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. TMS offers a dedicated support phone line and an email form on its website. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. So only use this business if you like being lied to and stole from cause thats what their good at. Credit Card Processing for Debt Collection Businesses Today was the last straw which we really been shut down since April over covid19. 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 Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Besides, we understand just how financially difficult it is to become a business owner. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. If you can get one who has worked with businesses in the debt collection industry, the better. 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. 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. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. 651-398-1636. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. This is very dishonest company with deceptive business practices. This means that you could, effectively, lose your ability to run your business. 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. Find Loan Options For Your Small Business. Has representatives that open fradulent accounts. Complaints for Recovery Solutions Group, LLC - Better Business Bureau The Best Merchant Accounts For Collection Agencies & Debt Collectors. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. The overall household debt for an average family increased by 11% . I have tried to use card reader several times without success. This company should not be allowed to do business. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Sign up today and get a free card reader! Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Opens accounts with terms not agreed to. Several complainants outright accuse the company of being a ripoff or a scam operation. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. 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. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Merchant Services | Payment Processing Enterprise Solutions | Fiserv Merchants Solution Group | Better Business Bureau Profile But unlike other financial transactions, you don't have time to spend phoning and e-mailing. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. We have focused on merchant cash advances over two decades. Thanks ANAIS. This field is for validation purposes and should be left unchanged. 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. Get clarity before you switch. Verify before you sign with this company. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. Its just a penalty fee that they add on you for leaving their company. They stealing $1000.00 dollars from my account. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. 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. Your email address will not be published. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. The Signature page of the second contract is an EXACT COPY of the account I did open. Strongly suggest that anyone does there homework and compare companies for this service. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. 53 of these reviews are positive, while the remaining 5 reviews are negative. Pam called me offering a competitive rate for credit card processing. eMerchantBroker can . The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 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. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. So, its no surprise that banks often deny them merchant accounts. After i cancle my account they charged me 200$ come out of no where. Opinions expressed here are authors alone. Debt Collection Agency Merchant Account - PayKings Whats more, the debt collection industry is regulated by federal authorities including the FDCPA and CFPB, and is subject to legal requirements that vary on a state-by-state basis. 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. This is a business that is rife with fraud and chargebacks. 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. 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. Were dedicated to B2B debt recovery. They are thieves because they stole money from my account and wont make it right with me. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Call us now on 877-700-5790 for further assistance. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. Trouble Getting Approved? Horrible company. 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. Higher cost than explained in solicitations Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. If you are a small business owner avoid these crooks like the plague. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. I had to close the account, due to poor sales results. On November 30, 2021, the Debt Collection Rule became effective. They really do not want to do this. 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. We occasionally send out emails with special offers. I was told thay my rates would be as low as 1.5%. 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. Your business cannot opt for a standard merchant account here. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Total $247.95. I set up a payment arrangement . Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. This company needs to be put out of business. RUN! It is not intended as legal or financial advice. close down your account. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. Over the years, we have built up connections with banks all over the world. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Call 1-888-288-2692. Debt Collection | Federal Trade Commission Respectable processors like EMB guarantee a fast, secure application process. 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 . No mention of 3 year contract and no proof of it. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 2985 E. Hillcrest Drive Youre also working with a business that knows your problem and has the fix. Seeking to take them to court for their theft. This company is deceitful. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. Processing statements are intentionally complicated so that they can overcharge you. A full point-of-sale (POS) system in one sleek package. Instead, you need to search for high-risk merchant accounts. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Due to the unique processes we have in place, we can offer affordable rates for our services. Get Your Quote. Min. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Credit & Debt Collections Merchant Services - DigiPay Solutions Square is a top choice for POS for any type of business. Lots of hidden fees that other companies dont charge! service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Your Merchant Cash Advances help commercial businesses succeed. They are beyond shady and dont care at all about customer service!!! The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. What Consumers Should Do When Fake Debt Collection Scammers Call. they charged me $450 every month out of total 10k annual monthly. At Monetaria, we understand that your MCA agreements are time-sensitive. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. As you're checking out a debt collection call, remember: don't respond to threats. Many may find PaymentClouds organization of products on its website to be less than navigable. And because I signed the document, the company is telling me, that I am liable for the contract. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Address: Recovery Solutions Group. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Our integrations connect you with the best tools for your business. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. The Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. Their customer service is terrible, they are never reachable. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. How to tell the difference between a legitimate debt collector and Looking for legal documents or records? Very rude on phone, does not care about you as a customer. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. Do you feel like its the right time to start a collection agency? These people are down right crooks! services due to the high risk associated with debt collection businesses. When you choose us, youre not just getting back your assets. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Recovery Solutions Group, LLC (RSG) Contact Information. This lack of transparency in pricing is typical of the industry in general. Fast turnaround: as little as 1-2 days. 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. 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. These people are the biggest crooks Ive ever encountered. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Why would we want a service we couldnt use? I work damn hard to run my business and I will be damned if they are going to steal money from me. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. 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. Help us to improve by providing some feedback on your experience today. Because of their undisclosed fees and charges I ended up paying more than my previous company. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. The types of collections that different agents and agencies deal with, though, can vary widely. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. BEWARE OF THESE DOGS! That doesnt count the canclelation fee that coming up from them. Amazing! Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. 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. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Zero star rating, they are big time scam I was skeptical and decided not to switch to merchant solutions. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. 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. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. See this page to learn how we support our operations. 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!! 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. I got a shock when they deducted total of $1000.00 from my account in 4 payments. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. See Which Processors Offer No Monthly Fees And No Contracts. Understand how the CFPB's Debt Collection Rule can help you. Customer service is horrible. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. These people called me for weeks and sent me all kinds of sales materials when my business started. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . A lot of other company with no contract and fees to work with out there. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. this will happen if you change to another company. However, pricing is not disclosed on either of those services. 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. Some merchant account providers may offer high fees. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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. In Summary: 4 Best Merchant Accounts For Collection Agencies. From The Editor They Rip you off way more than wat they told you they would charged. 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. Home (425) 643-2613 (800) 755-1107. 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. It's a cut throat industry. The sole purpose of the material presented herein is to alert, educate, and inform readers. 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 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. Worse company ever. Read more below to learn why we chose these options. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. This means that you cannot work with companies like PayPal or Square. . They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Home; Services Healthcare Services; Consumer Business Collections . 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. 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. $35.00 Are you with The Merchant Solutions? 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..
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