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. 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. The competition is real with so many POS servicing company. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. 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. $1350 fee if terminal is not returned within 10 days. Very rude on phone, does not care about you as a customer. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. 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. Processing statements are intentionally complicated so that they can overcharge you. This post will help: How to Get Out of a Merchant Account Contract. Seeking to take them to court for their theft. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. Get Your Quote. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. 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 ?????? Copyright 2023 eMerchantBroker, LLC. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. JUST SAY NO. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Im so glad I read these before making a huge mistake. The chargeback will be made against their account. . Not much, but still more than disclosed. 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. From The Editor 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. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. Find the resources you need to understand how consumer protection law impacts your business. 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! This means that you will need both a payment processor and a merchant account. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. Why would we want a service we couldnt use? 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Save money with Merchant Solutions low processing rates and free terminal program. Pure scam artists just looking to steal your hard earned money. No mention of 3 year contract and no proof of it. Note: We have adjusted this companys BBB rating according to our own standards. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! I was skeptical and decided not to switch to merchant solutions. We work to advance government policies that protect consumers and promote competition. 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 $20.00. Keep your money you work for and dont use them. We also encourage merchants to check out our list of the providers of the best merchant accounts. Learn how to resolve this complaint. Better look for alternatives. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). eMerchantBroker.com. Look out for credit card processors who offer other merchant solutions that could be useful for your business. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). After i cancle my account they charged me 200$ come out of no where. Its important to be able to connect with a real person on the phone. They are charging me a huge fee to cancel. 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. 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. 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. Just ridiculous! Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. dont believe what they tell you On November 30, 2021, the Debt Collection Rule became effective. I was never told about a restocking fee and some other charge until I got ready to cancel. 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. Suggest you consider that Paymentech and many others do not charge this. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. These are charged beyond any percent fees. 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. The debt collection industry is a high-risk one, which means that business owners who want to start a collection agency may face a few hurdles when looking for a merchant account thats right for them. Should have know. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. This company will be out of business in one year or less. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. Let us know how well the content on this page solved your problem today. When we both know its theirs! So not only was I billed WITHOUT my consent, but then they refused to refund more than half. CFG Merchant Solutions, LLC. Fax: (818) 707-7070. We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. Noah is a writer and content creator currently living in Fairfax, VA. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. Annual PCI Fee $99.00 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%. 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. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. 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 terms and conditions of this promotion currently cannot be found on the website. They said they would beat my current rate but never could. This means that your business will be making a lot more profit for each transaction. Find Loan Options For Your Small Business. 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. I have tried to use card reader several times without success. I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Lots of hidden fees that other companies dont charge! Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. I would recommend not to do business with this company. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. You will be far too high of a risk to work with. As expected, a large number of The Merchant Solutions reviews on this and other consumer protection websites mention undisclosed fees, incomplete representation of rates, and a disconnect between what agents promise and what they ultimately deliver. 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. If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. I signed up with them and then realized my mistake as I was hit with overcharges on fees as soon as i charged my very first customer. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected.

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