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He is very knowledgeable and provided excellent support. I am looking to upgrade 4 of my restaurants systems. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. Your business cannot opt for a standard merchant account here. This Post Might Help: Best Restaurant Merchant Accounts. When I wanted to cancel they wouldnt send me the cancellation form for weeks. However, pricing is not disclosed on either of those services. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. If your company is in the business of collecting debts, then you will need to have some way to process payments. Trouble Getting Approved? Both were resolved to the dissatisfaction of the merchant or received no final response. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Merchant Cash Advance in Collections: What to Do Strongly suggest that anyone does there homework and compare companies for this service. 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? To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Square is a top choice for POS for any type of business. Our services are secure and reliable. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. this will happen if you change to another company. 53 of these reviews are positive, while the remaining 5 reviews are negative. These are charged beyond any percent fees. Its website can be hard to use as well. After i cancle my account they charged me 200$ come out of no where. I had to close the account, due to poor sales results. These people are the biggest crooks Ive ever encountered. 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. When we both know its theirs! 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. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. 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! RUN! Youre also working with a business that knows your problem and has the fix. Click here to earn a reward. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. : 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. We work to advance government policies that protect consumers and promote competition. Forgotten Password? They need to see how strong your profits are. Los Angeles Debt Collection - Credit Consulting Services Let us know how well the content on this page solved your problem today. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! 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 to have 1 account with Merchant Solutions ! CardPaymentOptions.com, Inc. All Rights Reserved. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Garbage company. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. We provide merchant account services for both low and high-risk businesses. 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. How to look up licensees and those debt collectors allowed to do Debt Collection Merchant Account Solutions - National Merchants Association These gateways may also support online portals through which users must enter before they can submit their payments online. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. We have focused on merchant cash advances over two decades. Federal government websites often end in .gov or .mil. TMS offers a dedicated support phone line and an email form on its website. Lets start with the salesman Daniel A. It was revoked by State of TN. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. Horrible company. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. You will be far too high of a risk to work with. They said they had cancelled the account, but the following month we were charged again. From The Editor The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. 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. Same situation. Youll get your merchant account for your collection agency in as little as 24 48 hours. Credit Card Processing for Debt Collection Businesses And particularly so for debt collectors due to the consumer demographic of debtors. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. This means that you can always stay on top of any transactions that you are making. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Are you with The Merchant Solutions? This is very dishonest company with deceptive business practices. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Their customer service is terrible, they are never reachable. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. 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. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. They may require you to constantly have reserve cash in your account. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. 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. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Debt Collection | Federal Trade Commission Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. The Merchant Solutions also appears to resell the products of First Data (Fiserv). 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. 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. Click here for more product information. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Search the Legal Library instead. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Opinions expressed here are authors alone. Nasty contract . Location & Ownership The chargeback will be made against their account. Not much, but still more than disclosed. Dont take their Free credit card machine or any of their so-called free equipment as they will charge you a $350 Restocking Fee when you try to close your account after you find out they are overcharging and ripping you off on credit card processing fees. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. 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. 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. I have never had any other merchant?! 4 Best Merchant Accounts For Collection Agencies. 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.. Some merchant account providers may offer high fees. She said that I would need to submit an application in order to verify the discounts they were offering. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. Lots of hidden fees that other companies dont charge! This credit card processing company is HORRIBLE! The sole purpose of the material presented herein is to alert, educate, and inform readers. As of right now, I have this company for falsifying documents, and felony forgery. If you would like to interview Phillip for your story or podcast, please reach out here. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. 2985 E. Hillcrest Drive Noah is a writer and content creator currently living in Fairfax, VA. 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!!! Learn more about the new debt collection rule. if anyone do business with this scums be prepared to have a high blood pressure. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. For this reason, they are often linked to high complaint totals. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. This post will help: How to Get Out of a Merchant Account Contract. 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. When I explained to the representative that my business is not making any money she did not care, but wanted to know where to send the cancellation to withdraw the fee. This is a business that is rife with fraud and chargebacks. Their customer service is simple horrible. They dont deserve a BBB rating they suck!!!! They are thieves because they stole money from my account and wont make it right with me. 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). 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. This company is deceitful. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. The Merchant Solutions is definitely THE worst credit card company EVER!!!! They charge you all kinds of fees which your not told about. Find Loan Options For Your Small Business. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. When you choose us, youre not just getting back your assets. DO NOT use this company. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick They never have any answers and are only looking for ways to disconnect you. Processing statements are intentionally complicated so that they can overcharge you. 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 are debt settlement/debt relief services and should I use them? Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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 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. Dont sign up or you will regret it at the end. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. I got a shock when they deducted total of $1000.00 from my account in 4 payments. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Sequoia Financial Services - 2021 I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. I was told thay my rates would be as low as 1.5%. Today was the last straw which we really been shut down since April over covid19. BBB received a pattern of complaints concerning collections practices. You can get your approval in as little as 24 hours. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Monthly Processing Range Moreover, EMB is rate A by Card Payment Options. Also when you call they have no customer service and are rude on the phone. 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. This post will help: Cancelling a Merchant Account Without Paying a Fee. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. 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. We spoke with ANAIS today and were helped with understanding the rates. If anyone has a better option please let me know. 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. 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. Merchant Solutions is a very dishonest processor. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. Just ridiculous! He has also researched and published reviews about nearly every payment services provider and processor. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Anybody have any suggestions for getting out of this company? Debt Collection Merchant Services - Merchant Card Advisors 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. 4 Best Merchant Accounts For Collection Agencies Collection agencies require a merchant account provider that supports over-the-phone as well as online payment processing and facilitates timely consumer payments to prevent interruptions to revenue streams. Do not give them your business. No mention of 3 year contract and no proof of it. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors.

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