This company is nothing but a fraud. Early penalty for cancellation. 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. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Copyright 2020 eMerchant Authority | Website by JM Marketing. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. You really leave your business account open to these guys with free access to do as they like. 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. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Comp Admin Fee $9.95 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. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. DO NOT USE!!! I was never told about a restocking fee and some other charge until I got ready to cancel. CFG Merchant Solutions, LLC. This does not compare favorably to our list of best credit card processors. From The Editor 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. This company and its employees are rude, I have been trying to cancel and they make it difficult. TMS offers a dedicated support phone line and an email form on its website. And particularly so for debt collectors due to the consumer demographic of debtors. This has Been the worst POS processing company I have ever felt with. FTC Staff. 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. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. Which Business Bank Account is Right For You? Same situation. TOTAL SCAMMERS!!! 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. 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. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. The .gov means its official. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Total $247.95. 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. 1008 Mattlind Way. Since these banks know and trust the quality of our services, they will be able to trust you too. These are all fees that were started 8 months into my contract. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Also that free terminal will cost you $350 when you try to cancel the account. 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. In addition, they told us the transaction fee would be 2.65% of each purchase. Note that we are not able to provide private consultations, give advice, or answer questions. I agreed to pay back the money that was owned. 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. Ideal for collection agencies with a history of excessive chargebacks. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. For me customer support is key and Austin is definitely an asset to this company. We were charged a $350 restocking fee after being told there would be NO FEES. 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.. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. On November 30, 2021, the Debt Collection Rule became effective. So then I cancelled and they charged me a $945 restocking reprogramming fee? We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. 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. Forgotten Password? 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. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. Besides, we understand just how financially difficult it is to become a business owner. Fortunately, there are providers willing and able to help. 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. 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. And it was my fault for not reading the fine print on the documents. We are running in the hole compared to the money we received through them from credit card transactions, and the money they have charged us for the service they provide. See Which Processors Offer No Monthly Fees And No Contracts. This company needs to be put out of business. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. You may be charged fees for using this account. They will not return my phone calls now. This means that you can always stay on top of any transactions that you are making. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. The worst company to do business with ever!!!! A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. Learn more about the new debt collection rule. They said they are the cheapest one but they are not. If you have already signed up with them, get out fast. Ready to integrate payment processing solutions into your new business? Lets start with the salesman Daniel A. You will not have enough time to do it, the machine terminal breaks all the time. I set up a payment arrangement . Call 1-888-288-2692. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. 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 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. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. 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. 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. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. And because I signed the document, the company is telling me, that I am liable for the contract. It took me 2 weeks of calling NON-STOP to get any response. 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. 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. 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. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. 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. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. This is a business that is rife with fraud and chargebacks. This includes debt collection companies and debt buyers. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. CardPaymentOptions.com, Inc. All Rights Reserved. How Can Merchants Use Debt Collectors to Recover Chargebacks? Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 651-398-1636. Home (425) 643-2613 (800) 755-1107. 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. Specialized account support for multiple collection agency types. An official website of the United States government. eMerchant Authority operates an in-house underwriting team. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Do not give them your business. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Copyright 2023 eMerchantBroker, LLC. 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. 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). Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. Getting paid to re-write this page? Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. 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. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). 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. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Beware, do not do business with merchant solutions. RUN! Recovery Solutions Group, LLC (RSG) Contact Information. I got a shock when they deducted total of $1000.00 from my account in 4 payments. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. To better understand why we adjust BBB ratings, please see our Rating Criteria. I hope there will be a class action lawsuit and I plan to be a part of it. Due to the unique processes we have in place, we can offer affordable rates for our services. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. In Summary: 4 Best Merchant Accounts For Collection Agencies. Also when you call they have no customer service and are rude on the phone. If your company is in the business of collecting debts, then you will need to have some way to process payments. At this point, I am looking for a new processor . Screw this place I wish their was a way we could put them out of business. The sales rep never returned my calls and is no longer with thw company. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. 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. I am looking to upgrade 4 of my restaurants systems. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. 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 . What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Do not get trap by this company. Why would we want a service we couldnt use? Seriously they will destroy your business. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Their charges are exhorbitant. 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. These are charged beyond any percent fees. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. one year. Click here to earn a reward. Signature not by me, computer generated. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. I have never had any other merchant?! Their hidden fees are through the roof. This means that you will need both a payment processor and a merchant account. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Flexible and transparent pricing suits high- and low-ticket agencies. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. If your company does not show any indication that you conform to this act, then your application will be outright rejected. Looking for legal documents or records? If you stop using it, they still charge you a lot of fees. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. Square is a top choice for POS for any type of business. The site is secure. Your email address will not be published. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. You can get your approval in as little as 24 hours. Lots of hidden fees that other companies dont charge! 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. this will happen if you change to another company. They dont deserve a BBB rating they suck!!!! This means that you will be out of business. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Merchant Solutions is a very dishonest processor. These revenues in no way influence our ratings or reviews. We provide merchant account services for both low and high-risk businesses. BBB received a pattern of complaints concerning collections practices. Copyright 2023 Merchant Maverick. Swipe credit cards securely by implementing PCI compliant payment solutions. Get clarity before you switch. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Let us know how well the content on this page solved your problem today. Respectable processors like EMB guarantee a fast, secure application process. I think I was the set up by Merchant Solutions. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. No mention of 3 year contract and no proof of it. We may earn revenue if you obtain services from a provider that we recommend. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Once the application process starts, we will find the best merchant account for you. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. We appreciate it. 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. Get the truth here. Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. They stealing $1000.00 dollars from my account. These people called me for weeks and sent me all kinds of sales materials when my business started. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. 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. If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they will close down your account. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 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 DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. Square is a top choice for POS for any type of business. 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. See Who The Worst Processors Are. Essentially, they steal from the customer. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. services due to the high risk associated with debt collection businesses. I am still waiting on on calls from their supervisors from last year. 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. 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. Its important to be able to connect with a real person on the phone. 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!! This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Higher cost than explained in solicitations