Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. close down your account. If you have your own The Merchant Solutions review to make, please do so in the comments below. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. 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. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. They round up everything, even when they shouldnt according to elementary mathematics! Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Merchant Mavericks ratings are not influenced by affiliate partnerships. Avoid this outfit as they will make your life miserable. 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. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. Now illness has caused me to lose my merchant tax ID. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. All feedback, positive or negative, helps us to improve the way we help small businesses. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). 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. Lots of hidden fees that other companies dont charge! Flexible and transparent pricing suits high- and low-ticket agencies. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. 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. From The Editor 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 ). 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. Debt Collection | Federal Trade Commission 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. And particularly so for debt collectors due to the consumer demographic of debtors. They Are Not truthful about their service. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. The following is a sample list of complaints filed against United Merchant . If you are a small business owner avoid these crooks like the plague. Home (425) 643-2613 (800) 755-1107. Comp Admin Fee $9.95 MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers.. 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. This form is for feedback only. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. I would recommend not to do business with this company. Better look for alternatives. The collector has to tell you four pieces of information. 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. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Were never worried about our overdue receivables. said no business ever. If anyone has a better option please let me know. PCI Non-Cpmpliance. 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. A full point-of-sale (POS) system in one sleek package. These revenues in no way influence our ratings or reviews. 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. CFG Merchant Solutions, LLC. These are charged beyond any percent fees. Moreover, EMB is rate A by Card Payment Options. This means that you cannot work with companies like PayPal or Square. At Monetaria, we understand that your MCA agreements are time-sensitive. If that happens, then it will be the merchant account provider on the line. They really do not want to do this. They may require you to constantly have reserve cash in your account. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Most merchant providers are reluctant to offer. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. All they want is your money. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Forgotten Password? per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. When you should have paid 1.62. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Which Collection Agency Merchant Account Is Right For My Business? 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. Debt Collection Merchant Account Solutions - National Merchants Association I will make sure this is my last time using this company. They want me to pay almost $900.00 for equipment I dont use. For this reason, they are often linked to high complaint totals. 2985 E. Hillcrest Drive Click here for more product information. Garbage company. Its just a penalty fee that they add on you for leaving their company. They are charging me a huge fee to cancel. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Both were resolved to the dissatisfaction of the merchant or received no final response. I should have closed my bank account the minute we closed our business so I could have avoided all of this. I think I was the set up by Merchant Solutions. 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!!! VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. 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. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. High-risk specialist for U.S.-based collection agencies. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. This includes debt collection companies and debt buyers. I am still trying to get that back. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Its like they try to rip you off once last time b4 they let you go. 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. This is very dishonest company with deceptive business practices. Horrible company. How To Know If A Debt Collector Is A Scam | Bankrate I was never given a written contract had computer generated signature. Due to the unique processes we have in place, we can offer affordable rates for our services. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. PaymentCloud can help almost any business get approved for payment processing. Monthly Processing Range Credit card processing for debt collection agencies With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Teaming with IVR Technology Group, we also provide pay-by-phone voice . 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. He has also researched and published reviews about nearly every payment services provider and processor. 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. These are all fees that were started 8 months into my contract. Fast turnaround: as little as 1-2 days. 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. Strongly suggest that anyone does there homework and compare companies for this service. 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. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. The site is secure. What are debt settlement/debt relief services and should I use them? Login - vt.merchante-solutions.com They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. That doesnt count the canclelation fee that coming up from them. 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. Also that free terminal will cost you $350 when you try to cancel the account. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. If you would like to interview Phillip for your story or podcast, please reach out here. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Other companies may just outright decline your application. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Opinions expressed here are authors alone. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. eMerchantBroker can . Numerous calls went straight to voicemail without any return calls. I will NEVER consider using them again. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. Verify before you sign with this company. After i cancle my account they charged me 200$ come out of no where. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. The sales rep never returned my calls and is no longer with thw company. Your email address will not be published. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. Debt Collection Merchant Services - Merchant Card Advisors If your company is in the business of collecting debts, then you will need to have some way to process payments. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com They are very rude and they will not correct the problem with me even though they said they would. Debt Collection Agency Merchant Services, Collection Agency Credit Card Save money with Merchant Solutions low processing rates and free terminal program. They will tell you that there are no hidden fees and no extra charges. services due to the high risk associated with debt collection businesses. This company should not be allowed to do business. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Learn more about dealing with debt collection at ftc.gov/debt. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Phone number: (302) 241-0686. not explained. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. 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. 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. Ex. 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. Dont sign up or you will regret it at the end. Debt Collection Merchant Accounts Worse company ever. Debt Collection Agency Merchant Account - PayKings 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. 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. FTC Staff. We're Proud to Advance Cash to Business Owners Like You. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Besides, we understand just how financially difficult it is to become a business owner. BE AWARE!!! Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. 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. These people are the biggest crooks Ive ever encountered. They Rip you off way more than wat they told you they would charged. 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. 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. Phillip created this website and has written over 1,000 articles regarding all things payments. Their charges are exhorbitant. 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. Debt Collections Merchant Account Solutions - eMerchant Authority We can help your collection agency even if you've you been turned down by service providers in the past. We spoke with ANAIS today and were helped with understanding the rates. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. The overall household debt for an average family increased by 11% . Ready to integrate payment processing solutions into your new business? CardPaymentOptions.com, Inc. All Rights Reserved. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Keep up the excellent work Austin and thank for helping us through out the entire setup process. $35.00 Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Nasty contract . Pam called me offering a competitive rate for credit card processing. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. 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. Debt collection | Consumer Financial Protection Bureau The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. 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! These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Their customer service is terrible, they are never reachable. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. They are thieves because they stole money from my account and wont make it right with me. Min. 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. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. The chargeback will be made against their account. Not much, but still more than disclosed. Note that we are not able to provide private consultations, give advice, or answer questions. Some of these limitations can be pretty tough on a business, particularly in their early days. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Save yourself stress and aggravation and sign up with a different processor. Horrible company. We also encourage merchants to check out our list of the providers of the best merchant accounts. Banned Debt Collectors | Federal Trade Commission Debt Collectors List | NY Debt Collections List 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs.

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