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. 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. $1350 fee if terminal is not returned within 10 days. Such a vendor can be a great help for your debt collector business. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. He has also researched and published reviews about nearly every payment services provider and processor. 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. All feedback, positive or negative, helps us to improve the way we help small businesses. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. If you would like to interview Phillip for your story or podcast, please reach out here. If you have your own The Merchant Solutions review to make, please do so in the comments below. Most merchant providers are reluctant to offer. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Its just a penalty fee that they add on you for leaving their company. Get Your Quote. Were dedicated to B2B debt recovery. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Copyright 2023 eMerchantBroker, LLC. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. I am still trying to get that back. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. No doubt necessary to achieve any success, as the sales person was barely literate. A collection agency merchant account is classified as high risk for a number of reasons. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Due to the risky nature of your business the typical bank wont deal with you. BE AWARE!!! A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Anybody have any suggestions for getting out of this company? The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. 4 Best Merchant Accounts For Collection Agencies 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. 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. Garbage company. Nasty contract . The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Due to the unique processes we have in place, we can offer affordable rates for our services. Pure scam artists just looking to steal your hard earned money. Lots of hidden fees that other companies dont charge! 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! A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. Why would we want a service we couldnt use? The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. 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. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they. 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. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 651-398-1636. Additional rates and fees, including a technical support fee may apply. Specialized account support for multiple collection agency types. Worse company ever. My company is no longer doing business and I have not used the machine in 6 months. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). This has Been the worst POS processing company I have ever felt with. Telephone: (818) 409-6000. I got a shock when they deducted total of $1000.00 from my account in 4 payments. The overall household debt for an average family increased by 11% . These gateways may also support online portals through which users must enter before they can submit their payments online. High-risk specialist for U.S.-based collection agencies. This is why we want to help you get the right debt collection merchant account from the very start. Dont give them, or their mother company, First Data, your business!!! 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. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. The companys rating is also impacted by its higher-than-average complaint total with the BBB. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. 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. 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 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. Only. Learn how to resolve this complaint. See this page to learn how we support our operations. DO NOT USE!!! With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Today was the last straw which we really been shut down since April over covid19. Get Started With Durango Merchant Services. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Has representatives that open fradulent accounts. Ideal for collection agencies with a history of excessive chargebacks. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. TMS offers a dedicated support phone line and an email form on its website. The chargeback will be made against their account. . The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Looking for legal documents or records? Are you with The Merchant Solutions? Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. So, its no surprise that banks often deny them merchant accounts. Other companies may just outright decline your application. Horrible company. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. This field is for validation purposes and should be left unchanged. After i cancle my account they charged me 200$ come out of no where. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The sales rep never returned my calls and is no longer with thw company. I was never told about a restocking fee and some other charge until I got ready to cancel. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. 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. Opens accounts with terms not agreed to. From The Editor 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. 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 ?????? 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Help us to improve by providing some feedback on your experience today. 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. Call us now on 877-700-5790 for further assistance. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. 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. 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. Your Merchant Cash Advances help commercial businesses succeed. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. 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. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. It's a cut throat industry. I was told thay my rates would be as low as 1.5%. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Copyright 2023 Merchant Maverick. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. eMerchant Authority can help with this. for lack of use and Merchants want 490 dollars to terminate service. If you stop using it, they still charge you a lot of fees. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. This company and its employees are rude, I have been trying to cancel and they make it difficult. Learn more about the new debt collection rule. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. please dont sign up and let people know about that. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. They will tell you that there are no hidden fees and no extra charges. 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. A lot of other company with no contract and fees to work with out there. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. 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. All they want is your money. They never have any answers and are only looking for ways to disconnect you. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. We may earn revenue if you obtain services from a provider that we recommend. 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. 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! We also encourage merchants to check out our list of the providers of the best merchant accounts. Seriously they will destroy your business. 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. 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. Your business cannot opt for a standard merchant account here. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Sign up today and get a free card reader! Getting paid to re-write this page? They need to see how strong your profits are. This company was nothing but deceitful from the beginning. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. 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. See Which Processors Offer No Monthly Fees And No Contracts. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. eMerchant Authority operates an in-house underwriting team. Moreover, EMB is rate A by Card Payment Options. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. 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. Ex. BBB received a pattern of complaints concerning collections practices. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. In some cases, this leads to merchants contracting with debt collection agencies. Its website can be hard to use as well. The merchant solutions is the most horrible company I have ever dealt with. Since these banks know and trust the quality of our services, they will be able to trust you too. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. I have never had any other merchant?! Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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). services due to the high risk associated with debt collection businesses. This means that you will be out of business. I have been in contact with them for months now, and they still cannot give me a justifiable answer. they hurt me by taking un authorized money out of my account Which Business Bank Account is Right For You? A full point-of-sale (POS) system in one sleek package. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. It is not intended as legal or financial advice. Note that we are not able to provide private consultations, give advice, or answer questions. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Because of their undisclosed fees and charges I ended up paying more than my previous company. 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. 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. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. For this reason, they are often linked to high complaint totals. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. YOU WILL BE SORRY! Thanks ANAIS. Now they have charged me with a PCA compliance processing fee of $149, payable annually. Its a TOTAL SCAM! 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. She also helped us to file our annual PCI compliance saving us about $40 per month. Save yourself stress and aggravation and sign up with a different processor. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. Now illness has caused me to lose my merchant tax ID. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Milford, DE 19963. They Are Not truthful about their service. 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. They may even have maximum limits to any transactions that you complete. And because I signed the document, the company is telling me, that I am liable for the contract. Click here to earn a reward. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. 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. 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. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. To better understand why we adjust BBB ratings, please see our Rating Criteria. THIS WAS A TOTAL LIE. If you can get one who has worked with businesses in the debt collection industry, the better. What out business owners out there about this Merchant Solutions. dont believe what they tell you In addition to those 2 complaints, the company has received 58 informal reviews. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Recovery Solutions Group, LLC (RSG) Contact Information. I agreed to pay back the money that was owned. This means that you will be out of business. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. The types of collections that different agents and agencies deal with, though, can vary widely. Forgotten Password? We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. This means that the process is fast. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. Flexible and transparent pricing suits high- and low-ticket agencies. If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they will close down your account. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. 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. 1008 Mattlind Way. Suggest you consider that Paymentech and many others do not charge this. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Find the resources you need to understand how consumer protection law impacts your business. Before sharing sensitive information, make sure youre on a federal government site. Disgusted. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. Some merchant account providers may offer high fees. Fast turnaround: as little as 1-2 days. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. The Merchant Solutions processes most major payment types. And particularly so for debt collectors due to the consumer demographic of debtors. It took me 2 weeks of calling NON-STOP to get any response. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. Read more below to learn why we chose these options. The sole purpose of the material presented herein is to alert, educate, and inform readers. The worst company to do business with ever!!!! Merchant Solutions is a very dishonest processor. At this point, I am looking for a new processor . 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.