merchant solutions group debt collection

In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Your business cannot opt for a standard merchant account here. 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. This means that you will need both a payment processor and a merchant account. 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. They are charging me a huge fee to cancel. For me customer support is key and Austin is definitely an asset to this company. close down your account. Higher cost than explained in solicitations What Consumers Should Do When Fake Debt Collection Scammers Call. 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. Their charges are exhorbitant. eMerchantBroker.com. 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. 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. 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. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. This means that you could, effectively, lose your ability to run your business. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. I would recommend not to do business with this company. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. Min. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. The worst company to do business with ever!!!! Merchant Mavericks ratings are not influenced by affiliate partnerships. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. 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 is an attempt to collect a debt and any . Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Get Started With Durango Merchant Services. 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. 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. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. for lack of use and Merchants want 490 dollars to terminate service. Sign up today and get a free card reader! These people called me for weeks and sent me all kinds of sales materials when my business started. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. 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. This means that your business will be making a lot more profit for each transaction. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. I would not recommend TMS to my worst enemies. Forgotten Password? Such a vendor can be a great help for your debt collector business. Read more below to learn why we chose these options. All debt collectors track down past-due debts that businesses and consumers owe. Monthly Processing Range 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. This company was nothing but deceitful from the beginning. Debt Collection | Federal Trade Commission This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. $35.00 Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. If you have already signed up with them, get out fast. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Their customer service is terrible, they are never reachable. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. YOU WILL BE SORRY! not explained. Some of these limitations can be pretty tough on a business, particularly in their early days. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. Merchant Cash Advance Debt Collection Services | Monetaria Do not believe anything they say about their service. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. By working with eMerchant Authority, this is a problem that can be avoided. 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. 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 want me to pay almost $900.00 for equipment I dont use. 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 had to close the account, due to poor sales results. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. We're Proud to Advance Cash to Business Owners Like You. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. eMerchant Authority can help with this. They are beyond shady and dont care at all about customer service!!! Debt Collection Agency Merchant Account| Fast Approval RUN! 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!! Do not get trap by this company. These are charged beyond any percent fees. This lack of transparency in pricing is typical of the industry in general. 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. 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. I agreed to pay back the money that was owned. 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. Merchant Solutions is a very dishonest processor. A collection agency merchant account is classified as high risk for a number of reasons. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. Of course, we will provide you with all of the tools that you need to process payments. 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. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. The .gov means its official. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! 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. Find Loan Options For Your Small Business. Do you feel like its the right time to start a collection agency? Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Were never worried about our overdue receivables. said no business ever. Its just a penalty fee that they add on you for leaving their company. 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. 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. On November 30, 2021, the Debt Collection Rule became effective. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. processing as well as the collections industry, in order to support compliance and best practices adherence . 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. 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. Our integrations connect you with the best tools for your business. New York, NY 10038. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). 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. No doubt necessary to achieve any success, as the sales person was barely literate. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. the name of the creditor you owe it to. Get Your Quote. 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. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. So, its no surprise that banks often deny them merchant accounts. Help us to improve by providing some feedback on your experience today. This has Been the worst POS processing company I have ever felt with. These revenues in no way influence our ratings or reviews. 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. Seeking to take them to court for their theft. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Not an existing MeS Virtual Terminal User? i signed up a few weeks ago and havent been able to get into contact with them since. 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. Location & Ownership Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. At Monetaria, we understand that your MCA agreements are time-sensitive. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Many may find PaymentClouds organization of products on its website to be less than navigable. Austin Smith was very knowledgeable and helpful! Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. The Merchant Solutions also appears to resell the products of First Data (Fiserv). The following is a sample list of complaints filed against United Merchant . Upon cancellation after over 4 years I returned the machine in good order. Maintaining these ratios is challenging for merchants in many industries. I hope there will be a class action lawsuit and I plan to be a part of it. Copyright 2023 Merchant Maverick. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. Suggest you consider that Paymentech and many others do not charge this. Copyright 2023 eMerchantBroker, LLC. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation.