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The merchant solutions is the most horrible company I have ever dealt with. 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. Total $247.95. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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. Instead, you need to search for high-risk merchant accounts. i signed up a few weeks ago and havent been able to get into contact with them since. Find Loan Options For Your Small Business. These are all fees that were started 8 months into my contract. If that happens, then it will be the merchant account provider on the line. Specialized account support for multiple collection agency types. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. They will not return my phone calls now. Thanks ANAIS. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. how much money you owe. Higher cost than explained in solicitations I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. 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! Thousand Oaks, CA 91362. As of right now, I have this company for falsifying documents, and felony forgery. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. I wish I would have read some reviews before I sign up with these con artists. Some merchant account providers may offer high fees. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. These are charged beyond any percent fees. Min. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Copyright 2023 Merchant Maverick. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Beware, do not do business with merchant solutions. 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. 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. Save yourself stress and aggravation and sign up with a different processor. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Find the resources you need to understand how consumer protection law impacts your business. Their charges are exhorbitant. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Weve resolved overdue accounts for clients without damaging customer relationships. Keep your money you work for and dont use them. 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. Note that we are not able to provide private consultations, give advice, or answer questions. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Forgotten Password? This company will be out of business in one year or less. 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. Call us now on 877-700-5790 for further assistance. Essentially, they steal from the customer. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. 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. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. 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. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Were never worried about our overdue receivables. said no business ever. We spoke with ANAIS today and were helped with understanding the rates. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. 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. By working with eMerchant Authority, this is a problem that can be avoided. Don't Fall Into An Expensive Trap. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Now illness has caused me to lose my merchant tax ID. 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. The following is a sample list of complaints filed against United Merchant . Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. I agreed to pay back the money that was owned. Our proven investigation tools help us create fast and effective debt recovery services. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Very shady business practices and a very deceptive sales process. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. STAY AWAY. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. I have never had any other merchant?! They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. I had to close the account, due to poor sales results. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Save money with Merchant Solutions low processing rates and free terminal program. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. However, pricing is not disclosed on either of those services. Recovery Solutions Group, LLC (RSG) Contact Information. They are very rude and they will not correct the problem with me even though they said they would. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. 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. The .gov means its official. Learn more about the new debt collection rule. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Their hidden fees are through the roof. We appreciate it. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. From The Editor New York, NY 10038. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 If you can get one who has worked with businesses in the debt collection industry, the better. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. We also encourage merchants to check out our list of the providers of the best merchant accounts. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales All feedback, positive or negative, helps us to improve the way we help small businesses. These companies and people are banned, by federal court orders, from participating in the business of debt collection. They constantly slip in unauthorized charges. Today was the last straw which we really been shut down since April over covid19. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. These processors offer Quickbooks integration and have low rates. 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. 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. A collection agency merchant account is classified as high risk for a number of reasons. Problems logging in? 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. The overall household debt for an average family increased by 11% . Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. they charged me $450 every month out of total 10k annual monthly. 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. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Were dedicated to B2B debt recovery. This company hires predatory sales people, arent up front about fees and raped my bank account. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . JUST SAY NO. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Same situation. 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. On November 30, 2021, the Debt Collection Rule became effective. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Fast turnaround: as little as 1-2 days. Has representatives that open fradulent accounts. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. when you cancel.Please take your business elsewhere. I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! If you hear from them just Run!!! Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. High-risk specialist with anti-fraud and anti-chargeback protections. Youre also working with a business that knows your problem and has the fix. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. 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. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. My contract ends in January 2015 and I am looking forward to it. Abdulali Mithani is the CEO and chairman of The Merchant Solutions, though LinkedIn also lists a Zahra Mithani as CEO and a Taufia Mithani as CEO and chairman. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Merchant Mavericks ratings are not influenced by affiliate partnerships. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. It isnt just the finances of your business that they pay attention to either. 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. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Going to BBB and will get attorney if I have to. She said that I would need to submit an application in order to verify the discounts they were offering. I have tried to use card reader several times without success. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. We work to advance government policies that protect consumers and promote competition. I would not recommend TMS to my worst enemies. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Only. When you should have paid 1.62. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The Merchant Solutions is definitely THE worst credit card company EVER!!!! 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). Search the Legal Library instead. 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. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. See Which Processors Offer No Monthly Fees And No Contracts. PCI Non-Cpmpliance. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. dont believe what they tell you Customer service is horrible. TOTAL SCAMMERS!!! The companys rating is also impacted by its higher-than-average complaint total with the BBB. Provider of affordable payment processing hardware that can streamline various debt collection operations. I was told thay my rates would be as low as 1.5%. Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. Square is a top choice for POS for any type of business. These people are down right crooks! Monthly Processing Range Your email address will not be published. Understand how the CFPB's Debt Collection Rule can help you. Processing statements are intentionally complicated so that they can overcharge you. They really do not want to do this. I should have closed my bank account the minute we closed our business so I could have avoided all of this. Should have know. 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. They will tell you that there are no hidden fees and no extra charges. Annual PCI Fee $99.00 And because I signed the document, the company is telling me, that I am liable for the contract. They are crooks. Several complainants outright accuse the company of being a ripoff or a scam operation. 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.. eMerchant Authority can help with this. Both were resolved to the dissatisfaction of the merchant or received no final response. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. 4 Best Merchant Accounts For Collection Agencies. They have been lying to me since day 1 of signing up with them. This is an attempt to collect a debt and any . This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. Disgusted. Avoid this outfit as they will make your life miserable. Dont give them, or their mother company, First Data, your business!!! Opinions expressed here are authors alone. 651-398-1636. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. This means that the process is fast. This credit card processing company is HORRIBLE! As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Easier borrower qualifications that help you build business credit. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. 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!!! I work damn hard to run my business and I will be damned if they are going to steal money from me. 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! The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. So then I cancelled and they charged me a $945 restocking reprogramming 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. This is a business that is rife with fraud and chargebacks. 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. And it was my fault for not reading the fine print on the documents. The collector has to tell you four pieces of information. This means that your business will be making a lot more profit for each transaction. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. This means that our job is to reduce the risk of any transactions for the merchant bank. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. If you would like to interview Phillip for your story or podcast, please reach out here. We have lowered the companys score in this section to a C to reflect this consistency. Look out for credit card processors who offer other merchant solutions that could be useful for your business. They are thieves because they stole money from my account and wont make it right with me. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. 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. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Are you with The Merchant Solutions? The site is secure. These gateways may also support online portals through which users must enter before they can submit their payments online. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. They are awful and very dishonest do not use them. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online.

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