Other companies may just outright decline your application. Processing statements are intentionally complicated so that they can overcharge you. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Copyright 2023 eMerchantBroker, LLC. Fortunately, there are providers willing and able to help. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. We can help your collection agency even if you've you been turned down by service providers in the past. If your company is in the business of collecting debts, then you will need to have some way to process payments. We work to advance government policies that protect consumers and promote competition. This means that you will be out of business. Annual Fee $79.00 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. No doubt necessary to achieve any success, as the sales person was barely literate. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. Signature not by me, computer generated. 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. In addition to those 2 complaints, the company has received 58 informal reviews. The overall household debt for an average family increased by 11% . Higher cost than explained in solicitations Both were resolved to the dissatisfaction of the merchant or received no final response. Specialized account support for multiple collection agency types. See Which Processors Offer No Monthly Fees And No Contracts. 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. I am looking to upgrade 4 of my restaurants systems. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. I was never given a written contract had computer generated signature. This company was nothing but deceitful from the beginning. Additional rates and fees, including a technical support fee may apply. Upon cancellation after over 4 years I returned the machine in good order. Avoid this outfit as they will make your life miserable. Note: We have adjusted this companys BBB rating according to our own standards. I would recommend not to do business with this company. BE AWARE!!! The sole purpose of the material presented herein is to alert, educate, and inform readers. The worst company to do business with ever!!!! Fast turnaround: as little as 1-2 days. how much money you owe. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. For this reason, they are often linked to high complaint totals. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Were never worried about our overdue receivables. said no business ever. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). 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To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. After i cancle my account they charged me 200$ come out of no where. Search the Legal Library instead. eMerchantBroker.com. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Merchant Mavericks ratings are not influenced by affiliate partnerships. 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. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. From The Editor We provide merchant account services for both low and high-risk businesses. Horrible company. The Merchant Solutions processes most major payment types. Get clarity before you switch. I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. This means that you will need both a payment processor and a merchant account. Milford, DE 19963. 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. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Read more below to learn why we chose these options. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. $35.00 Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. I was to have 1 account with Merchant Solutions ! Customer service is horrible. When I wanted to cancel they wouldnt send me the cancellation form for weeks. 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. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Its just a penalty fee that they add on you for leaving their company. Several complainants outright accuse the company of being a ripoff or a scam operation. 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. Before sharing sensitive information, make sure youre on a federal government site. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Required fields are marked *. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Save money with Merchant Solutions low processing rates and free terminal program. If that happens, then it will be the merchant account provider on the line. I didnt fill out anything to open OR close the account and today was hit with $495 fee. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. You will not have enough time to do it, the machine terminal breaks all the time. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. Understand how the CFPB's Debt Collection Rule can help you. An official website of the United States government. 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. This lack of transparency in pricing is typical of the industry in general. 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. 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. Do not give them your business. Of course, we will provide you with all of the tools that you need to process payments. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . If you would like to interview Phillip for your story or podcast, please reach out here. Very shady business practices and a very deceptive sales process. Very rude on phone, does not care about you as a customer. Do not get trap by this company. Now they have charged me with a PCA compliance processing fee of $149, payable annually. 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. Do not believe anything they say about their service. This post will help: How to Get Out of a Merchant Account Contract. Some processors have no monthly, no annual fees, no contract, and cheap rates. This means that the process is fast. The Signature page of the second contract is an EXACT COPY of the account I did open. I used Merchant Solutions for approx. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. PCI Non-Cpmpliance. Phillip created this website and has written over 1,000 articles regarding all things payments. They dont deserve a BBB rating they suck!!!! Learn more about dealing with debt collection at ftc.gov/debt. We're Proud to Advance Cash to Business Owners Like You. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. This post will help: Cancelling a Merchant Account Without Paying a Fee. In Summary: 4 Best Merchant Accounts For Collection Agencies. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. Find legal resources and guidance to understand your business responsibilities and comply with the law. 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. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. A lot of other company with no contract and fees to work with out there. 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. If you stop using it, they still charge you a lot of fees. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. 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. Not much, but still more than disclosed. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Excellent provider for collection agencies with a strong eCommerce presence. Also when you call they have no customer service and are rude on the phone. for lack of use and Merchants want 490 dollars to terminate service. Im so glad I read these before making a huge mistake. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Every review above has happened to me too exactly like the above. They are crooks. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? HORRIBLE ! $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. In some cases, this leads to merchants contracting with debt collection agencies. As of right now, I have this company for falsifying documents, and felony forgery. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Suite 209 And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. 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. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. Let us know how well the content on this page solved your problem today. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Are you with The Merchant Solutions? CardPaymentOptions.com, Inc. All Rights Reserved. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. This is an attempt to collect a debt and any . Do you feel like its the right time to start a collection agency? 651-398-1636. It was revoked by State of TN. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Besides, we understand just how financially difficult it is to become a business owner. You may be charged fees for using this account. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. THIS WAS A TOTAL LIE. 2985 E. Hillcrest Drive It took me 2 weeks of calling NON-STOP to get any response. Ideal for collection agencies with a history of excessive chargebacks. These gateways may also support online portals through which users must enter before they can submit their payments online. They Rip you off way more than wat they told you they would charged. My company is no longer doing business and I have not used the machine in 6 months. Only. Forgotten Password? Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Once the application process starts, we will find the best merchant account for you. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. The sales rep never returned my calls and is no longer with thw company. Find the resources you need to understand how consumer protection law impacts your business. I would not recommend TMS to my worst enemies. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Verify before you sign with this company. They will tell you that there are no hidden fees and no extra charges. You almost certainly will not be able to work with companies like PayPal. Stay away from Themechantsolution!!! Not an existing MeS Virtual Terminal User? It's a cut throat industry. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Our proven investigation tools help us create fast and effective debt recovery services. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . We have lowered the companys score in this section to a C to reflect this consistency. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. I had to close the account, due to poor sales results. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. 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. Has representatives that open fradulent accounts. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. Respectable processors like EMB guarantee a fast, secure application process. 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. The types of collections that different agents and agencies deal with, though, can vary widely. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. This company is deceitful. Youre also working with a business that knows your problem and has the fix. Its important to be able to connect with a real person on the phone. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. These companies and people are banned, by federal court orders, from participating in the business of debt collection. I have never had any other merchant?! For me customer support is key and Austin is definitely an asset to this company.