Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. 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. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. Merchants Credit Association, is a debt collection company. Some of these limitations can be pretty tough on a business, particularly in their early days. Youre also working with a business that knows your problem and has the fix. Try PaymentCloud. We have lowered the companys score in this section to a C to reflect this consistency. 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. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. DO NOT use this company. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! You can get your approval in as little as 24 hours. Garbage company. Annual PCI Fee $99.00 If you stop using it, they still charge you a lot of fees. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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. Sending Chargebacks to Debt Collection Lots of hidden fees that other companies dont charge! The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. If 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. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. They may require countless numbers of documents. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. 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. They are thieves because they stole money from my account and wont make it right with me. Looking for legal documents or records? 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. See Who The Worst Processors Are. 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. 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. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. This Post Might Help: Best Restaurant Merchant Accounts. Keep your money you work for and dont use them. Read more below to learn why we chose these options. Debt Collection Industry and Merchant Accounts Get Your Quote. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Merchant Mavericks ratings are not influenced by affiliate partnerships. 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. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. CardPaymentOptions.com, Inc. All Rights Reserved. Looking For One Of These Merchant Accounts For Collection Agencies? Very shady business practices and a very deceptive sales process. I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. Learn how to resolve this complaint. Now illness has caused me to lose my merchant tax ID. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. 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. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. Were never worried about our overdue receivables. said no business ever. I got a shock when they deducted total of $1000.00 from my account in 4 payments. What are debt settlement/debt relief services and should I use them? The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Stay away from Themechantsolution!!! This company will be out of business in one year or less. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. All Rights Reserved. 53 of these reviews are positive, while the remaining 5 reviews are negative. 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. Our proven investigation tools help us create fast and effective debt recovery services. the name of the creditor you owe it to. In Summary: 4 Best Merchant Accounts For Collection Agencies. eMerchantBroker.com. We work to advance government policies that protect consumers and promote competition. Toll free: (888) 544-9711. 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. 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. So then I cancelled and they charged me a $945 restocking reprogramming fee? So, its no surprise that banks often deny them merchant accounts. processing as well as the collections industry, in order to support compliance and best practices adherence . We spoke with ANAIS today and were helped with understanding the rates. 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. Debt collection | Consumer Financial Protection Bureau Higher cost than explained in solicitations As you're checking out a debt collection call, remember: don't respond to threats. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Very rude on phone, does not care about you as a customer. I was to have 1 account with Merchant Solutions ! Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Your email address will not be published. They are charging me a huge fee to cancel. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. This post will help: Cancelling a Merchant Account Without Paying a Fee. 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Trouble Getting Approved? please dont sign up and let people know about that. We provide merchant account services for both low and high-risk businesses. I wish I would have read some reviews before I sign up with these con artists. Learn more about dealing with debt collection at ftc.gov/debt. I was skeptical and decided not to switch to merchant solutions. eMerchant Authority operates an in-house underwriting team. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Debt Collectors List | NY Debt Collections List They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Debt Collection Merchant Account Solutions - National Merchants Association Such a vendor can be a great help for your debt collector business. Learn more about the new debt collection rule. 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. Square is a top choice for POS for any type of business. 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. Search the Legal Library instead. if anyone do business with this scums be prepared to have a high blood pressure. They are very rude and they will not correct the problem with me even though they said they would. I was never given a written contract had computer generated signature. If your company is in the business of collecting debts, then you will need to have some way to process payments. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. Pure scam artists just looking to steal your hard earned money. 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. 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. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). The sole purpose of the material presented herein is to alert, educate, and inform readers. JUST SAY NO. how much money you owe. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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. These processors offer Quickbooks integration and have low rates. Home - Merchant Solutions LLC This is an attempt to collect a debt and any . 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. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Find Loan Options For Your Small Business. 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. The merchant solutions is the most horrible company I have ever dealt with. Respectable processors like EMB guarantee a fast, secure application process. 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. All they want is your money. Our integrations connect you with the best tools for your business. My company is no longer doing business and I have not used the machine in 6 months. 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. 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. This company was nothing but deceitful from the beginning. 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. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. 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? Location & Ownership 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. I used Merchant Solutions for approx. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. * The terms and conditions of this promotion currently cannot be found on the website. 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. I have never had any other merchant?! This company is deceitful. Both were resolved to the dissatisfaction of the merchant or received no final response. Easier borrower qualifications that help you build business credit. When I wanted to cancel they wouldnt send me the cancellation form for weeks. 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!!! I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. We were charged a $350 restocking fee after being told there would be NO FEES. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. The chargeback will be made against their account. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. $1350 fee if terminal is not returned within 10 days. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Horrible company. Click here for more product information. This means that our job is to reduce the risk of any transactions for the merchant bank. What Consumers Should Do When Fake Debt Collection Scammers Call. 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. It took me 2 weeks of calling NON-STOP to get any response. 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. The sales rep never returned my calls and is no longer with thw company. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Suite 209 While the process for applying for a merchant account with us is not instant, we have been doing this a long time. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Zero star rating, they are big time scam Going to BBB and will get attorney if I have to. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. I would not recommend TMS to my worst enemies. 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 terminated my account for non use since I was using another company and had not transferred over yet. Monthly Processing Range service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. They said they would beat my current rate but never could. Phone number: (302) 241-0686. I will NEVER consider using them again. Ex. 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 . They charged me $300 for what they called setup charges. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Banned Debt Collectors | Federal Trade Commission Note that we are not able to provide private consultations, give advice, or answer questions. If that happens, then it will be the merchant account provider on the line. In some cases, this leads to merchants contracting with debt collection agencies. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Calls from United Merchant Asset Recovery? - Consumer Law Firm Center Austin Smith was very knowledgeable and helpful! Credit & Debt Collections Merchant Services - DigiPay Solutions In addition, they told us the transaction fee would be 2.65% of each purchase. This has Been the worst POS processing company I have ever felt with. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. We occasionally send out emails with special offers. They refuse to refund the money. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Not an existing MeS Virtual Terminal User? I think I was the set up by Merchant Solutions. From The Editor When you choose us, youre not just getting back your assets. They have fees for everything when you cancel or have to end your contract early. Beware, do not do business with merchant solutions. These people called me for weeks and sent me all kinds of sales materials when my business started. 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. BEWARE OF THESE DOGS! Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Fortunately, there are providers willing and able to help. Login - vt.merchante-solutions.com 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. They may even have maximum limits to any transactions that you complete. for lack of use and Merchants want 490 dollars to terminate service. Worse company ever. Some merchant account providers may offer high fees. I work damn hard to run my business and I will be damned if they are going to steal money from me. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. 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. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. See Which Processors Offer No Monthly Fees And No Contracts. Due to the unique processes we have in place, we can offer affordable rates for our services.