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I should have closed my bank account the minute we closed our business so I could have avoided all of this. A lot of other company with no contract and fees to work with out there. Thousand Oaks, CA 91362. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. they charged me $450 every month out of total 10k annual monthly. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Dont sign up or you will regret it at the end. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Debt Collection Merchant Accounts If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. Our integrations connect you with the best tools for your business. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Worse company ever. Payment Processing . Remove Recovery Solutions Group From Credit Report Disgusted. I will NEVER consider using them again. 4 Best Merchant Accounts For Collection Agencies 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. Note: We have adjusted this companys BBB rating according to our own standards. Suite 209 Moreover, EMB is rate A by Card Payment Options. If your company does not show any indication that you conform to this act, then your application will be outright rejected. When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. They dont deserve a BBB rating they suck!!!! This means that you will be out of business. Phillip created this website and has written over 1,000 articles regarding all things payments. Lots of hidden fees that other companies dont charge! They charge you all kinds of fees which your not told about. I didnt fill out anything to open OR close the account and today was hit with $495 fee. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Zero star rating, they are big time scam YOU WILL BE SORRY! This means that you will be out of business. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. 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. Ideal for collection agencies with a history of excessive chargebacks. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Debt Collection Industry and Merchant Accounts These gateways may also support online portals through which users must enter before they can submit their payments online. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Before sharing sensitive information, make sure youre on a federal government site. Merchant Mavericks ratings are not influenced by affiliate partnerships. if anyone do business with this scums be prepared to have a high blood pressure. 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. 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 means that you will need both a payment processor and a merchant account. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 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. Today was the last straw which we really been shut down since April over covid19. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. 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. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Sending Chargebacks to Debt Collection He is very knowledgeable and provided excellent support. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. Phone number: (302) 241-0686. The sales rep never returned my calls and is no longer with thw company. Square is a top choice for POS for any type of business. Copyright 2023 Merchant Maverick. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Youll get your merchant account for your collection agency in as little as 24 48 hours. This form is for feedback only. I was told thay my rates would be as low as 1.5%. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. The overall household debt for an average family increased by 11% . Learn more about dealing with debt collection at ftc.gov/debt. 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. 4 Best Merchant Accounts For Collection Agencies. Flexible and transparent pricing suits high- and low-ticket agencies. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. eMerchant Authority operates an in-house underwriting team. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. By working with eMerchant Authority, this is a problem that can be avoided. You almost certainly will not be able to work with companies like PayPal. If you stop using it, they still charge you a lot of fees. PaymentCloud can help almost any business get approved for payment processing. Some merchant account providers may offer high fees. 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. All feedback, positive or negative, helps us to improve the way we help small businesses. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Ex. 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. Find Loan Options For Your Small Business. Horrible company. 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. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Stay away from Themechantsolution!!! You will be far too high of a risk to work with. They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. Merchant Cash Advance in Collections: What to Do not explained. Click here for more product information. So then I cancelled and they charged me a $945 restocking reprogramming fee? 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. Numerous calls went straight to voicemail without any return calls. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Get Started With Durango Merchant Services. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. 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. They said they had cancelled the account, but the following month we were charged again. 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. 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. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. They terminated my account for non use since I was using another company and had not transferred over yet. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Maintaining these ratios is challenging for merchants in many industries. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Why would we want a service we couldnt use? Since these banks know and trust the quality of our services, they will be able to trust you too. Help us to improve by providing some feedback on your experience today. Find the resources you need to understand how consumer protection law impacts your business. Were dedicated to B2B debt recovery. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! The Signature page of the second contract is an EXACT COPY of the account I did open. If you can get one who has worked with businesses in the debt collection industry, the better. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Offers automated account application and custom quote processes. Credit Card Processing for Debt Collection Businesses Home (425) 643-2613 (800) 755-1107. And it was my fault for not reading the fine print on the documents. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 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. It isnt just the finances of your business that they pay attention to either. dont believe what they tell you Problems logging in? CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . The worst company to do business with ever!!!! Now they have charged me with a PCA compliance processing fee of $149, payable annually. Keep your money you work for and dont use them. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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. This has Been the worst POS processing company I have ever felt with. 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. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Sequoia Financial Services - 2021 Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Signature not by me, computer generated. 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. I got a shock when they deducted total of $1000.00 from my account in 4 payments. She said that I would need to submit an application in order to verify the discounts they were offering. Which Business Bank Account is Right For You? Do not get trap by this company. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. 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. This company and its employees are rude, I have been trying to cancel and they make it difficult. Sign up today and get a free card reader! This company is nothing but a fraud. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. I was to have 1 account with Merchant Solutions ! 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. How Can Merchants Use Debt Collectors to Recover Chargebacks? They Are Not truthful about their service. It took me 2 weeks of calling NON-STOP to get any response. Should have know. 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. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. 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. Weve resolved overdue accounts for clients without damaging customer relationships. Both were resolved to the dissatisfaction of the merchant or received no final response. The overall household debt for an average family increased by 11% during the last 10 years. We were charged a $350 restocking fee after being told there would be NO FEES. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. What Consumers Should Do When Fake Debt Collection Scammers Call. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. What out business owners out there about this Merchant Solutions. Our proven investigation tools help us create fast and effective debt recovery services. These are charged beyond any percent fees. Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. 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. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Several complainants outright accuse the company of being a ripoff or a scam operation. Essentially, they steal from the customer. Let us know how well the content on this page solved your problem today. 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. 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. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. 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. 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. Toll free: (888) 544-9711. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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 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. I hope there will be a class action lawsuit and I plan to be a part of it. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. Learn more about our monetization policies here. This post will help: How to Get Out of a Merchant Account Contract. These people are down right crooks! This company is deceitful. Most merchant providers are reluctant to offer. 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. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? 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. Call 1-888-288-2692. They constantly slip in unauthorized charges. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. This company, Merchant Solutions, is a fraud. All they want is your money. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. 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. 844-66-CFGMS (844-662-3467) To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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. Dont give them, or their mother company, First Data, your business!!! He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Not much, but still more than disclosed. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Merchant Solutions is a very dishonest processor. This company should not be allowed to do business. Location & Ownership Product & company names, logos, and trademarks referred to on this site belong to their respective owners. 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). 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. 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. 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. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. How to tell the difference between a legitimate debt collector and When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. 180 Maiden Lane, 15th Floor. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. For me customer support is key and Austin is definitely an asset to this company. I set up a payment arrangement . Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Its just a penalty fee that they add on you for leaving their company. He has a BA in Creative Writing and a Minor in German from Goucher College. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. This means that our job is to reduce the risk of any transactions for the merchant bank. Learn more about the new debt collection rule. Annual Fee $79.00 EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. At Monetaria, we understand that your MCA agreements are time-sensitive. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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 ). 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. The site is secure. I am still trying to get that back. 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.
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