Find the resources you need to understand how consumer protection law impacts your business. 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. Do not give them your business. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Square is a top choice for POS for any type of business. Additional rates and fees, including a technical support fee may apply. Has representatives that open fradulent accounts. Merchant Solutions Group - Merchant Cash Advance | Working Capital Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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 set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. Credit Card Processing for Debt Collection Businesses 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. Sequoia Financial Services - 2021 Numerous calls went straight to voicemail without any return calls. Monthly Processing Range Merchant Services | Payment Processing Enterprise Solutions | Fiserv We were charged a $350 restocking fee after being told there would be NO FEES. YOU WILL BE SORRY! They constantly slip in unauthorized charges. Looking for legal documents or records? Product & company names, logos, and trademarks referred to on this site belong to their respective owners. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. DO NOT use this company. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. It was revoked by State of TN. 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. If you hear from them just Run!!! The Signature page of the second contract is an EXACT COPY of the account I did open. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. Phantom debt collectors impersonate law firms | Consumer Advice eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. please dont sign up and let people know about that. Look out for credit card processors who offer other merchant solutions that could be useful for your business. This company was nothing but deceitful from the beginning. 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 can help your collection agency even if you've you been turned down by service providers in the past. I have been in contact with them for months now, and they still cannot give me a justifiable answer. How to tell the difference between a legitimate debt collector and Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Fax: (818) 707-7070. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. 1008 Mattlind Way. 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. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Search the Legal Library instead. 2985 E. Hillcrest Drive Los Angeles Debt Collection - Credit Consulting Services 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. These are all fees that were started 8 months into my contract. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Copyright 2023 eMerchantBroker, LLC. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. What out business owners out there about this Merchant Solutions. We also encourage merchants to check out our list of the providers of the best merchant accounts. 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. Annual PCI Fee $99.00 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. 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%. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. This does not compare favorably to our list of best credit card processors. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick 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. . 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. Our integrations connect you with the best tools for your business. They never have any answers and are only looking for ways to disconnect you. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. You really leave your business account open to these guys with free access to do as they like. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Its a TOTAL SCAM! All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. Merchant Cash Advance in Collections: What to Do 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. They terminated my account for non use since I was using another company and had not transferred over yet. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Several complainants outright accuse the company of being a ripoff or a scam operation. Every review above has happened to me too exactly like the above. Still interested? the name of the creditor you owe it to. Read more below to learn why we chose these options. This means that your business will be making a lot more profit for each transaction. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. TOTAL SCAMMERS!!! 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Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). They want me to pay almost $900.00 for equipment I dont use. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 4 Best Merchant Accounts For Collection Agencies. 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. Debt Collection Merchant Services - Merchant Card Advisors This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Moreover, EMB is rate A by Card Payment Options. Thousand Oaks, CA 91362. 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. In some cases, this leads to merchants contracting with debt collection agencies. Very shady business practices and a very deceptive sales process. If you are a small business owner avoid these crooks like the plague. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Which Collection Agency Merchant Account Is Right For My Business? I am looking to upgrade 4 of my restaurants systems. 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. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. 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. Better look for alternatives. Before sharing sensitive information, make sure youre on a federal government site. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Zero star rating, they are big time scam But unlike other financial transactions, you don't have time to spend phoning and e-mailing. They have been lying to me since day 1 of signing up with them. 180 Maiden Lane, 15th Floor. Click here to earn a reward. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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. High-risk specialist for U.S.-based collection agencies. If that happens, then it will be the merchant account provider on the line. They are awful and very dishonest do not use them. BEWARE OF THESE DOGS! Debt collection | Consumer Financial Protection Bureau 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! They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. You can get your approval in as little as 24 hours. Milford, DE 19963. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Call 1-888-288-2692. They charged me $300 for what they called setup charges. 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. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. If you would like to interview Phillip for your story or podcast, please reach out here. I have tried to use card reader several times without success. I was to have 1 account with Merchant Solutions ! There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. 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%. 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Debt Collection Agency Merchant Account - PayKings At this point, I am looking for a new processor . 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. I was never given a written contract had computer generated signature. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. At Monetaria, we understand that your MCA agreements are time-sensitive. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. Only. 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. This means that you cannot work with companies like PayPal or Square. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. In addition, they told us the transaction fee would be 2.65% of each purchase. Learn more about dealing with debt collection at ftc.gov/debt. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. services due to the high risk associated with debt collection businesses. processing as well as the collections industry, in order to support compliance and best practices adherence . All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. This is a business that is rife with fraud and chargebacks. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Noah is a writer and content creator currently living in Fairfax, VA. CFG Merchant Solutions, LLC. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. This is an attempt to collect a debt and any . EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. This means that you will be out of business. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Help us to improve by providing some feedback on your experience today. This means that the process is fast. 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.. They are very rude and they will not correct the problem with me even though they said they would. These are charged beyond any percent 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. By working with eMerchant Authority, this is a problem that can be avoided. Get Your Quote. Both were resolved to the dissatisfaction of the merchant or received no final response. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. They Rip you off way more than wat they told you they would charged. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Dont give them, or their mother company, First Data, your business!!! Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. See Which Processors Offer No Monthly Fees And No Contracts. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. These gateways may also support online portals through which users must enter before they can submit their payments online. This Post Might Help: Best Restaurant Merchant Accounts. Getting paid to re-write this page? The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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. 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. If you stop using it, they still charge you a lot of fees. If you have already signed up with them, get out fast. Debt Collectors List | NY Debt Collections List Keep your money you work for and dont use them. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Verify before you sign with this company. Offers automated account application and custom quote processes. This field is for validation purposes and should be left unchanged. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. Required fields are marked *. Because of their undisclosed fees and charges I ended up paying more than my previous company. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). The site is secure. Don't Fall Into An Expensive Trap. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. For me customer support is key and Austin is definitely an asset to this company. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Should have know. Location & Ownership Credit card processing for debt collection agencies Horrible company. Debt Collection Agency Merchant Account| Fast Approval Worse company ever. Telephone: (818) 409-6000. Since these banks know and trust the quality of our services, they will be able to trust you too. 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. Over the years, we have built up connections with banks all over the world.
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