These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. I was to have 1 account with Merchant Solutions ! Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Opinions expressed here are authors alone. 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 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). Not an existing MeS Virtual Terminal User? They Are Not truthful about their service. Because of their undisclosed fees and charges I ended up paying more than my previous company. 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. i signed up a few weeks ago and havent been able to get into contact with them since. The competition is real with so many POS servicing company. 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. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . This post will help: How to Get Out of a Merchant Account Contract. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Which Business Bank Account is Right For You? 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. In addition to those 2 complaints, the company has received 58 informal reviews. Youre also working with a business that knows your problem and has the fix. 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. Signature not by me, computer generated. In some cases, this leads to merchants contracting with debt collection agencies. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. See Who The Worst Processors Are. Very shady business practices and a very deceptive sales process. These revenues in no way influence our ratings or reviews. They said they would beat my current rate but never could. DO NOT EVEN talk to their salespeople. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. Fortunately, there are providers willing and able to help. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. 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. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. for lack of use and Merchants want 490 dollars to terminate service. At Monetaria, we understand that your MCA agreements are time-sensitive. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. The collector has to tell you four pieces of information. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Do you feel like its the right time to start a collection agency? New York, NY 10038. Do not give them your business. 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. 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. This company, Merchant Solutions, is a fraud. Its a TOTAL SCAM! I was skeptical and decided not to switch to merchant solutions. 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? They said they had cancelled the account, but the following month we were charged again. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. 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. Most merchant providers are reluctant to offer. The site is secure. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. . This company should not be allowed to do business. Seriously they will destroy your business. We provide merchant account services for both low and high-risk businesses. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales Do not get trap by this company. The .gov means its official. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Lending and Debt Repayment Merchant Accounts. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. When we both know its theirs! Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 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. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Disgusted. 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. So, its no surprise that banks often deny them merchant accounts. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. Some of these limitations can be pretty tough on a business, particularly in their early days. All debt collectors track down past-due debts that businesses and consumers 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Were never worried about our overdue receivables. said no business ever. As of right now, I have this company for falsifying documents, and felony forgery. I was never told about a restocking fee and some other charge until I got ready to cancel. Avoid this outfit as they will make your life miserable. Processing statements are intentionally complicated so that they can overcharge you. 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. I would recommend not to do business with this company. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Not much, but still more than disclosed. 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. Ready to integrate payment processing solutions into your new business? These are all fees that were started 8 months into my contract. By working with eMerchant Authority, this is a problem that can be avoided. Dont give them, or their mother company, First Data, your business!!! Learn more about our monetization policies here. They are thieves because they stole money from my account and wont make it right with me. 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. 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 $25 monthly gateway fee. If that happens, then it will be the merchant account provider on the line. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. 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. You almost certainly will not be able to work with companies like PayPal. Get Started With Durango Merchant Services. Problems logging in? Seeking to take them to court for their theft. Save yourself stress and aggravation and sign up with a different processor. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. You will be far too high of a risk to work with. 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 do not inform you before they process the money out of your account, Which in my opinion is bad business practice. For this reason, they are often linked to high complaint totals. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. 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 . Every review above has happened to me too exactly like the above. Due to the risky nature of your business the typical bank wont deal with you. . Note: We have adjusted this companys BBB rating according to our own standards. not explained. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . The companys rating is also impacted by its higher-than-average complaint total with the BBB. We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. If you have your own The Merchant Solutions review to make, please do so in the comments below. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. Phone number: (302) 241-0686. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. This company is nothing but a fraud. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. 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. When you choose us, youre not just getting back your assets. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. eMerchant Authority operates an in-house underwriting team. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. 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. 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. Why would we want a service we couldnt use? They said they are the cheapest one but they are not. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. Square is a top choice for POS for any type of business. 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). DO NOT use this company. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. 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. For me customer support is key and Austin is definitely an asset to this company. This means that you cannot work with companies like PayPal or Square. They have terrible reviews on google and many many complains on BBB. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. Noah is a writer and content creator currently living in Fairfax, VA. You can get your approval in as little as 24 hours. The sole purpose of the material presented herein is to alert, educate, and inform readers. THIS WAS A TOTAL LIE. I have proof of all deductions after I cancelled. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Its just a penalty fee that they add on you for leaving their company. All they want is your money. I was never given a written contract had computer generated signature. Has representatives that open fradulent accounts. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. It took me 2 weeks of calling NON-STOP to get any response. If your company is in the business of collecting debts, then you will need to have some way to process payments. This means that you could, effectively, lose your ability to run your business. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Zero star rating, they are big time scam However, pricing is not disclosed on either of those services. Try PaymentCloud. If you can get one who has worked with businesses in the debt collection industry, the better. After i cancle my account they charged me 200$ come out of no where. Once the application process starts, we will find the best merchant account for you. 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. 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. Suite 209 Save money with Merchant Solutions low processing rates and free terminal program. I hope there will be a class action lawsuit and I plan to be a part of it. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy 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. 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. 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. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. I am looking to upgrade 4 of my restaurants systems. 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. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. 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. This means that the process is fast. 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! Credit Card Processing for Debt Collection Businesses I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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!!! BBB received a pattern of complaints concerning collections practices. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Such a vendor can be a great help for your debt collector business. Its important to be able to connect with a real person on the phone. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. when you cancel.Please take your business elsewhere. So then I cancelled and they charged me a $945 restocking reprogramming fee? 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. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Suggest you consider that Paymentech and many others do not charge this. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. 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. As you're checking out a debt collection call, remember: don't respond to threats. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing.