: 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. The competition is real with so many POS servicing company. From The Editor Avoid this outfit as they will make your life miserable. 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. Its like they try to rip you off once last time b4 they let you go. They want me to pay almost $900.00 for equipment I dont use. 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. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Pam called me offering a competitive rate for credit card processing. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Get clarity before you switch. Search the Legal Library instead. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Flexible and transparent pricing suits high- and low-ticket agencies. So only use this business if you like being lied to and stole from cause thats what their good at. She said that I would need to submit an application in order to verify the discounts they were offering. Lots of hidden fees that other companies dont charge! 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. From the beginning I was deceived,I was promised free terminal support and replacement, discounted terminal paper, and outstanding customer service all of which I never received. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. They are beyond shady and dont care at all about customer service!!! Due to the risky nature of your business the typical bank wont deal with you. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. I have never had any other merchant?! Before sharing sensitive information, make sure youre on a federal government site. Recovery Solutions Group, LLC (RSG) Contact Information. This does not compare favorably to our list of best credit card processors. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. 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. I wish I would have read some reviews before I sign up with these con artists. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. 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. That doesnt count the canclelation fee that coming up from them. Numerous calls went straight to voicemail without any return calls. The risks related to your business will be assessed by underwriters. 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. 53 of these reviews are positive, while the remaining 5 reviews are negative. They have fees for everything when you cancel or have to end your contract early. A collection agency merchant account is classified as high risk for a number of reasons. 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. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. 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. An official website of the United States government. Seeking to take them to court for their theft. 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. 4 Best Merchant Accounts For Collection Agencies. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Their hidden fees are through the roof. This company should not be allowed to do business. 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. 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. New York, NY 10038. Very shady business practices and a very deceptive sales process. Try PaymentCloud. 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. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Opens accounts with terms not agreed to. When you should have paid 1.62. Location & Ownership They may even have maximum limits to any transactions that you complete. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. This means that you will need both a payment processor and a merchant account. If you have already signed up with them, get out fast. Opinions expressed here are authors alone. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. 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. 844-66-CFGMS (844-662-3467) Not an existing MeS Virtual Terminal User? eMerchantBroker.com. THIS WAS A TOTAL LIE. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. I have been with them since 2015 and in June,2019 I decided to go to a different processor. The Merchant Solutions processes most major payment types. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Horrible company. Learn more about your rights as a consumer and how to spot and avoid scams. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. This company, Merchant Solutions, is a fraud. We also encourage merchants to check out our list of the providers of the best merchant accounts. Then I began getting charged a PCI non compliant fee $40.00. After i cancle my account they charged me 200$ come out of no where. 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. Note: We have adjusted this companys BBB rating according to our own standards. Customer service is horrible. So, its no surprise that banks often deny them merchant accounts. They charge you all kinds of fees which your not told about. This means that you could, effectively, lose your ability to run your business. They are very rude and they will not correct the problem with me even though they said they would. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. please dont sign up and let people know about that. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Merchant Mavericks ratings are not influenced by affiliate partnerships. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Lets start with the salesman Daniel A. when you cancel.Please take your business elsewhere. 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. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. processing as well as the collections industry, in order to support compliance and best practices adherence . However, pricing is not disclosed on either of those services. I was never told about a restocking fee and some other charge until I got ready to cancel. All debt collectors track down past-due debts that businesses and consumers owe. This was not in our contract, but I couldnt get the money back without suing them. Zero star rating, they are big time scam 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Such a vendor can be a great help for your debt collector business. Our proven investigation tools help us create fast and effective debt recovery services. He has a BA in Creative Writing and a Minor in German from Goucher College. The merchant solutions is the most horrible company I have ever dealt with. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. 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. See this page to learn how we support our operations. Learn more about dealing with debt collection at ftc.gov/debt. Annual Fee $79.00 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. I think I was the set up by Merchant Solutions. 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. I will NEVER consider using them again. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. 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 collector has to tell you four pieces of information. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. If you are a small business owner avoid these crooks like the plague. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Do you feel like its the right time to start a collection agency? That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. This post will help: How to Get Out of a Merchant Account Contract. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. This form is for feedback only. 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! With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. We occasionally send out emails with special offers. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. 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. 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. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. 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. Learn how to resolve this complaint. Instead, you need to search for high-risk merchant accounts. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. Should have know. 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. 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. not explained. The chargeback will be made against their account. This is a business that is rife with fraud and chargebacks. Call 1-888-288-2692. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. Forgotten Password? High-risk specialist with anti-fraud and anti-chargeback protections. Telephone: (818) 409-6000. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Were never worried about our overdue receivables. said no business ever. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. dont believe what they tell you Youll get your merchant account for your collection agency in as little as 24 48 hours. Address: Recovery Solutions Group. I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. Seriously they will destroy your business. I was told thay my rates would be as low as 1.5%. Lending and Debt Repayment Merchant Accounts. I have proof of all deductions after I cancelled. This means that you will be out of business. I was to have 1 account with Merchant Solutions ! He is very knowledgeable and provided excellent support. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Signature not by me, computer generated. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. All Rights Reserved. Home; Services Healthcare Services; Consumer Business Collections . Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. It is not intended as legal or financial advice. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. A collection agency merchant account is essential to process payments in this unique industry. 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.
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