The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! If you can get one who has worked with businesses in the debt collection industry, the better. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Im so glad I read these before making a huge mistake. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. They charged me $300 for what they called setup charges. They are awful and very dishonest do not use them. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). The Merchant Solutions processes most major payment types. 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. 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. The Signature page of the second contract is an EXACT COPY of the account I did open. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. They terminated my account for non use since I was using another company and had not transferred over yet. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Opens accounts with terms not agreed to. If you stop using it, they still charge you a lot of fees. 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. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Call us now on 877-700-5790 for further assistance. We may earn revenue if you obtain services from a provider that we recommend. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. They need to see how strong your profits are. Annual PCI Fee $99.00 Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick 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. Credit card processing for debt collection agencies The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. 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. Other companies may just outright decline your application. Complaints for Recovery Solutions Group, LLC - Better Business Bureau This is why we want to help you get the right debt collection merchant account from the very start. FTC Staff. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Going to BBB and will get attorney if I have to. Not an existing MeS Virtual Terminal User? Only. Not much, but still more than disclosed. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. As you're checking out a debt collection call, remember: don't respond to threats. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. they charged me $450 every month out of total 10k annual monthly. It isnt just the finances of your business that they pay attention to either. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. He is very knowledgeable and provided excellent support. 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! MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Credit Card Processing for Debt Collection Businesses 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. Phone number: (302) 241-0686. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com 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. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Before sharing sensitive information, make sure youre on a federal government site. 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EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. What are debt settlement/debt relief services and should I use them? Problems logging in? DO NOT USE!!! I am still waiting on on calls from their supervisors from last year. 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. 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. 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. Banned Debt Collectors | Federal Trade Commission Total $247.95. We work to advance government policies that protect consumers and promote competition. how much money you owe. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. We spoke with ANAIS today and were helped with understanding the rates. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Save money with Merchant Solutions low processing rates and free terminal program. Phantom debt collectors impersonate law firms | Consumer Advice Processing statements are intentionally complicated so that they can overcharge you. You can get your approval in as little as 24 hours. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. 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. This is an attempt to collect a debt and any . Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Signature not by me, computer generated. 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. An official website of the United States government. PCI Non-Cpmpliance. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Every review above has happened to me too exactly like the above. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. It was revoked by State of TN. If you have already signed up with them, get out fast. Toll free: (888) 544-9711. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. 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. Fortunately, there are providers willing and able to help. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. These are all fees that were started 8 months into my contract. If anyone has a better option please let me know. Do not get trap by this company. 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. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. On November 30, 2021, the Debt Collection Rule became effective. Amazing! eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Dont give them, or their mother company, First Data, your business!!! PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% In Summary: 4 Best Merchant Accounts For Collection Agencies. Debt Collection Industry and Merchant Accounts They have fees for everything when you cancel or have to end your contract early. This means that you will be out of business. 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. They constantly slip in unauthorized charges. Copyright 2023 Merchant Maverick. These people are the biggest crooks Ive ever encountered. Copyright 2023 eMerchantBroker, LLC. 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. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. this will happen if you change to another company. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. BBB received a pattern of complaints concerning collections practices. 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. 651-398-1636. 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.. Pure scam artists just looking to steal your hard earned money. Lots of hidden fees that other companies dont charge! They may require you to constantly have reserve cash in your account. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? I work damn hard to run my business and I will be damned if they are going to steal money from me. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. 180 Maiden Lane, 15th Floor. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. when you cancel.Please take your business elsewhere. Credit & Debt Collections Merchant Services - DigiPay Solutions From The Editor With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Upon cancellation after over 4 years I returned the machine in good order. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. The site is secure. services due to the high risk associated with debt collection businesses. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Excellent provider for collection agencies with a strong eCommerce presence. After i cancle my account they charged me 200$ come out of no where. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Has representatives that open fradulent accounts. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 i signed up a few weeks ago and havent been able to get into contact with them since. Swipe credit cards securely by implementing PCI compliant payment solutions. You almost certainly will not be able to work with companies like PayPal. 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. Were dedicated to B2B debt recovery. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. They charge you all kinds of fees which your not told about. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. The competition is real with so many POS servicing company. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. . Your email address will not be published. Learn more about your rights as a consumer and how to spot and avoid scams. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Sign up today and get a free card reader! Get Your Quote. Offers automated account application and custom quote processes. Learn more about the new debt collection rule. This lack of transparency in pricing is typical of the industry in general. the name of the creditor you owe it to. 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. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Strongly suggest that anyone does there homework and compare companies for this service. Its important to be able to connect with a real person on the phone. Get the truth here. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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). This company was nothing but deceitful from the beginning. I used Merchant Solutions for approx. The chargeback will be made against their account. 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. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. At Monetaria, we understand that your MCA agreements are time-sensitive. When their machine failed, they blamed me even though the manufacturer of the machine explicitly explained to me that TMS was to blame for connection security error.