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If you have your own The Merchant Solutions review to make, please do so in the comments below. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Read more below to learn why we chose these options. The Merchant Solutions is definitely THE worst credit card company EVER!!!! eMerchantBroker.com. We work to advance government policies that protect consumers and promote competition. they charged me $450 every month out of total 10k annual monthly. how much money you owe. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. The overall household debt for an average family increased by 11% during the last 10 years. A full point-of-sale (POS) system in one sleek package. Copyright 2023 eMerchantBroker, LLC. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Your business cannot opt for a standard merchant account here. Youll get your merchant account for your collection agency in as little as 24 48 hours. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. Avoid this outfit as they will make your life miserable. Very shady business practices and a very deceptive sales process. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. This credit card processing company is HORRIBLE! Moreover, EMB is rate A by Card Payment Options. 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. Do not believe anything they say about their service. They dont deserve a BBB rating they suck!!!! Get Started With Durango Merchant Services. SAVE YOURSELF THE HEADACHE! 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. not explained. Save yourself stress and aggravation and sign up with a different processor. Youre also working with a business that knows your problem and has the fix. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. A collection agency merchant account is essential to process payments in this unique industry. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. The Signature page of the second contract is an EXACT COPY of the account I did open. STAY AWAY. Trouble Getting Approved? We can help your collection agency even if you've you been turned down by service providers in the past. They are very rude and they will not correct the problem with me even though they said they would. FTC Staff. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Signature not by me, computer generated. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Numerous calls went straight to voicemail without any return calls. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. Learn how to resolve this complaint. 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. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. This was not in our contract, but I couldnt get the money back without suing them. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. 53 of these reviews are positive, while the remaining 5 reviews are negative. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. No mention of 3 year contract and no proof of it. This Post Might Help: Best Restaurant Merchant Accounts. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. 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. We're Proud to Advance Cash to Business Owners Like You. They need to see how strong your profits are. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Due to the unique processes we have in place, we can offer affordable rates for our services. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. If that happens, then it will be the merchant account provider on the line. 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. Click here for more product information. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Fast turnaround: as little as 1-2 days. Ready to integrate payment processing solutions into your new business? He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Beware, do not do business with merchant solutions. All feedback, positive or negative, helps us to improve the way we help small businesses. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. You may be charged fees for using this account. Offers automated account application and custom quote processes. These revenues in no way influence our ratings or reviews. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Easier borrower qualifications that help you build business credit. 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. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. 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. Don't Fall Into An Expensive Trap. this will happen if you change to another company. They said they had cancelled the account, but the following month we were charged again. These are all fees that were started 8 months into my contract. Their customer service is terrible, they are never reachable. YOU WILL BE SORRY! Get clarity before you switch. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. 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. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. 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. You almost certainly will not be able to work with companies like PayPal. Lets start with the salesman Daniel A. 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 got a shock when they deducted total of $1000.00 from my account in 4 payments. 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. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Keep up the excellent work Austin and thank for helping us through out the entire setup process. It took me 2 weeks of calling NON-STOP to get any response. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. 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. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. please dont sign up and let people know about that. It was revoked by State of TN. 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. Are you with The Merchant Solutions? We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. We appreciate it. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Milford, DE 19963. The sole purpose of the material presented herein is to alert, educate, and inform readers. So only use this business if you like being lied to and stole from cause thats what their good at. 4 Best Merchant Accounts For Collection Agencies. It's a cut throat industry. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Phone number: (302) 241-0686. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. The overall household debt for an average family increased by 11% . I hope there will be a class action lawsuit and I plan to be a part of it. Help us to improve by providing some feedback on your experience today. 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 merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. 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. I didnt fill out anything to open OR close the account and today was hit with $495 fee. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. 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. 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. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. She also helped us to file our annual PCI compliance saving us about $40 per month. Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. This company is nothing but a fraud. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Find Loan Options For Your Small Business. They may require you to constantly have reserve cash in your account. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. They are thieves because they stole money from my account and wont make it right with me. Address: Recovery Solutions Group. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Going to BBB and will get attorney if I have to. Amazing! Our proven investigation tools help us create fast and effective debt recovery services. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. That doesnt count the canclelation fee that coming up from them. I was to have 1 account with Merchant Solutions ! Min. 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. Note: We have adjusted this companys BBB rating according to our own standards. Call 1-888-288-2692. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. 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 was never given a written contract had computer generated signature. PCI Non-Cpmpliance. From The Editor Square is a top choice for POS for any type of business. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. 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. Look out for credit card processors who offer other merchant solutions that could be useful for your business. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. In some cases, this leads to merchants contracting with debt collection agencies. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Customer service is horrible. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Several complainants outright accuse the company of being a ripoff or a scam operation. Besides, we understand just how financially difficult it is to become a business owner. 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.. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. The types of collections that different agents and agencies deal with, though, can vary widely. This means that you cannot work with companies like PayPal or Square. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. 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! Were never worried about our overdue receivables. said no business ever. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. 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. Its like they try to rip you off once last time b4 they let you go. 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. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. . In addition, they told us the transaction fee would be 2.65% of each purchase. I have been in contact with them for months now, and they still cannot give me a justifiable answer. DO NOT EVEN talk to their salespeople. $1350 fee if terminal is not returned within 10 days. They stealing $1000.00 dollars from my account. 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!!! This means that you will be out of business. Once the application process starts, we will find the best merchant account for you. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Austin Smith was very knowledgeable and helpful! 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. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Verify before you sign with this company. 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. They want me to pay almost $900.00 for equipment I dont use. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. You will not have enough time to do it, the machine terminal breaks all the time. 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. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. This includes debt collection companies and debt buyers. These processors offer Quickbooks integration and have low rates. 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! When you choose us, youre not just getting back your assets. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Higher cost than explained in solicitations the name of the creditor you owe it to. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. one year. 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. We were charged a $350 restocking fee after being told there would be NO FEES. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. i signed up a few weeks ago and havent been able to get into contact with them since. I was never told about a restocking fee and some other charge until I got ready to cancel. If you stop using it, they still charge you a lot of fees. Weve resolved overdue accounts for clients without damaging customer relationships. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. If you would like to interview Phillip for your story or podcast, please reach out here. 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. New York, NY 10038. 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. 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. Dont sign up or you will regret it at the end. Call us now on 877-700-5790 for further assistance. How Can Merchants Use Debt Collectors to Recover Chargebacks? Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Getting paid to re-write this page? 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. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. 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. For me customer support is key and Austin is definitely an asset to this company. Seeking to take them to court for their theft. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491.