Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. Merchant Solutions is a very dishonest processor. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. please dont sign up and let people know about that. If your company is in the business of collecting debts, then you will need to have some way to process payments. They never have any answers and are only looking for ways to disconnect you. These processors offer Quickbooks integration and have low rates. If you are a small business owner avoid these crooks like the plague. Zero star rating, they are big time scam At this point, I am looking for a new processor . 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. when you cancel.Please take your business elsewhere. This company is nothing but a fraud. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. eMerchant Authority operates an in-house underwriting team. Screw this place I wish their was a way we could put them out of business. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Address: Recovery Solutions Group. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. Their customer service is simple horrible. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 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. 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. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. Processing statements are intentionally complicated so that they can overcharge you. This does not compare favorably to our list of best credit card processors. A collection agency merchant account is classified as high risk for a number of reasons. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Anybody have any suggestions for getting out of this company? Not much, but still more than disclosed. As you're checking out a debt collection call, remember: don't respond to threats. 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. Learn more about your rights as a consumer and how to spot and avoid scams. 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. 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. Do not give them your business. Learn how to resolve this complaint. Problems logging in? 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. Credit Card Processing for Debt Collection Businesses We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. They are thieves because they stole money from my account and wont make it right with me. 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. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Note that we are not able to provide private consultations, give advice, or answer questions. 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 overall household debt for an average family increased by 11% . Do you feel like its the right time to start a collection agency? Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Min. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. 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. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. 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 you should have paid 1.62. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. The Signature page of the second contract is an EXACT COPY of the account I did open. 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. Its like they try to rip you off once last time b4 they let you go. 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. This means that you can always stay on top of any transactions that you are making. I was to have 1 account with Merchant Solutions ! Its just a penalty fee that they add on you for leaving their company. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. 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. 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Within a month or two they charged me a yearly acct fee of $80.00 and then out of the blue raised the monthly rate to $20.00. Monthly Fee $25.00 The Best Merchant Accounts For Collection Agencies & Debt Collectors. 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! Dont give them, or their mother company, First Data, your business!!! They refuse to refund the money. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. We may earn revenue if you obtain services from a provider that we recommend. These are charged beyond any percent fees. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Many may find PaymentClouds organization of products on its website to be less than navigable. Merchants Credit Association, is a debt collection company. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. 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Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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!! Their hidden fees are through the roof. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Weve resolved overdue accounts for clients without damaging customer relationships. 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. Copyright 2023 Merchant Maverick. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Our services are secure and reliable. Getting paid to re-write this page? Annual PCI Fee $99.00 dont believe what they tell you Once the application process starts, we will find the best merchant account for you. Very rude on phone, does not care about you as a customer. I was skeptical and decided not to switch to merchant solutions. Very shady business practices and a very deceptive sales process. The sales rep never returned my calls and is no longer with thw company. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. I am looking to upgrade 4 of my restaurants systems. 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. In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Youll get your merchant account for your collection agency in as little as 24 48 hours. Some processors have no monthly, no annual fees, no contract, and cheap rates. close down your account. 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 Merchant Solutions rates as an average merchant services provider across the board according to our rating system. CardPaymentOptions.com, Inc. All Rights Reserved. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. how much money you owe. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. This has Been the worst POS processing company I have ever felt with. TOTAL SCAMMERS!!! Their customer service is terrible, they are never reachable. 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. * The terms and conditions of this promotion currently cannot be found on the website. 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). However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. Same situation. I had to close the account, due to poor sales results. Easier borrower qualifications that help you build business credit. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). Why would we want a service we couldnt use? This is a business that is rife with fraud and chargebacks. 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. A recent negative review mentions poor sales techniques: Merchants that are worried about undesirable fees being added to their contracts should review which contract terms to avoid. Only. We occasionally send out emails with special offers. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Your email address will not be published. Both were resolved to the dissatisfaction of the merchant or received no final response. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. She also helped us to file our annual PCI compliance saving us about $40 per month. 844-66-CFGMS (844-662-3467) The site is secure. Such a vendor can be a great help for your debt collector business. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. THIS WAS A TOTAL LIE. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. All feedback, positive or negative, helps us to improve the way we help small businesses. They will give you false information over the phone and then tell you their salesperson had no authorization to give 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. BEWARE OF THESE DOGS! It is not intended as legal or financial advice. Suggest you consider that Paymentech and many others do not charge this. Call 1-888-288-2692. They terminated my account for non use since I was using another company and had not transferred over yet. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. I was never told about a restocking fee and some other charge until I got ready to cancel. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. I have been with them since 2015 and in June,2019 I decided to go to a different processor. Im so glad I read these before making a huge mistake. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion.