Call us now on 877-700-5790 for further assistance. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 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. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Only. 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. They have fees for everything when you cancel or have to end your contract early. They Rip you off way more than wat they told you they would charged. It was revoked by State of TN. 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. From The Editor Copyright 2023 Merchant Maverick. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. BBB received a pattern of complaints concerning collections practices. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Such a vendor can be a great help for your debt collector business. When you choose us, youre not just getting back your assets. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. In addition to those 2 complaints, the company has received 58 informal reviews. Note that we are not able to provide private consultations, give advice, or answer questions. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. I work damn hard to run my business and I will be damned if they are going to steal money from me. Debt Collection Merchant Accounts The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. He is very knowledgeable and provided excellent support. You almost certainly will not be able to work with companies like PayPal. These are all fees that were started 8 months into my contract. Merchants Solution Group | Better Business Bureau Profile To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%. Before sharing sensitive information, make sure youre on a federal government site. No mention of 3 year contract and no proof of it. 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. 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. 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. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Sending Chargebacks to Debt Collection Credit Card Processing for Debt Collection Businesses YOU WILL BE SORRY! These processors offer Quickbooks integration and have low rates. Understand how the CFPB's Debt Collection Rule can help you. This does not compare favorably to our list of best credit card processors. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. We were charged a $350 restocking fee after being told there would be NO FEES. Merchant Cash Advance Debt Collection Services | Monetaria RUN! See this page to learn how we support our operations. 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. Payment Processing . They never have any answers and are only looking for ways to disconnect you. Merchant Services | Payment Processing Enterprise Solutions | Fiserv DO NOT USE!!! $35.00 Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Numerous calls went straight to voicemail without any return calls. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. All Rights Reserved. Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. We have focused on merchant cash advances over two decades. Weve resolved overdue accounts for clients without damaging customer relationships. services due to the high risk associated with debt collection businesses. Click here for more product information. This means that you cannot work with companies like PayPal or Square. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Lending and Debt Repayment Merchant Accounts. And it was my fault for not reading the fine print on the documents. 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. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Get the truth here. For me customer support is key and Austin is definitely an asset to this company. It took me 2 weeks of calling NON-STOP to get any response. Dont sign up or you will regret it at the end. My contract ends in January 2015 and I am looking forward to it. please dont sign up and let people know about that. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Home - Merchant Solutions LLC 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. Ideal for collection agencies with a history of excessive chargebacks. 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. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. I didnt fill out anything to open OR close the account and today was hit with $495 fee. I will NEVER consider using them again. JUST SAY NO. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. They want me to pay almost $900.00 for equipment I dont use. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Find legal resources and guidance to understand your business responsibilities and comply with the law. How Can Merchants Use Debt Collectors to Recover Chargebacks? This means that your company can process debit and credit card transactions, and it will do this for an affordable price. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. However, pricing is not disclosed on either of those services. Nasty contract . The overall household debt for an average family increased by 11% during the last 10 years. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Its just a penalty fee that they add on you for leaving their company. Find the resources you need to understand how consumer protection law impacts your business. It isnt just the finances of your business that they pay attention to either. 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. This is a business that is rife with fraud and chargebacks. Find Loan Options For Your Small Business. The following is a sample list of complaints filed against United Merchant . So then I cancelled and they charged me a $945 restocking reprogramming fee? Its website can be hard to use as well. The competition is real with so many POS servicing company. This form is for feedback only. Address: Recovery Solutions Group. This company is nothing but a fraud. I would not recommend TMS to my worst enemies. How to tell the difference between a legitimate debt collector and Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. 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. DO NOT use this company. . The company never disclosed high fees , fees for not taking a test, and excessive closing fees. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. This company was nothing but deceitful from the beginning. Suite 209 I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. 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. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. 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. Austin Smith was very knowledgeable and helpful! This post will help: How to Get Out of a Merchant Account Contract. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. He has also researched and published reviews about nearly every payment services provider and processor. It is not intended as legal or financial advice. Looking for legal documents or records? They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. Do not get trap by this company. 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. This company needs to be put out of business. So only use this business if you like being lied to and stole from cause thats what their good at. 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). 4 Best Merchant Accounts For Collection Agencies. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Which Collection Agencies Will Accept a Pay For Delete Agreement? You really leave your business account open to these guys with free access to do as they like. There are zero termination penalties or contract fees for agencies using Host Merchant Services, and disclosures of processing rates and account fees online provide a welcome amount of pricing transparency. They are beyond shady and dont care at all about customer service!!! Still interested? Pure scam artists just looking to steal your hard earned money. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. This lack of transparency in pricing is typical of the industry in general. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Do not give them your business. Copyright 2023 eMerchantBroker, LLC. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Do you feel like its the right time to start a collection agency? this will happen if you change to another company. The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Processing statements are intentionally complicated so that they can overcharge you. They said they had cancelled the account, but the following month we were charged again. Very shady business practices and a very deceptive sales process. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Dont give them, or their mother company, First Data, your business!!! If you have your own The Merchant Solutions review to make, please do so in the comments below. 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.
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