In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. BEWARE OF THESE DOGS! Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Try PaymentCloud. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Do not get trap by this company. eMerchant Authority can help with this. Processing statements are intentionally complicated so that they can overcharge you. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. The sole purpose of the material presented herein is to alert, educate, and inform readers. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. PaymentCloud can help almost any business get approved for payment processing. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. 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. Respectable processors like EMB guarantee a fast, secure application process. Its a TOTAL SCAM! Fortunately, there are providers willing and able to help. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. However, pricing is not disclosed on either of those services. If you hear from them just Run!!! We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. The chargeback will be made against their account. 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. the name of the creditor you owe it to. Avoid this outfit as they will make your life miserable. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Our services are secure and reliable. They charge you all kinds of fees which your not told about. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. This company, Merchant Solutions, is a fraud. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. Suggest you consider that Paymentech and many others do not charge this. Fast turnaround: as little as 1-2 days. Merchant Cash Advance Debt Collection Services | Monetaria $1350 fee if terminal is not returned within 10 days. Search the Legal Library instead. I set up a payment arrangement . Home; Services Healthcare Services; Consumer Business Collections . Note that we are not able to provide private consultations, give advice, or answer questions. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Garbage company. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 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. Its important to be able to connect with a real person on the phone. Same situation. The Signature page of the second contract is an EXACT COPY of the account I did open. New York, NY 10038. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Do you feel like its the right time to start a collection agency? Over the years, we have built up connections with banks all over the world. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Our integrations connect you with the best tools for your business. Total $247.95. I used Merchant Solutions for approx. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Remove Recovery Solutions Group From Credit Report Flexible and transparent pricing suits high- and low-ticket agencies. Suite 209 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. They will tell you that there are no hidden fees and no extra charges. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. This includes debt collection companies and debt buyers. I was skeptical and decided not to switch to merchant solutions. Payment Processing . Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Your business cannot opt for a standard merchant account here. The Merchant Solutions is definitely THE worst credit card company EVER!!!! As you're checking out a debt collection call, remember: don't respond to threats. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. The Merchant Solutions also appears to resell the products of First Data (Fiserv). I think I was the set up by Merchant Solutions. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. After i cancle my account they charged me 200$ come out of no where. The overall household debt for an average family increased by 11% . I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. Before sharing sensitive information, make sure youre on a federal government site. Learn more about our monetization policies here. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. $35.00 BE AWARE!!! Every review above has happened to me too exactly like the above. Let us know how well the content on this page solved your problem today. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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. If your company is in the business of collecting debts, then you will need to have some way to process payments. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Looking For One Of These Merchant Accounts For Collection Agencies? There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. not explained. They have been lying to me since day 1 of signing up with them. Seeking to take them to court for their theft. Learn more about the new debt collection rule. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. 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. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. 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 means that you could, effectively, lose your ability to run your business. . Moreover, EMB is rate A by Card Payment Options. Complaints for Recovery Solutions Group, LLC - Better Business Bureau 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. 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!! 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. Keep your money you work for and dont use them. 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. These are all fees that were started 8 months into my contract. We may earn revenue if you obtain services from a provider that we recommend. The types of collections that different agents and agencies deal with, though, can vary widely. These are charged beyond any percent fees. She said that I would need to submit an application in order to verify the discounts they were offering. Thousand Oaks, CA 91362. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. They may require you to constantly have reserve cash in your account. Help us to improve by providing some feedback on your experience today. 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 job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. As of right now, I have this company for falsifying documents, and felony forgery. close down your account. The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. Location & Ownership Since I have tried to cancel with them and agreed to pay them whatever fee I can to get rid of them (which was not in my contract I signed), they are now telling me their equipment I returned is not theirs so that I cant cancel or Ill have to pay more than the equipment cost for losing it and again because I already paid for it! 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. Debt Collection Industry and Merchant Accounts I work damn hard to run my business and I will be damned if they are going to steal money from me. Debt Collectors List | NY Debt Collections List All Rights Reserved. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. Instead, you need to search for high-risk merchant accounts. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. Which Collection Agencies Will Accept a Pay For Delete Agreement? This company was nothing but deceitful from the beginning. They refuse to refund the money. Due to the risky nature of your business the typical bank wont deal with you. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. It is not intended as legal or financial advice. 4 Best Merchant Accounts For Collection Agencies. Seriously they will destroy your business. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Do not give them your business. I will NEVER consider using them again. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Not much, but still more than disclosed. 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. Some merchant account providers may offer high fees. I was never given a written contract had computer generated signature. In Summary: 4 Best Merchant Accounts For Collection Agencies. Credit Card Processing for Debt Collection Businesses I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Not an existing MeS Virtual Terminal User? They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? But unlike other financial transactions, you don't have time to spend phoning and e-mailing. This means that you will be out of business. You could tell a collector to send a validation notice. Ideal for collection agencies with a history of excessive chargebacks. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. These people are the biggest crooks Ive ever encountered. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Disgusted. And it was my fault for not reading the fine print on the documents. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. Which Business Bank Account is Right For You? If you have not been clear about your business with the merchant account provider that you are working with, or your chargeback rate is high, then they will close down your account. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. 844-66-CFGMS (844-662-3467) eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Some of these limitations can be pretty tough on a business, particularly in their early days. Several complainants outright accuse the company of being a ripoff or a scam operation. if anyone do business with this scums be prepared to have a high blood pressure. From The Editor Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. Learn how to resolve this complaint. DO NOT EVEN talk to their salespeople. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. In addition, they told us the transaction fee would be 2.65% of each purchase. The .gov means its official. Teaming with IVR Technology Group, we also provide pay-by-phone voice . eMerchantBroker.com. 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. 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%.