This company will be out of business in one year or less. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. Ideal for collection agencies with a history of excessive chargebacks. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Besides, we understand just how financially difficult it is to become a business owner. Copyright 2020 eMerchant Authority | Website by JM Marketing. 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. Square is a top choice for POS for any type of business. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. 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. Look out for credit card processors who offer other merchant solutions that could be useful for your business. This Post Might Help: Best Restaurant Merchant Accounts. This credit card processing company is HORRIBLE! Because of their undisclosed fees and charges I ended up paying more than my previous company. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. From The Editor TOTAL SCAMMERS!!! Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. Stay away from Themechantsolution!!! This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. 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. The merchant solutions is the most horrible company I have ever dealt with. Provider of affordable payment processing hardware that can streamline various debt collection operations. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. See Which Processors Offer No Monthly Fees And No Contracts. 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. Copyright 2023 eMerchantBroker, LLC. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. At Monetaria, we understand that your MCA agreements are time-sensitive. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. This company is deceitful. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. 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. Several complainants outright accuse the company of being a ripoff or a scam operation. This is why we want to help you get the right debt collection merchant account from the very start. 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. services due to the high risk associated with debt collection businesses. This post will help: How to Get Out of a Merchant Account Contract. They said they would beat my current rate but never could. please dont sign up and let people know about that. Recovery Solutions Group, LLC (RSG) Contact Information. My contract ends in January 2015 and I am looking forward to it. 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. Required fields are marked *. Flexible and transparent pricing suits high- and low-ticket agencies. 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. Also when you call they have no customer service and are rude on the phone. Processing statements are intentionally complicated so that they can overcharge you. Which Business Bank Account is Right For You? We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. 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. Comp Admin Fee $9.95 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. All debt collectors track down past-due debts that businesses and consumers owe. Some merchant account providers may offer high fees. Nasty contract . 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 ). You will be far too high of a risk to work with. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Fortunately, there are providers willing and able to help. 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. 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. The risks related to your business will be assessed by underwriters. Learn more about the new debt collection rule. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Then I began getting charged a PCI non compliant fee $40.00. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. Maintaining these ratios is challenging for merchants in many industries. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Are you with The Merchant Solutions? You may be charged fees for using this account. Fast turnaround: as little as 1-2 days. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. Problems logging in? Suite 209 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. We appreciate it. You will not have enough time to do it, the machine terminal breaks all the time. I am still trying to get that back. 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. Merchant Mavericks ratings are not influenced by affiliate partnerships. Find the resources you need to understand how consumer protection law impacts your business. We spoke with ANAIS today and were helped with understanding the rates. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. So, its no surprise that banks often deny them merchant accounts. BE AWARE!!! This field is for validation purposes and should be left unchanged. 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. Has representatives that open fradulent accounts. dont believe what they tell you There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Noah is a writer and content creator currently living in Fairfax, VA. This is very dishonest company with deceptive business practices. 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!!! 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. However, pricing is not disclosed on either of those services. 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. Should have know. We occasionally send out emails with special offers. Save money with Merchant Solutions low processing rates and free terminal program. Were never worried about our overdue receivables. said no business ever. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Opinions expressed here are authors alone. 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? They have fees for everything when you cancel or have to end your contract early. 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. I was to have 1 account with Merchant Solutions ! We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. : 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. They charge you all kinds of fees which your not told about. they hurt me by taking un authorized money out of my account These are all fees that were started 8 months into my contract. They are crooks. 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. Getting paid to re-write this page? Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Its like they try to rip you off once last time b4 they let you go. This means that you will need both a payment processor and a merchant account. Ready to integrate payment processing solutions into your new business? when you cancel.Please take your business elsewhere. If you can get one who has worked with businesses in the debt collection industry, the better. If your company is in the business of collecting debts, then you will need to have some way to process payments. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Horrible company. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Only. It was revoked by State of TN. Upon cancellation after over 4 years I returned the machine in good order. Austin Smith was very knowledgeable and helpful! You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. All they want is your money. This was not in our contract, but I couldnt get the money back without suing them. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. 651-398-1636. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Instead, you need to search for high-risk merchant accounts. Additional rates and fees, including a technical support fee may apply. Avoid this outfit as they will make your life miserable. I have been in contact with them for months now, and they still cannot give me a justifiable answer. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. I am still waiting on on calls from their supervisors from last year. Zero star rating, they are big time scam 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. See this page to learn how we support our operations. Dont give them, or their mother company, First Data, your business!!! 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. 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. eMerchantBroker can . I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. Do not believe anything they say about their service. Their charges are exhorbitant. I used Merchant Solutions for approx. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. They may require countless numbers of documents. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Learn more about your rights as a consumer and how to spot and avoid scams. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. 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. 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. I was never given a written contract had computer generated signature. 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. Early penalty for cancellation. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Due to the unique processes we have in place, we can offer affordable rates for our services. We were charged a $350 restocking fee after being told there would be NO FEES. 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. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. processing as well as the collections industry, in order to support compliance and best practices adherence . I have proof of all deductions after I cancelled. 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. I will make sure this is my last time using this company. Phillip created this website and has written over 1,000 articles regarding all things payments. The overall household debt for an average family increased by 11% . We have focused on merchant cash advances over two decades. Offers automated account application and custom quote processes. Other companies may just outright decline your application. This means that you can always stay on top of any transactions that you are making. Specialized account support for multiple collection agency types. $1350 fee if terminal is not returned within 10 days. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Most merchant providers are reluctant to offer. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. I think I was the set up by Merchant Solutions. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Im so glad I read these before making a huge mistake. She also helped us to file our annual PCI compliance saving us about $40 per month.