PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. We have lowered the companys score in this section to a C to reflect this consistency. Opens accounts with terms not agreed to. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. We have focused on merchant cash advances over two decades. YOU WILL BE SORRY! Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. They constantly slip in unauthorized charges. This means that you will need both a payment processor and a merchant account. per month so-called PCI-DSS Validation Fee , a $19 per month so-called Data Breach Security Program fee, plus kilobyte fees: fixed network CP Fee etc I immediately packed up their credit card machine and shipped it back to them with a written demand to close my account immediately. Dont sign up or you will regret it at the end. The competition is real with so many POS servicing company. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. By working with eMerchant Authority, this is a problem that can be avoided. After the application an account was initiated and our company began receiving charges, despite a lack of consent on my end and zero activity on the account. Nasty contract . They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Many may find PaymentClouds organization of products on its website to be less than navigable. Specialized account support for multiple collection agency types. 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. DO NOT use this company. 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. If you have already signed up with them, get out fast. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. 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. Some of these limitations can be pretty tough on a business, particularly in their early days. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . We may earn revenue if you obtain services from a provider that we recommend. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Flexible and transparent pricing suits high- and low-ticket agencies. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. You almost certainly will not be able to work with companies like PayPal. Additional rates and fees, including a technical support fee may apply. 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. Noah is a writer and content creator currently living in Fairfax, VA. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. 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. I am still trying to get that back. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. Suite 209 In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. Should have know. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Payment Processing . This means that your company can process debit and credit card transactions, and it will do this for an affordable price. Home; Services Healthcare Services; Consumer Business Collections . 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. 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. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! This lack of transparency in pricing is typical of the industry in general. By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. 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 signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. You really leave your business account open to these guys with free access to do as they like. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Better look for alternatives. 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. This form is for feedback only. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. These are all fees that were started 8 months into my contract. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. The sales rep never returned my calls and is no longer with thw company. Fax: (818) 707-7070. Maintaining these ratios is challenging for merchants in many industries. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. Find legal resources and guidance to understand your business responsibilities and comply with the law. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. A collection agency merchant account is essential to process payments in this unique industry. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. The debt collection agency industry is one that grossed over $10.4 billion in 2013, domestically, collecting $55.2 billion in acquired debt, and these numbers just continue to grow with every passing year (approximately 15% each year since). From The Editor They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. The types of collections that different agents and agencies deal with, though, can vary widely. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. 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. 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. When I set up an account they told me there would be no contract if I used the mobile software and no fees just the $9.00 per month maintenance fee. The Signature page of the second contract is an EXACT COPY of the account I did open. This is why we want to help you get the right debt collection merchant account from the very start. 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!!!! These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. 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. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. Were never worried about our overdue receivables. said no business ever. Over the years, we have built up connections with banks all over the world. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). CardPaymentOptions.com, Inc. All Rights Reserved. Swipe credit cards securely by implementing PCI compliant payment solutions. 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. 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. Let us know how well the content on this page solved your problem today. Get Your Quote. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. High-risk specialist with anti-fraud and anti-chargeback protections. They have fees for everything when you cancel or have to end your contract early. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. He has also researched and published reviews about nearly every payment services provider and processor. 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. Before sharing sensitive information, make sure youre on a federal government site. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. I had to close the account, due to poor sales results. Processing statements are intentionally complicated so that they can overcharge you. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. I have proof of all deductions after I cancelled. 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? These people are down right crooks! To better understand why we adjust BBB ratings, please see our Rating Criteria. PCI Non-Cpmpliance. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. If that happens, then it will be the merchant account provider on the line. Of course, we will provide you with all of the tools that you need to process payments. Such a vendor can be a great help for your debt collector business. Still interested? Now illness has caused me to lose my merchant tax ID. Youre also working with a business that knows your problem and has the fix. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Both were resolved to the dissatisfaction of the merchant or received no final response. This means that you can always stay on top of any transactions that you are making. Austin Smith was very knowledgeable and helpful! With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. 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. 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. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. Every review above has happened to me too exactly like the above. processing as well as the collections industry, in order to support compliance and best practices adherence . Seriously they will destroy your business. If you can get one who has worked with businesses in the debt collection industry, the better. Ready to integrate payment processing solutions into your new business? Numerous calls went straight to voicemail without any return calls. eMerchantBroker can . Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Your email address will not be published. Why Is Credit Card Processing For Collection Agencies Considered High Risk? . The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown They have terrible reviews on google and many many complains on BBB. Learn more about our monetization policies here. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Total $247.95. 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. And particularly so for debt collectors due to the consumer demographic of debtors. So then I cancelled and they charged me a $945 restocking reprogramming fee? 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. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. 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. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. THIS WAS A TOTAL LIE. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. 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. 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. Copyright 2023 eMerchantBroker, LLC. Keep your money you work for and dont use them. 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. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. We also encourage merchants to check out our list of the providers of the best merchant accounts. We're Proud to Advance Cash to Business Owners Like You. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. HORRIBLE ! 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. Call us now on 877-700-5790 for further assistance. It isnt just the finances of your business that they pay attention to either. They are charging me a huge fee to cancel. This company is deceitful. Search the Legal Library instead. Horrible company. Either the sales agent or someone at Merchant Solutions copied my contract changed the account numbers and other information to open a second account that involved a terminal. 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. They are beyond shady and dont care at all about customer service!!! Lets start with the salesman Daniel A. Some merchant account providers may offer high fees. 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. 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. 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.. Do not get trap by this company. I got a shock when they deducted total of $1000.00 from my account in 4 payments. If you hear from them just Run!!! 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. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Milford, DE 19963. We appreciate it. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. 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. Worse company ever. Our integrations connect you with the best tools for your business. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. 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. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. So only use this business if you like being lied to and stole from cause thats what their good at. Merchant Mavericks ratings are not influenced by affiliate partnerships. Toll free: (888) 544-9711. These people called me for weeks and sent me all kinds of sales materials when my business started. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. A collection agency merchant account is classified as high risk for a number of reasons. Essentially, they steal from the customer. She also helped us to file our annual PCI compliance saving us about $40 per month. They need to see how strong your profits are. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. This means that you will be out of business. They dont deserve a BBB rating they suck!!!! We can help your collection agency even if you've you been turned down by service providers in the past. close down your account. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Only. All debt collectors track down past-due debts that businesses and consumers owe. JUST SAY NO. For this reason, they are often linked to high complaint totals. They want me to pay almost $900.00 for equipment I dont use. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. Stay away from Themechantsolution!!! This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. I have been in contact with them for months now, and they still cannot give me a justifiable answer. Our services are secure and reliable. It's a cut throat industry. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). We spoke with ANAIS today and were helped with understanding the rates. Today was the last straw which we really been shut down since April over covid19. If you have your own The Merchant Solutions review to make, please do so in the comments below. At this point, I am looking for a new processor . Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Easier borrower qualifications that help you build business credit. The collector has to tell you four pieces of information. * The terms and conditions of this promotion currently cannot be found on the website. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Due to the unique processes we have in place, we can offer affordable rates for our services. Trouble Getting Approved? These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. If anyone has a better option please let me know. Call 1-888-288-2692. Here Are The Processors Who Don't Hide Fees. Just yesterday, The Merchant Solutions sent me a new bill for $114 just for February account administration fees alone, even though I returned their machine in mid January and directed them to close my account immediately in January. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you.
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