merchant solutions group debt collection

I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. Your business cannot opt for a standard merchant account here. This company, Merchant Solutions, is a fraud. 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. You really leave your business account open to these guys with free access to do as they like. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Which Business Bank Account is Right For You? A collection agency merchant account is classified as high risk for a number of reasons. From The Editor EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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. Seeking to take them to court for their theft. They charge you all kinds of fees which your not told about. Thanks ANAIS. 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. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Recovery Solutions Group, LLC (RSG) Contact Information. Forgotten Password? close down your account. Better look for alternatives. The Merchant Solutions processes most major payment types. I have proof of all deductions after I cancelled. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. I work damn hard to run my business and I will be damned if they are going to steal money from me. If you stop using it, they still charge you a lot of fees. For this reason, they are often linked to high complaint totals. We have focused on merchant cash advances over two decades. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. Do not give them your business. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. The 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. These processors offer Quickbooks integration and have low rates. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Debt collection abuses cause harms that financially vulnerable consumers can ill afford. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Merchant Solutions is a very dishonest processor. 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. This field is for validation purposes and should be left unchanged. 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. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. 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. 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. They never have any answers and are only looking for ways to disconnect you. 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. These revenues in no way influence our ratings or reviews. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. This means that you will be out of business. Since these banks know and trust the quality of our services, they will be able to trust you too. This company and its employees are rude, I have been trying to cancel and they make it difficult. 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. What out business owners out there about this Merchant Solutions. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. In addition to those 2 complaints, the company has received 58 informal reviews. The types of collections that different agents and agencies deal with, though, can vary widely. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. All debt collectors track down past-due debts that businesses and consumers owe. 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). 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! What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. 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. Our services are secure and reliable. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. They will tell you that there are no hidden fees and no extra charges. 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. Merchants Credit Association, is a debt collection company. Some merchant account providers may offer high fees. for lack of use and Merchants want 490 dollars to terminate service. BE AWARE!!! But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. Our integrations connect you with the best tools for your business. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. This is why we want to help you get the right debt collection merchant account from the very start. Upon cancellation after over 4 years I returned the machine in good order. Address: Recovery Solutions Group. Comp Admin Fee $9.95 Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Keep up the excellent work Austin and thank for helping us through out the entire setup process. services due to the high risk associated with debt collection businesses. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. And it was my fault for not reading the fine print on the documents. I got a shock when they deducted total of $1000.00 from my account in 4 payments. This means that the process is fast. Required fields are marked *. Nasty contract . Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. 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. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. When we both know its theirs! They are very rude and they will not correct the problem with me even though they said they would. These gateways may also support online portals through which users must enter before they can submit their payments online. Understand how the CFPB's Debt Collection Rule can help you. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 1008 Mattlind Way. 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. 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. On November 30, 2021, the Debt Collection Rule became effective. I didnt fill out anything to open OR close the account and today was hit with $495 fee. 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. So only use this business if you like being lied to and stole from cause thats what their good at. 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. 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! You almost certainly will not be able to work with companies like PayPal. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or 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. Looking For One Of These Merchant Accounts For Collection Agencies? Save money with Merchant Solutions low processing rates and free terminal program. I would not recommend TMS to my worst enemies. She said that I would need to submit an application in order to verify the discounts they were offering. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. 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. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. At Monetaria, we understand that your MCA agreements are time-sensitive. To better understand why we adjust BBB ratings, please see our Rating Criteria. This company needs to be put out of business. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? When I wanted to cancel they wouldnt send me the cancellation form for weeks. From The Editor Ex. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. When you choose us, youre not just getting back your assets. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. I was told thay my rates would be as low as 1.5%. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. The merchant solutions is the most horrible company I have ever dealt with. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. 844-66-CFGMS (844-662-3467) Merchant Mavericks ratings are not influenced by affiliate partnerships. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. Looking for legal documents or records? 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 signed up a few weeks ago and havent been able to get into contact with them since. This credit card processing company is HORRIBLE! Don't Fall Into An Expensive Trap. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. They dont deserve a BBB rating they suck!!!! If anyone has a better option please let me know. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. The following is a sample list of complaints filed against United Merchant . To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. 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. This means that you could, effectively, lose your ability to run your business. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. A full point-of-sale (POS) system in one sleek package. These are all fees that were started 8 months into my contract. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Total $247.95. Thousand Oaks, CA 91362. Stay away from Themechantsolution!!! If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they will close down your account. 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. please dont sign up and let people know about that. Screw this place I wish their was a way we could put them out of business. Copyright 2023 Merchant Maverick. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. Federal government websites often end in .gov or .mil. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Moreover, EMB is rate A by Card Payment Options. Many may find PaymentClouds organization of products on its website to be less than navigable. We occasionally send out emails with special offers. After i cancle my account they charged me 200$ come out of no where. 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. Going to BBB and will get attorney if I have to. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. 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. DO NOT use this company. These people called me for weeks and sent me all kinds of sales materials when my business started. New York, NY 10038. Copyright 2020 eMerchant Authority | Website by JM Marketing. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Specialized account support for multiple collection agency types. She also helped us to file our annual PCI compliance saving us about $40 per month. Just ridiculous! TMS offers a dedicated support phone line and an email form on its website. The site is secure. Get Started With Durango Merchant Services. 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. They really do not want to do this. Click here for more product information. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. $1350 fee if terminal is not returned within 10 days. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. They charged me $300 for what they called setup charges. Read more below to learn why we chose these options. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. 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. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 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. By working with eMerchant Authority, this is a problem that can be avoided. This is a business that is rife with fraud and chargebacks. Ideal for collection agencies with a history of excessive chargebacks. 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. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Lots of hidden fees that other companies dont charge! Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. Its website can be hard to use as well. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. Such a vendor can be a great help for your debt collector business. Maintaining these ratios is challenging for merchants in many industries. Look out for credit card processors who offer other merchant solutions that could be useful for your business. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Why Is Credit Card Processing For Collection Agencies Considered High Risk? The chargeback will be made against their account. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Min. 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. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. A collection agency merchant account is essential to process payments in this unique industry. 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. They have terrible reviews on google and many many complains on BBB. No mention of 3 year contract and no proof of it. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you..

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