The site is secure. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. 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. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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. However, pricing is not disclosed on either of those services. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. I work damn hard to run my business and I will be damned if they are going to steal money from me. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center 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. If your company is in the business of collecting debts, then you will need to have some way to process payments. 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. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Debt Collection Merchant Account Solutions - National Merchants Association See this page to learn how we support our operations. See Who The Worst Processors Are. Also that free terminal will cost you $350 when you try to cancel the account. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. 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. I have tried to use card reader several times without success. 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. Click here for more product information. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. 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 ?????? 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. Pam called me offering a competitive rate for credit card processing. 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. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Min. 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. 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. THIS WAS A TOTAL LIE. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. BBB received a pattern of complaints concerning collections practices. Horrible company. 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 collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Lots of hidden fees that other companies dont charge! Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Do not give them your business. 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. 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. : 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. 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! Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. dont believe what they tell you They Rip you off way more than wat they told you they would charged. Looking For One Of These Merchant Accounts For Collection Agencies? When I wanted to cancel they wouldnt send me the cancellation form for weeks. 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. What out business owners out there about this Merchant Solutions. They charge you all kinds of fees which your not told about. Home - Merchant Solutions LLC No mention of 3 year contract and no proof of it. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Suggest you consider that Paymentech and many others do not charge this. Square is a top choice for POS for any type of business. Instead, you need to search for high-risk merchant accounts. They are beyond shady and dont care at all about customer service!!! We work to advance government policies that protect consumers and promote competition. They really do not want to do this. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. If you stop using it, they still charge you a lot of fees. 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. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. Its website can be hard to use as well. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. 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. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. If you would like to interview Phillip for your story or podcast, please reach out here. This company and its employees are rude, I have been trying to cancel and they make it difficult. 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. 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? 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. How to tell the difference between a legitimate debt collector and Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. one year. Due to the unique processes we have in place, we can offer affordable rates for our services. Debt Collection Industry and Merchant Accounts 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. Address: Recovery Solutions 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. CFG Merchant Solutions, LLC. Credit card processing for debt collection agencies My company is no longer doing business and I have not used the machine in 6 months. Telephone: (818) 409-6000. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. Debt Collection Agency Merchant Account| Fast Approval Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. In Summary: 4 Best Merchant Accounts For Collection Agencies. 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. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 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. Save yourself stress and aggravation and sign up with a different processor. Ideal for collection agencies with a history of excessive chargebacks. Very rude on phone, does not care about you as a customer. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Monthly Processing Range 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. 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. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. They may even have maximum limits to any transactions that you complete. 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. 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. Lets start with the salesman Daniel A. 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. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. Here Are The Processors Who Don't Hide Fees. Noah is a writer and content creator currently living in Fairfax, VA. This field is for validation purposes and should be left unchanged. 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.. The worst company to do business with ever!!!! However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Looking for legal documents or records? Copyright 2023 eMerchantBroker, LLC. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. This does not compare favorably to our list of best credit card processors. 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. PCI Non-Cpmpliance. 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 . Learn more about the new debt collection rule. 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. 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. All debt collectors track down past-due debts that businesses and consumers owe. Processing statements are intentionally complicated so that they can overcharge you. Login - vt.merchante-solutions.com All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. We have focused on merchant cash advances over two decades. 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. 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. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. So only use this business if you like being lied to and stole from cause thats what their good at. The Merchant Solutions processes most major payment types. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. They are awful and very dishonest do not use them. These gateways may also support online portals through which users must enter before they can submit their payments online. They have fees for everything when you cancel or have to end your contract early. Not an existing MeS Virtual Terminal User? If you are a small business owner avoid these crooks like the plague. In addition to those 2 complaints, the company has received 58 informal reviews. 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. 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. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. 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. Im so glad I read these before making a huge mistake. Annual Fee $79.00 I have proof of all deductions after I cancelled. At Monetaria, we understand that your MCA agreements are time-sensitive. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Stay away from Themechantsolution!!! If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. 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. This was not in our contract, but I couldnt get the money back without suing them. Such a vendor can be a great help for your debt collector business. Phone number: (302) 241-0686. i signed up a few weeks ago and havent been able to get into contact with them since. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Merchants Credit Association, is a debt collection company. Monthly Fee $25.00 Learn more about your rights as a consumer and how to spot and avoid scams. This is why we want to help you get the right debt collection merchant account from the very start. 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. We can help you to seamlessly integrate eMerchant Authority payment solutions into 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. not explained. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. These revenues in no way influence our ratings or reviews. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Signature not by me, computer generated. The merchant account providers POS systems and card readers as well as its excellent integration capabilities are thankfully easy to navigate with a strong reputation for standout customer service. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. After i cancle my account they charged me 200$ come out of no where. We ordered their smartphone credit card processor and found that their application was incompatible with our phone we couldnt use it so decided to return product and cancel service. 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. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Opens accounts with terms not agreed to. 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. Location & Ownership eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. I was told thay my rates would be as low as 1.5%. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Its important to be able to connect with a real person on the phone. This means that your business will be making a lot more profit for each transaction. Understand how the CFPB's Debt Collection Rule can help you. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Essentially, they steal from the customer. They are charging me a huge fee to cancel. 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. The collector has to tell you four pieces of information. This is very dishonest company with deceptive business practices. I think I was the set up by Merchant Solutions. 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. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. DO NOT USE!!! 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. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. I wish I would have read some reviews before I sign up with these con artists. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Fake and Abusive Debt Collectors | Consumer Advice I have been in contact with them for months now, and they still cannot give me a justifiable answer. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. We have lowered the companys score in this section to a C to reflect this consistency. They will tell you that there are no hidden fees and no extra charges. I was to have 1 account with Merchant Solutions ! The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). Home; Services Healthcare Services; Consumer Business Collections . They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Their customer service is simple horrible. Besides, we understand just how financially difficult it is to become a business owner.