment processing solutions into your new business? eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Weve resolved overdue accounts for clients without damaging customer relationships. A powerful, two-screen point of sale (POS) system that allows merchants to run their 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. This means that you cannot work with companies like PayPal or Square. Your Merchant Cash Advances help commercial businesses succeed. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! This company needs to be put out of business. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Square is a top choice for POS for any type of business. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Do not get trap by this company. Forgotten Password? I used Merchant Solutions for approx. The overall household debt for an average family increased by 11% during the last 10 years. They have fees for everything when you cancel or have to end your contract early. 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. No doubt necessary to achieve any success, as the sales person was barely literate. Debt Collections Merchant Account Solutions - eMerchant Authority Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. They need to see how strong your profits are. Los Angeles Debt Collection - Credit Consulting Services 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. These people are down right crooks! 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. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 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. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. They round up everything, even when they shouldnt according to elementary mathematics! 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. 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. Avoid this outfit as they will make your life miserable. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . Ex. 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. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Fake and Abusive Debt Collectors | Consumer Advice (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. RUN! How to tell the difference between a legitimate debt collector and My contract ends in January 2015 and I am looking forward to it. They are crooks. STAY AWAY. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. On November 30, 2021, the Debt Collection Rule became effective. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Very shady business practices and a very deceptive sales process. 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%. 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.. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. An official website of the United States government. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Their charges are exhorbitant. 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. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. I was to have 1 account with Merchant Solutions ! The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. From The Editor For me customer support is key and Austin is definitely an asset to this company. You really leave your business account open to these guys with free access to do as they like. 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. This means that you will be out of business. All Rights Reserved. PCI Non-Cpmpliance. 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. 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. the name of the creditor you owe it to. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Federal government websites often end in .gov or .mil. If your company is in the business of collecting debts, then you will need to have some way to process payments. 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. 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. Not much, but still more than disclosed. Problems logging in? All feedback, positive or negative, helps us to improve the way we help small businesses. Merchant Services | Payment Processing Enterprise Solutions | Fiserv The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com I have been with them since 2015 and in June,2019 I decided to go to a different processor. They terminated my account for non use since I was using another company and had not transferred over yet. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. I had to close the account, due to poor sales results. The sales rep never returned my calls and is no longer with thw company. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. 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. Looking for legal documents or records? 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. Annual PCI Fee $99.00 Debt collection | Consumer Financial Protection Bureau It took me 2 weeks of calling NON-STOP to get any response. Then I began getting charged a PCI non compliant fee $40.00. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. They never have any answers and are only looking for ways to disconnect you. He has a BA in Creative Writing and a Minor in German from Goucher College. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. 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 Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. 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. Pure scam artists just looking to steal your hard earned money. please dont sign up and let people know about that. Click here for more product information. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Numerous calls went straight to voicemail without any return calls. Don't Fall Into An Expensive Trap. This does not compare favorably to our list of best credit card processors. A lot of other company with no contract and fees to work with out there. Get Started With Durango Merchant Services. 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. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Noah is a writer and content creator currently living in Fairfax, VA. This company is deceitful. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. Debt Collection Industry and Merchant Accounts 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. From The Editor If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. I was told thay my rates would be as low as 1.5%. Not an existing MeS Virtual Terminal User? This Post Might Help: Best Restaurant Merchant Accounts. Most merchant providers are reluctant to offer. 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. Which Business Bank Account is Right For You? eMerchantBroker can . It was revoked by State of TN. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. 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. Just ridiculous! 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 think I was the set up by Merchant Solutions. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. All they want is your money. Find the resources you need to understand how consumer protection law impacts your business. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. They are beyond shady and dont care at all about customer service!!! Copyright 2020 eMerchant Authority | Website by JM Marketing. 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%. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. JUST SAY NO. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Easier borrower qualifications that help you build business credit. We spoke with ANAIS today and were helped with understanding the rates. 2985 E. Hillcrest Drive This means that the process is fast. This has Been the worst POS processing company I have ever felt with. 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!!! They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Our proven investigation tools help us create fast and effective debt recovery services. I would not recommend TMS to my worst enemies. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 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. Upon cancellation after over 4 years I returned the machine in good order. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. They Rip you off way more than wat they told you they would charged. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. Worse company ever. See Which Processors Offer No Monthly Fees And No Contracts. 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. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. when you cancel.Please take your business elsewhere. Additional rates and fees, including a technical support fee may apply. 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.

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