The risks related to your business will be assessed by underwriters. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. An official website of the United States government. Before sharing sensitive information, make sure youre on a federal government site. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. If your company is in the business of collecting debts, then you will need to have some way to process payments. Toll free: (888) 544-9711. This means that you will need both a payment processor and a merchant account. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. New York, NY 10038. 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. So then I cancelled and they charged me a $945 restocking reprogramming fee? 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. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. Due to the risky nature of your business the typical bank wont deal with you. These are all fees that were started 8 months into my contract. Min. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. You almost certainly will not be able to work with companies like PayPal. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. 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. Home (425) 643-2613 (800) 755-1107. eMerchant Authority can help with this. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Thanks ANAIS. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. Avoid this outfit as they will make your life miserable. Same situation. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. 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. 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 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. For me customer support is key and Austin is definitely an asset to this company. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Let us know how well the content on this page solved your problem today. As you're checking out a debt collection call, remember: don't respond to threats. dont believe what they tell you 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. 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. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. All debt collectors track down past-due debts that businesses and consumers owe. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. By working with eMerchant Authority, this is a problem that can be avoided. 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. If anyone has a better option please let me know. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. 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 was told thay my rates would be as low as 1.5%. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. $1350 fee if terminal is not returned within 10 days. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. They want me to pay almost $900.00 for equipment I dont use. Call 1-888-288-2692. 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. The worst company to do business with ever!!!! They never have any answers and are only looking for ways to disconnect you. It was revoked by State of TN. No mention of 3 year contract and no proof of it. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. 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. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Learn more about our monetization policies 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. Milford, DE 19963. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. When we both know its theirs! Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . not explained. Copyright 2020 eMerchant Authority | Website by JM Marketing. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Higher cost than explained in solicitations These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. The Merchant Solutions also appears to resell the products of First Data (Fiserv). 844-66-CFGMS (844-662-3467) 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. This means that you could, effectively, lose your ability to run your business. This is very dishonest company with deceptive business practices. They dont deserve a BBB rating they suck!!!! Product & company names, logos, and trademarks referred to on this site belong to their respective owners. This post will help: Cancelling a Merchant Account Without Paying a Fee. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. I hope there will be a class action lawsuit and I plan to be a part of it. So only use this business if you like being lied to and stole from cause thats what their good at. I think I was the set up by Merchant Solutions. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Looking for legal documents or records? 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. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Square is a top choice for POS for any type of business. 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. Getting paid to re-write this page? services due to the high risk associated with debt collection businesses. 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. Opens accounts with terms not agreed to. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Note: We have adjusted this companys BBB rating according to our own standards. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. the name of the creditor you owe it to. They will tell you that there are no hidden fees and no extra charges. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. 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. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. The sales rep never returned my calls and is no longer with thw company. 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. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. The site is secure. Opinions expressed here are authors alone. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. As of right now, I have this company for falsifying documents, and felony forgery. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. They stealing $1000.00 dollars from my account. 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. Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! I will NEVER consider using them again. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Pam called me offering a competitive rate for credit card processing. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Thousand Oaks, CA 91362. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Disgusted. We're Proud to Advance Cash to Business Owners Like You. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more And particularly so for debt collectors due to the consumer demographic of debtors. 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. 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.

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