The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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 anyone do business with this scums be prepared to have a high blood pressure. I think I was the set up by Merchant Solutions. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The site is secure. Should have know. Instead, you need to search for high-risk merchant accounts. 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. This company, Merchant Solutions, is a fraud. This is why we want to help you get the right debt collection merchant account from the very start. TOTAL SCAMMERS!!! close down your account. What out business owners out there about this Merchant Solutions. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Specialized account support for multiple collection agency types. Due to the risky nature of your business the typical bank wont deal with you. 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. You really leave your business account open to these guys with free access to do as they like. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. They charge you all kinds of fees which your not told about. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 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. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Maintaining these ratios is challenging for merchants in many industries. And it was my fault for not reading the fine print on the documents. This company needs to be put out of business. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Comp Admin Fee $9.95 My company is no longer doing business and I have not used the machine in 6 months. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? New York, NY 10038. Moreover, EMB is rate A by Card Payment Options. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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.. Lots of hidden fees that other companies dont charge! 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. 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. 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.. 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. Nasty contract . I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. DO NOT use this company. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Were dedicated to B2B debt recovery. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Horrible company. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. 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! If you are a small business owner avoid these crooks like the plague. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Phone number: (302) 241-0686. Now they have charged me with a PCA compliance processing fee of $149, payable annually. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. This means that you will be out of business. eMerchant Authority operates an in-house underwriting team. Forgotten Password? We may earn revenue if you obtain services from a provider that we recommend. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Your email address will not be published. Save yourself stress and aggravation and sign up with a different processor. BE AWARE!!! These revenues in no way influence our ratings or reviews. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Lets start with the salesman Daniel A. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. 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. They need to see how strong your profits are. I hope there will be a class action lawsuit and I plan to be a part of it. This means that your business will be making a lot more profit for each transaction. 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. Some merchant account providers may offer high fees. Square is a top choice for POS for any type of business. The competition is real with so many POS servicing company. I have been with them since 2015 and in June,2019 I decided to go to a different processor. HORRIBLE ! Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Pure scam artists just looking to steal your hard earned money. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. If your company is in the business of collecting debts, then you will need to have some way to process payments. It's a cut throat industry. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. If you would like to interview Phillip for your story or podcast, please reach out here. They have terrible reviews on google and many many complains on BBB. Only. Also when you call they have no customer service and are rude on the phone. TMS offers a dedicated support phone line and an email form on its website. Due to the unique processes we have in place, we can offer affordable rates for our services. 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. I was to have 1 account with Merchant Solutions ! This field is for validation purposes and should be left unchanged. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. You could tell a collector to send a validation notice. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. 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. 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. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Address: Recovery Solutions Group. 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. They want me to pay almost $900.00 for equipment I dont use. Excellent provider for collection agencies with a strong eCommerce presence. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. Home; Services Healthcare Services; Consumer Business Collections . Don't Fall Into An Expensive Trap. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! A full point-of-sale (POS) system in one sleek package. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. After i cancle my account they charged me 200$ come out of no where. Note that we are not able to provide private consultations, give advice, or answer questions. They Rip you off way more than wat they told you they would charged. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. They said they had cancelled the account, but the following month we were charged again. They stealing $1000.00 dollars from my account. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. An official website of the United States government. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. The .gov means its official. 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 includes debt collection companies and debt buyers. Early penalty for cancellation. Its important to be able to connect with a real person on the phone. Understand how the CFPB's Debt Collection Rule can help you. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. Looking For One Of These Merchant Accounts For Collection Agencies? I work damn hard to run my business and I will be damned if they are going to steal money from me. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. Copyright 2023 Merchant Maverick. These people called me for weeks and sent me all kinds of sales materials when my business started. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. My contract ends in January 2015 and I am looking forward to it. They may require you to constantly have reserve cash in your account. 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. It isnt just the finances of your business that they pay attention to either. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Fast turnaround: as little as 1-2 days. 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. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Let us know how well the content on this page solved your problem today. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. No doubt necessary to achieve any success, as the sales person was barely literate. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Learn more about the new debt collection rule. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. 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. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Virtual terminals let business owners access a secure web page to process their customer payments with a built-in dashboard thats similar to a physical card reader. This means that you will be out of business. Annual PCI Fee $99.00 Its like they try to rip you off once last time b4 they let you go. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. This means that the process is fast. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Besides, we understand just how financially difficult it is to become a business owner. 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. Garbage company. The sole purpose of the material presented herein is to alert, educate, and inform readers. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Dont give them, or their mother company, First Data, your business!!! 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Noah is a writer and content creator currently living in Fairfax, VA. 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. 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. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. eMerchant Authority can help with this. The following is a sample list of complaints filed against United Merchant . Now illness has caused me to lose my merchant tax ID. We can help your collection agency even if you've you been turned down by service providers in the past. When I wanted to cancel they wouldnt send me the cancellation form for weeks. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. At Monetaria, we understand that your MCA agreements are time-sensitive. If that happens, then it will be the merchant account provider on the line. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Signature not by me, computer generated. Which Collection Agency Merchant Account Is Right For My Business? After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Provider of affordable payment processing hardware that can streamline various debt collection operations. This means that you can always stay on top of any transactions that you are making. This company is deceitful. Very rude on phone, does not care about you as a customer. Anybody have any suggestions for getting out of this company? 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Click here to earn a reward. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Their hidden fees are through the roof. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 180 Maiden Lane, 15th Floor. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. 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. We have lowered the companys score in this section to a C to reflect this consistency. So, its no surprise that banks often deny them merchant accounts. These are charged beyond any percent fees. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Look out for credit card processors who offer other merchant solutions that could be useful for your business. So only use this business if you like being lied to and stole from cause thats what their good at. Going to BBB and will get attorney if I have to. They constantly slip in unauthorized charges. Every review above has happened to me too exactly like the above. She also helped us to file our annual PCI compliance saving us about $40 per month. DO NOT EVEN talk to their salespeople. Clover is the company's proven solution that makes it easy for small businesses to accept payments and run their day-to-day operations, from reporting and inventory to invoicing and e-commerce. Today was the last straw which we really been shut down since April over covid19. Save money with Merchant Solutions low processing rates and free terminal program. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Get clarity before you switch. This does not compare favorably to our list of best credit card processors. 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. A lot of other company with no contract and fees to work with out there. Opinions expressed here are authors alone. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! 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!!! Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Required fields are marked *. Were never worried about our overdue receivables. said no business ever. You almost certainly will not be able to work with companies like PayPal. 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. 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. I have proof of all deductions after I cancelled. These gateways may also support online portals through which users must enter before they can submit their payments online. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. You may be charged fees for using this account. He has a BA in Creative Writing and a Minor in German from Goucher College. The Signature page of the second contract is an EXACT COPY of the account I did open. 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. The merchant solutions is the most horrible company I have ever dealt with. 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. 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. 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. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority.