merchant solutions group debt collection

Get Your Quote. You really leave your business account open to these guys with free access to do as they like. 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. Are you with The Merchant Solutions? 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. They are beyond shady and dont care at all about customer service!!! Get Started With Durango Merchant Services. The merchant solutions is the most horrible company I have ever dealt with. Other companies may just outright decline your application. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . If you are a small business owner avoid these crooks like the plague. Upon cancellation after over 4 years I returned the machine in good order. The Merchant Solutions is definitely THE worst credit card company EVER!!!! they charged me $450 every month out of total 10k annual monthly. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. FTC Staff. 844-66-CFGMS (844-662-3467) 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. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. Don't Fall Into An Expensive Trap. 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. 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. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. We occasionally send out emails with special offers. dont believe what they tell you All they want is your money. The chargeback will be made against their account. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Square is a top choice for POS for any type of business. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. If you have your own The Merchant Solutions review to make, please do so in the comments below. eMerchant Authority can help with this. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. 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 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!! CardPaymentOptions.com, Inc. All Rights Reserved. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Their charges are exhorbitant. So only use this business if you like being lied to and stole from cause thats what their good at. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 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 ). Why would we want a service we couldnt use? The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. 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. 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. 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. 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. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. However, pricing is not disclosed on either of those services. Opens accounts with terms not agreed to. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. 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. eMerchantBroker.com. 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. 2985 E. Hillcrest Drive These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! Processing statements are intentionally complicated so that they can overcharge you. Ex. You could tell a collector to send a validation notice. They refuse to refund the money. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 I work damn hard to run my business and I will be damned if they are going to steal money from me. Ideal for collection agencies with a history of excessive chargebacks. 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. All debt collectors track down past-due debts that businesses and consumers owe. Copyright 2020 eMerchant Authority | Website by JM Marketing. Do you feel like its the right time to start a collection agency? All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. The Merchant Solutions also appears to resell the products of First Data (Fiserv). This company hires predatory sales people, arent up front about fees and raped my bank account. 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. I am still trying to get that back. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. They are awful and very dishonest do not use them. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. Its just a penalty fee that they add on you for leaving their company. Offers automated account application and custom quote processes. they hurt me by taking un authorized money out of my account The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. This is very dishonest company with deceptive business practices. Every review above has happened to me too exactly like the above. Square is a top choice for POS for any type of business. See this page to learn how we support our operations. 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. Thousand Oaks, CA 91362. RUN! A collection agency merchant account is essential to process payments in this unique industry. I will NEVER consider using them again. I have proof of all deductions after I cancelled. 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. 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? The Signature page of the second contract is an EXACT COPY of the account I did open. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 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. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Recovery Solutions Group, LLC (RSG) Contact Information. If you have already signed up with them, get out fast. 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. Due to the unique processes we have in place, we can offer affordable rates for our services. Beware, do not do business with merchant solutions. From The Editor We work to advance government policies that protect consumers and promote competition. I hope there will be a class action lawsuit and I plan to be a part of it. I set up a payment arrangement . Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. 4 Best Merchant Accounts For Collection Agencies. Which Business Bank Account is Right For You? 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. 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. I have tried to use card reader several times without success. The Merchant Solutions processes most major payment types. They may even have maximum limits to any transactions that you complete. TOTAL SCAMMERS!!! They have terrible reviews on google and many many complains on BBB. These people are down right crooks! We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Pam called me offering a competitive rate for credit card processing. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Look out for credit card processors who offer other merchant solutions that could be useful for your business. Lets start with the salesman Daniel A. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. 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. 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. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Better look for alternatives. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. I am still waiting on on calls from their supervisors from last year. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. $1350 fee if terminal is not returned within 10 days. They said they are the cheapest one but they are not. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Disgusted. Learn more about your rights as a consumer and how to spot and avoid scams. 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. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. As you're checking out a debt collection call, remember: don't respond to threats. We have focused on merchant cash advances over two decades. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. This means that the process is fast. 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. The risks related to your business will be assessed by underwriters. At this point, I am looking for a new processor . Garbage company. If your company does not show any indication that you conform to this act, then your application will be outright rejected. In some cases, this leads to merchants contracting with debt collection agencies. Before sharing sensitive information, make sure youre on a federal government site. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. . The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. To better understand why we adjust BBB ratings, please see our Rating Criteria. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. not explained. This post will help: How to Get Out of a Merchant Account Contract. Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Learn more about our monetization policies here. This company should not be allowed to do business. Easier borrower qualifications that help you build business credit. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. 1008 Mattlind Way. 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. So then I cancelled and they charged me a $945 restocking reprogramming fee? I should have closed my bank account the minute we closed our business so I could have avoided all of this. The .gov means its official. I am looking to upgrade 4 of my restaurants systems. one year. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Try PaymentCloud. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. This lack of transparency in pricing is typical of the industry in general. The companys rating is also impacted by its higher-than-average complaint total with the BBB. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Of course, we will provide you with all of the tools that you need to process payments. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! If you can get one who has worked with businesses in the debt collection industry, the better. They want me to pay almost $900.00 for equipment I dont use. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. In addition to those 2 complaints, the company has received 58 informal reviews. They terminated my account for non use since I was using another company and had not transferred over yet. Noah is a writer and content creator currently living in Fairfax, VA. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. That doesnt count the canclelation fee that coming up from them. 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. 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. From The Editor If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. DO NOT EVEN talk to their salespeople. 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. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. close down your account. 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. Copyright 2023 Merchant Maverick. Most merchant providers are reluctant to offer. Nasty contract . Zero star rating, they are big time scam The types of collections that different agents and agencies deal with, though, can vary widely. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. STAY AWAY. 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. Keep your money you work for and dont use them. Maintaining these ratios is challenging for merchants in many industries. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. They never have any answers and are only looking for ways to disconnect you. 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. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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 dont deserve a BBB rating they suck!!!! Help us to improve by providing some feedback on your experience today. Very rude on phone, does not care about you as a customer. 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. Monthly Processing Range It is not intended as legal or financial advice. We spoke with ANAIS today and were helped with understanding the rates. Looking for legal documents or records? There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Very shady business practices and a very deceptive sales process. 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). Once the application process starts, we will find the best merchant account for you.

Winter Carnival Medallion Hunt Clues 2021, Articles M