We occasionally send out emails with special offers. Don't Fall Into An Expensive Trap. We also encourage merchants to check out our list of the providers of the best merchant accounts. In addition, they told us the transaction fee would be 2.65% of each purchase. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). They may even have maximum limits to any transactions that you complete. 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. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Several complainants outright accuse the company of being a ripoff or a scam operation. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. You may be charged fees for using this account. They said they would beat my current rate but never could. 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 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. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Respectable processors like EMB guarantee a fast, secure application process. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. 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. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Home; Services Healthcare Services; Consumer Business Collections . Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Offers automated account application and custom quote processes. 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. Keep up the excellent work Austin and thank for helping us through out the entire setup process. The chargeback will be made against their account. 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. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Click here for more product information. RUN! Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Banned Debt Collectors | Federal Trade Commission But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. $1350 fee if terminal is not returned within 10 days. So, its no surprise that banks often deny them merchant accounts. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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 ?????? 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. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Every review above has happened to me too exactly like the above. Worse company ever. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Payment Processing . This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. 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 can also provide the tools that you need to generate financial reports for any money passing through your merchant account. This is an attempt to collect a debt and any . These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Get Your Quote. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. A collection agency merchant account is essential to process payments in this unique industry. 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. This means that you cannot work with companies like PayPal or Square. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. I think I was the set up by Merchant Solutions. This company needs to be put out of business. dont believe what they tell you Signature not by me, computer generated. Debt collection | Consumer Financial Protection Bureau This Post Might Help: Best Restaurant Merchant Accounts. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its 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. He has a BA in Creative Writing and a Minor in German from Goucher College. 844-66-CFGMS (844-662-3467) If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. Copyright 2023 eMerchantBroker, LLC. Location & Ownership Dont give them, or their mother company, First Data, your business!!! Merchants Credit Association, is a debt collection company. No mention of 3 year contract and no proof of it. Annual Fee $79.00 It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Debt Collectors List | NY Debt Collections List . PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Some merchant account providers may offer high fees. Merchants Solution Group | Better Business Bureau Profile Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. Note: We have adjusted this companys BBB rating according to our own standards. As you're checking out a debt collection call, remember: don't respond to threats. They want me to pay almost $900.00 for equipment I dont use. Understand how the CFPB's Debt Collection Rule can help you. 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. This field is for validation purposes and should be left unchanged. Search the Legal Library instead. For me customer support is key and Austin is definitely an asset to this company. 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. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. They have terrible reviews on google and many many complains on BBB. This means that our job is to reduce the risk of any transactions for the merchant bank. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. They will tell you that there are no hidden fees and no extra charges. The following is a sample list of complaints filed against United Merchant . Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. This company is deceitful. 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. Debt Collection Agency Merchant Account| Fast Approval Your email address will not be published. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Were never worried about our overdue receivables. said no business ever. 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. The risks related to your business will be assessed by underwriters. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Ex. I would recommend not to do business with this company. Try PaymentCloud. Opens accounts with terms not agreed to. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Zero star rating, they are big time scam All Rights Reserved. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Suite 209 Min. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Required fields are marked *. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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. Swipe credit cards securely by implementing PCI compliant payment solutions. They dont deserve a BBB rating they suck!!!! The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. 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. Best Merchant Accounts for Debt Collection Agencies As of right now, I have this company for falsifying documents, and felony forgery. I was skeptical and decided not to switch to merchant solutions. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. This company should not be allowed to do business. 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. Getting paid to re-write this page? So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Save money with Merchant Solutions low processing rates and free terminal program. Before sharing sensitive information, make sure youre on a federal government site. DO NOT use this company. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. 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. Flexible and transparent pricing suits high- and low-ticket agencies. Due to the risky nature of your business the typical bank wont deal with you. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. She said that I would need to submit an application in order to verify the discounts they were offering. Remove Recovery Solutions Group From Credit Report 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. Annual PCI Fee $99.00 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. Other companies may just outright decline your application. Pure scam artists just looking to steal your hard earned money. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. They refuse to refund the money. This credit card processing company is HORRIBLE! High-risk specialist for U.S.-based collection agencies. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Here Are The Processors Who Don't Hide Fees. This form is for feedback only. Sequoia Financial Services - 2021 If you stop using it, they still charge you a lot of fees. 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 very dishonest company with deceptive business practices. 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. Click here to earn a reward. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Square is a top choice for POS for any type of business. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. 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. 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. Lots of hidden fees that other companies dont charge! Youre also working with a business that knows your problem and has the fix. They terminated my account for non use since I was using another company and had not transferred over yet. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Moreover, EMB is rate A by Card Payment Options. We were charged a $350 restocking fee after being told there would be NO FEES. You really leave your business account open to these guys with free access to do as they like. Debt Collection Merchant Accounts Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. To better understand why we adjust BBB ratings, please see our Rating Criteria. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Horrible company. High-risk specialist with anti-fraud and anti-chargeback protections. Lending and Debt Repayment Merchant Accounts. This means that you will be out of business. 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. 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. Debt Collections Merchant Account Solutions - eMerchant Authority This company is nothing but a fraud. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. not explained. Both were resolved to the dissatisfaction of the merchant or received no final response. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Call 1-888-288-2692. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. I had to close the account, due to poor sales results. Higher cost than explained in solicitations The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. If you can get one who has worked with businesses in the debt collection industry, the better. I set up a payment arrangement . This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. 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.