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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. 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 . 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. How to tell the difference between a legitimate debt collector and Find legal resources and guidance to understand your business responsibilities and comply with the law. Sending Chargebacks to Debt Collection Of course, we will provide you with all of the tools that you need to process payments. Federal government websites often end in .gov or .mil. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Debt Collection Industry and Merchant Accounts They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. The sole purpose of the material presented herein is to alert, educate, and inform readers. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. 651-398-1636. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Do not give them your business. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. See this page to learn how we support our operations. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. This company was nothing but deceitful from the beginning. Maintaining these ratios is challenging for merchants in many industries. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. This means that you will be out of business. At this point, I am looking for a new processor . Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. i signed up a few weeks ago and havent been able to get into contact with them since. If youre interested in securing a virtual terminal that you can integrate with your businesss payment processing solutions, we recommend that you choose an online payment processor with systems to combat card-related consumer chargebacks that minimize interruptions to your revenue stream. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? Keep up the excellent work Austin and thank for helping us through out the entire setup process. They round up everything, even when they shouldnt according to elementary mathematics! I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. 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. They want me to pay almost $900.00 for equipment I dont use. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. 180 Maiden Lane, 15th Floor. 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. 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. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Seriously they will destroy your business. They said they would beat my current rate but never could. Note that we are not able to provide private consultations, give advice, or answer questions. Learn how to resolve this complaint. 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. Its just a penalty fee that they add on you for leaving their company. Moreover, EMB is rate A by Card Payment Options. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! So then I cancelled and they charged me a $945 restocking reprogramming fee? Comp Admin Fee $9.95 Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. Help us to improve by providing some feedback on your experience today. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. You almost certainly will not be able to work with companies like PayPal. 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. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. Payment Processing . Recovery Solutions Group, LLC (RSG) Contact Information. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Several complainants outright accuse the company of being a ripoff or a scam operation. 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. Respectable processors like EMB guarantee a fast, secure application process. 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. Beware, do not do business with merchant solutions. Their hidden fees are through the roof. They will not return my phone calls now. Your business cannot opt for a standard merchant account here. See Which Processors Offer No Monthly Fees And No Contracts. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. This form is for feedback only. Total $247.95. Early penalty for cancellation. This company and its employees are rude, I have been trying to cancel and they make it difficult. We can help your collection agency even if you've you been turned down by service providers in the past. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Once the application process starts, we will find the best merchant account for you. BEWARE OF THESE DOGS! When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. 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. Merchant Solutions is a very dishonest processor. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Read more below to learn why we chose these options. Remove Recovery Solutions Group From Credit Report If your company is in the business of collecting debts, then you will need to have some way to process payments. The merchant solutions is the most horrible company I have ever dealt with. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. JUST SAY NO. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Opens accounts with terms not agreed to. : 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. He has also researched and published reviews about nearly every payment services provider and processor. How Can Merchants Use Debt Collectors to Recover Chargebacks? . TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. We work to advance government policies that protect consumers and promote competition. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Fast turnaround: as little as 1-2 days. An official website of the United States government. My company is no longer doing business and I have not used the machine in 6 months. BBB received a pattern of complaints concerning collections practices. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. We occasionally send out emails with special offers. We appreciate it. DO NOT EVEN talk to their salespeople. 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. Learn more about our monetization policies here. If anyone has a better option please let me know. Get clarity before you switch. This means that you will need both a payment processor and a merchant account. High-risk specialist for U.S.-based collection agencies. These companies and people are banned, by federal court orders, from participating in the business of debt collection. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. Going to BBB and will get attorney if I have to. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. We have focused on merchant cash advances over two decades. Complaints for Recovery Solutions Group, LLC - Better Business Bureau is the best thing you can do to improve your business cash flow and offer more payment options to your customers. SAVE YOURSELF THE HEADACHE! This credit card processing company is HORRIBLE! Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Youre also working with a business that knows your problem and has the fix. Now they have charged me with a PCA compliance processing fee of $149, payable annually. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Their customer service is simple horrible. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Seattle Collection Agency | Merchants Credit Association Thousand Oaks, CA 91362. I think I was the set up by Merchant Solutions. 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. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. 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. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Keep your money you work for and dont use them. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Sign up today and get a free card reader! Phillip created this website and has written over 1,000 articles regarding all things payments. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Other companies may just outright decline your application. The Merchant Solutions processes most major payment types. 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. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. close down your account. Annual PCI Fee $99.00 Kim, this just happened to me and I wanted to see if you had any outcome in your situation. If you have your own The Merchant Solutions review to make, please do so in the comments below. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Trouble Getting Approved? She also helped us to file our annual PCI compliance saving us about $40 per month. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). Looking For One Of These Merchant Accounts For Collection Agencies? 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. Amazing! $1350 fee if terminal is not returned within 10 days. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. As you're checking out a debt collection call, remember: don't respond to threats. Screw this place I wish their was a way we could put them out of business. THIS WAS A TOTAL LIE. Then I began getting charged a PCI non compliant fee $40.00. Debt Collection Agency Merchant Account| Fast Approval Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Our integrations connect you with the best tools for your business. 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. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. 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). This is an attempt to collect a debt and any . The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. And it was my fault for not reading the fine print on the documents. In addition to those 2 complaints, the company has received 58 informal reviews. Today was the last straw which we really been shut down since April over covid19. Try PaymentCloud. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. Milford, DE 19963. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Horrible company. If that happens, then it will be the merchant account provider on the line. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. I was skeptical and decided not to switch to merchant solutions. This post will help: How to Get Out of a Merchant Account Contract. Besides, we understand just how financially difficult it is to become a business owner. I have proof of all deductions after I cancelled. What Consumers Should Do When Fake Debt Collection Scammers Call. This is very dishonest company with deceptive business practices. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Upon cancellation after over 4 years I returned the machine in good order. Call us now on 877-700-5790 for further assistance. Banned Debt Collectors | Federal Trade Commission Merchant Cash Advance in Collections: What to Do Has representatives that open fradulent accounts. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Also that free terminal will cost you $350 when you try to cancel the account. This means that you cannot work with companies like PayPal or Square. 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. dont believe what they tell you Debt Collection Merchant Accounts 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 were charged a $350 restocking fee after being told there would be NO FEES. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. I was told thay my rates would be as low as 1.5%. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. 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. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. This means that you will be out of business. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents.

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