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Thousand Oaks, CA 91362. Just ridiculous! $1350 fee if terminal is not returned within 10 days. So then I cancelled and they charged me a $945 restocking reprogramming fee? Learn how to resolve this complaint. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Monthly Fee $25.00 Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Why would we want a service we couldnt use? 1008 Mattlind Way. They dont deserve a BBB rating they suck!!!! 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. Our services are secure and reliable. Which Collection Agency Merchant Account Is Right For My Business? The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. The Merchant Solutions processes most major payment types. Getting paid to re-write this page? When you choose us, youre not just getting back your assets. Verify before you sign with this company. If anyone has a better option please let me know. Nasty contract . They are crooks. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. Click here to earn a reward. Numerous calls went straight to voicemail without any return calls. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. You will not have enough time to do it, the machine terminal breaks all the time. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. this will happen if you change to another company. We work to advance government policies that protect consumers and promote competition. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. You can get your approval in as little as 24 hours. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. To better understand why we adjust BBB ratings, please see our Rating Criteria. 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. When you should have paid 1.62. Their customer service is simple horrible. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Beware, do not do business with merchant solutions. I work damn hard to run my business and I will be damned if they are going to steal money from me. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. The following is a sample list of complaints filed against United Merchant . 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. Youre also working with a business that knows your problem and has the fix. 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. 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. 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? Ready to integrate payment processing solutions into your new business? I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. Credit Card Processing for Debt Collection Businesses This company will be out of business in one year or less. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. In addition, they told us the transaction fee would be 2.65% of each purchase. Get clarity before you switch. The .gov means its official. Such a vendor can be a great help for your debt collector business. This means that you will be out of business. Specialized account support for multiple collection agency types. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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. Many may find PaymentClouds organization of products on its website to be less than navigable. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. 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. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. From The Editor The risks related to your business will be assessed by underwriters. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. 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! Monthly Processing Range Total $247.95. Search the Legal Library instead. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Trouble Getting Approved? when you cancel.Please take your business elsewhere. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. They will not return my phone calls now. Copyright 2023 Merchant Maverick. Annual Fee $79.00 I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. Keep your money you work for and dont use them. eMerchantBroker.com. Read more below to learn why we chose these options. Its a TOTAL SCAM! In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). All feedback, positive or negative, helps us to improve the way we help small businesses. For me customer support is key and Austin is definitely an asset to this company. Comp Admin Fee $9.95 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. This company is nothing but a fraud. We have focused on merchant cash advances over two decades. This means that you cannot work with companies like PayPal or Square. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. 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. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. THIS WAS A TOTAL LIE. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. Its website can be hard to use as well. Try PaymentCloud. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Some merchant account providers may offer high fees. High-risk specialist with anti-fraud and anti-chargeback protections. 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. Signature not by me, computer generated. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. This company hires predatory sales people, arent up front about fees and raped my bank account. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). This lack of transparency in pricing is typical of the industry in general. 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. 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. He has also researched and published reviews about nearly every payment services provider and processor. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. for lack of use and Merchants want 490 dollars to terminate service. Toll free: (888) 544-9711. 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. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Fast turnaround: as little as 1-2 days. I will NEVER consider using them again. I would recommend not to do business with this company. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. 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 . MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Excellent provider for collection agencies with a strong eCommerce presence. 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. It took me 2 weeks of calling NON-STOP to get any response. 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. Once the application process starts, we will find the best merchant account for you. This Post Might Help: Best Restaurant Merchant Accounts. 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. 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. All they want is your money. Easier borrower qualifications that help you build business credit. It isnt just the finances of your business that they pay attention to either. They round up everything, even when they shouldnt according to elementary mathematics! The Best Merchant Accounts For Collection Agencies & Debt Collectors. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. For this reason, they are often linked to high complaint totals. These processors offer Quickbooks integration and have low rates. Should have know. Required fields are marked *. I have been with them since 2015 and in June,2019 I decided to go to a different processor. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. These revenues in no way influence our ratings or reviews. If you hear from them just Run!!! Some processors have no monthly, no annual fees, no contract, and cheap rates. Horrible company. 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. Save yourself stress and aggravation and sign up with a different processor. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. This post will help: Cancelling a Merchant Account Without Paying a Fee. The merchant solutions is the most horrible company I have ever dealt with. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 This was not in our contract, but I couldnt get the money back without suing them. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. From The Editor HORRIBLE ! You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. 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 ?????? By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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. Find Loan Options For Your Small Business. This has Been the worst POS processing company I have ever felt with. This form is for feedback only. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. My company is no longer doing business and I have not used the machine in 6 months. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. No mention of 3 year contract and no proof of it. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. I was never given a written contract had computer generated signature. You almost certainly will not be able to work with companies like PayPal. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! Ex. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. 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 a business that is rife with fraud and chargebacks. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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! 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. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. Copyright 2023 eMerchantBroker, LLC. Are you with The Merchant Solutions? 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. If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. We can help your collection agency even if you've you been turned down by service providers in the past. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Do you feel like its the right time to start a collection agency? Since these banks know and trust the quality of our services, they will be able to trust you too. 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. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. If that happens, then it will be the merchant account provider on the line. 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%. Instead, you need to search for high-risk merchant accounts. 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. 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. They said they would beat my current rate but never could. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Phone number: (302) 241-0686. Look out for credit card processors who offer other merchant solutions that could be useful for your business. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. Dont sign up or you will regret it at the end. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. This means that you will be out of business. 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. I hope there will be a class action lawsuit and I plan to be a part of it. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. Every review above has happened to me too exactly like the above. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. Find legal resources and guidance to understand your business responsibilities and comply with the law. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. You really leave your business account open to these guys with free access to do as they like. Also that free terminal will cost you $350 when you try to cancel the account. As you're checking out a debt collection call, remember: don't respond to threats. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. They never have any answers and are only looking for ways to disconnect you. Better look for alternatives. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. Let us know how well the content on this page solved your problem today. A collection agency merchant account is essential to process payments in this unique industry. Some of these limitations can be pretty tough on a business, particularly in their early days. Phillip created this website and has written over 1,000 articles regarding all things payments. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. 2985 E. Hillcrest Drive Suggest you consider that Paymentech and many others do not charge this. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. 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. We may earn revenue if you obtain services from a provider that we recommend. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Over the years, we have built up connections with banks all over the world. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Avoid this outfit as they will make your life miserable. A full point-of-sale (POS) system in one sleek package. 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. Weve resolved overdue accounts for clients without damaging customer relationships. If you stop using it, they still charge you a lot of fees. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 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. 53 of these reviews are positive, while the remaining 5 reviews are negative. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Federal government websites often end in .gov or .mil. Of course, we will provide you with all of the tools that you need to process payments. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low.