merchant solutions group debt collection

You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. They may require countless numbers of documents. The competition is real with so many POS servicing company. 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. Call 1-888-288-2692. For this reason, they are often linked to high complaint totals. Instead, you need to search for high-risk merchant accounts. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. 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. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Debt Collection Merchant Accounts Several complainants outright accuse the company of being a ripoff or a scam operation. Learn how to resolve this complaint. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 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. Learn more about dealing with debt collection at ftc.gov/debt. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Excellent provider for collection agencies with a strong eCommerce presence. Credit Card Processing for Debt Collection Businesses Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Click here for more product information. Fax: (818) 707-7070. 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. According to The Merchant Solutions complaints filed on this site and elsewhere, TMS appears to offer a standard contract of three years with automatic renewal, an annual fee of $79, a PCI compliance fee of $99, and an early termination fee of $395 or more. Federal government websites often end in .gov or .mil. This company is deceitful. You really leave your business account open to these guys with free access to do as they like. Copyright 2023 eMerchantBroker, LLC. the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. Higher cost than explained in solicitations 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. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. In some cases, this leads to merchants contracting with debt collection agencies. To better understand why we adjust BBB ratings, please see our Rating Criteria. You will be far too high of a risk to work with. Looking for legal documents or records? They dont deserve a BBB rating they suck!!!! Also when you call they have no customer service and are rude on the phone. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. YOU WILL BE SORRY! However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. Besides, we understand just how financially difficult it is to become a business owner. I have been with them since 2015 and in June,2019 I decided to go to a different processor. This means that you will need both a payment processor and a merchant account. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Also that free terminal will cost you $350 when you try to cancel the account. Worse company ever. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. The Signature page of the second contract is an EXACT COPY of the account I did open. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Their customer service is terrible, they are never reachable. We spoke with ANAIS today and were helped with understanding the rates. Here Are The Processors Who Don't Hide Fees. 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. 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. 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. They round up everything, even when they shouldnt according to elementary mathematics! My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Most merchant providers are reluctant to offer. 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. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. A full point-of-sale (POS) system in one sleek package. I have tried to use card reader several times without success. While the process for applying for a merchant account with us is not instant, we have been doing this a long time. It's a cut throat industry. Credit & Debt Collections Merchant Services - DigiPay Solutions 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. 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. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Amazing! Why would we want a service we couldnt use? service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. they charged me $450 every month out of total 10k annual monthly. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group 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. My company is no longer doing business and I have not used the machine in 6 months. i signed up a few weeks ago and havent been able to get into contact with them since. Debt Collection | Federal Trade Commission 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. 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. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. This means that your business will be making a lot more profit for each transaction. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Of course, we will provide you with all of the tools that you need to process payments. Not an existing MeS Virtual Terminal User? The overall household debt for an average family increased by 11% during the last 10 years. High-risk specialist for U.S.-based collection agencies. Their customer service is simple horrible. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Early penalty for cancellation. Teaming with IVR Technology Group, we also provide pay-by-phone voice . Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. 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 $1000.00!! And it was my fault for not reading the fine print on the documents. I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. This means that you could, effectively, lose your ability to run your business. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. $1350 fee if terminal is not returned within 10 days. Has representatives that open fradulent accounts. Respectable processors like EMB guarantee a fast, secure application process. 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. 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. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. The worst company to do business with ever!!!! Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Save money with Merchant Solutions low processing rates and free terminal program. Better look for alternatives. 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. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. 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. They stealing $1000.00 dollars from my account. I agreed to pay back the money that was owned. 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. Seeking to take them to court for their theft. The Merchant Solutions processes most major payment types. If you are a small business owner avoid these crooks like the plague. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. Call us now on 877-700-5790 for further assistance. They charged me $300 for what they called setup charges. Beware, do not do business with merchant solutions. This does not compare favorably to our list of best credit card processors. 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. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. please dont sign up and let people know about that. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. 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. This post will help: How to Get Out of a Merchant Account Contract. Required fields are marked *. Debt Collection Agency Merchant Account| Fast Approval 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. This was not in our contract, but I couldnt get the money back without suing them. Debt Collectors List | NY Debt Collections List 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. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. However, pricing is not disclosed on either of those services. We work to advance government policies that protect consumers and promote competition. This is very dishonest company with deceptive business practices. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. From The Editor Merchant Cash Advance Debt Collection Services | Monetaria Suggest you consider that Paymentech and many others do not charge this. Merchants Credit Association, is a debt collection company. And because I signed the document, the company is telling me, that I am liable for the contract.