The .gov means its official. This includes debt collection companies and debt buyers. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. not explained. Disgusted. Save yourself stress and aggravation and sign up with a different processor. Customer service is horrible. New York, NY 10038. Payment Processing . Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. 4 Best Merchant Accounts For Collection Agencies. 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. Worse company ever. Merchant Solutions retail credit card processing solutions allow merchants to offer flexible methods of payments at the point-of-sale, including major credit cards, debit cards and checks. It isnt just the finances of your business that they pay attention to either. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. 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. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Federal government websites often end in .gov or .mil. They may require you to constantly have reserve cash in your account. Learn more about your rights as a consumer and how to spot and avoid scams. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. Also that free terminal will cost you $350 when you try to cancel the account. And it was my fault for not reading the fine print on the documents. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown 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.. In some cases, this leads to merchants contracting with debt collection agencies. 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. If you have your own The Merchant Solutions review to make, please do so in the comments below. 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 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. This credit card processing company is HORRIBLE! Click here for more product information. Get the truth here. Youre also working with a business that knows your problem and has the fix. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. These people called me for weeks and sent me all kinds of sales materials when my business started. eMerchantBroker can . Some processors have no monthly, no annual fees, no contract, and cheap rates. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. 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. I would recommend not to do business with this company. It's a cut throat industry. : 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. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. You can get your approval in as little as 24 hours. 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. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. Moreover, EMB is rate A by Card Payment Options. I set up a payment arrangement . Telephone: (818) 409-6000. eMerchantBrokers strictly long-term contracts and expensive early termination penalties can significantly hinder the ability of a new collection agency to flourish, and the payment processors reputation for misleading sales gimmicks doesnt help matters much. DO NOT EVEN talk to their salespeople. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. This Post Might Help: Best Restaurant Merchant Accounts. 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. 2985 E. Hillcrest Drive Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. Excellent provider for collection agencies with a strong eCommerce presence. Strongly suggest that anyone does there homework and compare companies for this service. At Monetaria, we understand that your MCA agreements are time-sensitive. $35.00 Not an existing MeS Virtual Terminal User? I have tried to use card reader several times without success. Then I began getting charged a PCI non compliant fee $40.00. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. i signed up a few weeks ago and havent been able to get into contact with them since. the name of the creditor you owe it to. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. The overall household debt for an average family increased by 11% during the last 10 years. Required fields are marked *. You could tell a collector to send a validation notice. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Find the resources you need to understand how consumer protection law impacts your business. Verify before you sign with this company. Their hidden fees are through the roof. Are you with The Merchant Solutions? I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Your business cannot opt for a standard merchant account here. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Dont give them, or their mother company, First Data, your business!!! Additional rates and fees, including a technical support fee may apply. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. 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. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. 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. High-risk specialist with anti-fraud and anti-chargeback protections. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. 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. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. For me customer support is key and Austin is definitely an asset to this company. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. This is an attempt to collect a debt and any . 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. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 When you choose us, youre not just getting back your assets. He has a BA in Creative Writing and a Minor in German from Goucher College. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. I should have closed my bank account the minute we closed our business so I could have avoided all of this. I was skeptical and decided not to switch to merchant solutions. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. 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. Such a vendor can be a great help for your debt collector business. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. CFG Merchant Solutions, LLC. 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. So only use this business if you like being lied to and stole from cause thats what their good at. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Do not give them your business. Their customer service is simple horrible. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. The sales rep never returned my calls and is no longer with thw company. Our integrations connect you with the best tools for your business. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. It was revoked by State of TN. Beware, do not do business with merchant solutions. Signature not by me, computer generated. A collection agency merchant account is classified as high risk for a number of reasons. We also encourage merchants to check out our list of the providers of the best merchant accounts. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. Address: Recovery Solutions Group. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Because of their undisclosed fees and charges I ended up paying more than my previous company. I was told thay my rates would be as low as 1.5%. You really leave your business account open to these guys with free access to do as they like. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. You may be charged fees for using this account. He is very knowledgeable and provided excellent support. This means that the process is fast. 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. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. SAVE YOURSELF THE HEADACHE! Merchant Solutions is a very dishonest processor. Zero star rating, they are big time scam I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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!! They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. BE AWARE!!! Respectable processors like EMB guarantee a fast, secure application process. eMerchant Authority can help with this. The overall household debt for an average family increased by 11% . The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. The 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. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. We're Proud to Advance Cash to Business Owners Like You. 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. FTC Staff. They are very rude and they will not correct the problem with me even though they said they would. 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. I am still waiting on on calls from their supervisors from last year. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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!!! Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Annual PCI Fee $99.00 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. Thanks ANAIS. Both were resolved to the dissatisfaction of the merchant or received no final response. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Phone number: (302) 241-0686. Its just a penalty fee that they add on you for leaving their company. Anybody have any suggestions for getting out of this company? 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In addition, they told us the transaction fee would be 2.65% of each purchase. Flexible and transparent pricing suits high- and low-ticket agencies. They said they had cancelled the account, but the following month we were charged again. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Note that we are not able to provide private consultations, give advice, or answer questions. Help us to improve by providing some feedback on your experience today. Besides, we understand just how financially difficult it is to become a business owner. CardPaymentOptions.com, Inc. All Rights Reserved. Horrible company. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Lending and Debt Repayment Merchant Accounts. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Austin Smith was very knowledgeable and helpful! I got a shock when they deducted total of $1000.00 from my account in 4 payments. They want me to pay almost $900.00 for equipment I dont use. 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. YOU WILL BE SORRY! 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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. The risks related to your business will be assessed by underwriters. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. 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. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. 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. This company and its employees are rude, I have been trying to cancel and they make it difficult. Our proven investigation tools help us create fast and effective debt recovery services. Find Loan Options For Your Small Business. He has also researched and published reviews about nearly every payment services provider and processor. This field is for validation purposes and should be left unchanged. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Call us now on 877-700-5790 for further assistance. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. This company was nothing but deceitful from the beginning. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Processing statements are intentionally complicated so that they can overcharge you. Its website can be hard to use as well. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Square is a top choice for POS for any type of business. This post will help: How to Get Out of a Merchant Account Contract. 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. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. 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. They dont deserve a BBB rating they suck!!!! I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. They constantly slip in unauthorized charges. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. for lack of use and Merchants want 490 dollars to terminate service. This company needs to be put out of business. You will not have enough time to do it, the machine terminal breaks all the time. Recovery Solutions Group, LLC (RSG) Contact Information. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Ready to integrate payment processing solutions into your new business? I used Merchant Solutions for approx. To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. They will not return my phone calls now. 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. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. 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. Over the years, we have built up connections with banks all over the world. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Their customer service is terrible, they are never reachable. I have proof of all deductions after I cancelled. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. We have lowered the companys score in this section to a C to reflect this consistency. Pam called me offering a competitive rate for credit card processing. The following is a sample list of complaints filed against United Merchant . The site is secure. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! They will tell you that there are no hidden fees and no extra charges. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge.
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