merchant solutions group debt collection

2985 E. Hillcrest Drive 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. Horrible company. CardPaymentOptions.com, Inc. All Rights Reserved. I was never told about a restocking fee and some other charge until I got ready to cancel. Stay away from Themechantsolution!!! I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Your email address will not be published. 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. Its like they try to rip you off once last time b4 they let you go. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. Disgusted. Merchant Mavericks ratings are not influenced by affiliate partnerships. If you are a small business owner avoid these crooks like the plague. 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. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Due to the risky nature of your business the typical bank wont deal with you. The overall household debt for an average family increased by 11% . JUST SAY NO. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. 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. They are beyond shady and dont care at all about customer service!!! 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. When we both know its theirs! To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. : 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. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. Our proven investigation tools help us create fast and effective debt recovery services. Opens accounts with terms not agreed to. Numerous calls went straight to voicemail without any return calls. . Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. Address: Recovery Solutions Group. They said they would beat my current rate but never could. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. 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. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Your business cannot opt for a standard merchant account here. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. the name of the creditor you owe it to. I was never given a written contract had computer generated signature. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. So then I cancelled and they charged me a $945 restocking reprogramming fee? I was to have 1 account with Merchant Solutions ! 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. They round up everything, even when they shouldnt according to elementary mathematics! EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. This company is nothing but a fraud. The Merchant Solutions processes most major payment types. The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. Higher cost than explained in solicitations They are thieves because they stole money from my account and wont make it right with me. Some processors have no monthly, no annual fees, no contract, and cheap rates. What out business owners out there about this Merchant Solutions. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. You will not have enough time to do it, the machine terminal breaks all the time. $35.00 All Rights Reserved. Because of their undisclosed fees and charges I ended up paying more than my previous company. Such a vendor can be a great help for your debt collector business. I will make sure this is my last time using this company. Lending and Debt Repayment Merchant Accounts. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. Their customer service is simple horrible. They said they had cancelled the account, but the following month we were charged again. They are awful and very dishonest do not use them. The collections industry demands compliance with federal and state-level regulations, and payment processors should be able to facilitate easy compliance for debt collectors. It is worth noting that being a high-risk company does not mean that your application for a merchant account will always be rejected. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. If that happens, then it will be the merchant account provider on the line. Get Your Quote. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. They Are Not truthful about their service. 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. 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. DO NOT use this company. Min. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. Has representatives that open fradulent accounts. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. It was revoked by State of TN. 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? Total $247.95. eMerchantBroker lacks options for agencies to integrate payment platforms with processing hardware and payment gateways, which limits the speed at which a debt collector can collect the past-due payments its tracking down. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Copyright 2023 eMerchantBroker, LLC. 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. Ready to integrate payment processing solutions into your new business? dont believe what they tell you They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. Not an existing MeS Virtual Terminal User? This post will help: How to Get Out of a Merchant Account Contract. 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. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. 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. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. Note that we are not able to provide private consultations, give advice, or answer questions. These merchant account providers offer high-risk businesses like collection agencies a square deal when it comes to payment processing. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. this will happen if you change to another company. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. The companys rating is also impacted by its higher-than-average complaint total with the BBB. Worse company ever. Required fields are marked *. I have never had any other merchant?! Square is a top choice for POS for any type of business. Going to BBB and will get attorney if I have to. You will be far too high of a risk to work with. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Suggest you consider that Paymentech and many others do not charge this. I was skeptical and decided not to switch to merchant solutions. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. please dont sign up and let people know about that. they hurt me by taking un authorized money out of my account The .gov means its official. Im so glad I read these before making a huge mistake. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. In the podcast below, Phillip explains how credit card processing and credit card fraud affects business owners. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. Its website can be hard to use as well. They may require you to constantly have reserve cash in your account. 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. They will tell you that there are no hidden fees and no extra charges. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. 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. Specialized account support for multiple collection agency types. You can get your approval in as little as 24 hours. An official website of the United States government. Ex. These processors offer Quickbooks integration and have low rates. Fast turnaround: as little as 1-2 days. Many other high-risk merchants are notorious for offering card readers and monthly gateway fees, but Durango helps new collection agencies set themselves up for affordable success by making its hardware directly for sale online. Now illness has caused me to lose my merchant tax ID. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. I will NEVER consider using them again. Respectable processors like EMB guarantee a fast, secure application process. 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. 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 ?????? 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. Do not give them your business. It isnt just the finances of your business that they pay attention to either. 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. 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! PaymentCloud can help almost any business get approved for payment processing. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Click here to earn a reward. Let us know how well the content on this page solved your problem today. To better understand why we adjust BBB ratings, please see our Rating Criteria. 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. FTC Staff. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. We can help your collection agency even if you've you been turned down by service providers in the past. Do you feel like its the right time to start a collection agency? They have terrible reviews on google and many many complains on BBB. The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to "harass, oppress or abuse" you to collect on a debt regardless of whether you owe the debt or. When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! At Monetaria, we understand that your MCA agreements are time-sensitive. These people are the biggest crooks Ive ever encountered. 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!! They charge for any reason and they have a lot mistake they charge me before even i start with them for $28 and when i called them they said that was mistake they charge me $39 and $69 for annual fee and i just work with them a few days. Don't Fall Into An Expensive Trap. Call us now on 877-700-5790 for further assistance. This post will help: Cancelling a Merchant Account Without Paying a Fee. If you would like to interview Phillip for your story or podcast, please reach out here. I am still trying to get that back. The worst company to do business with ever!!!! Easier borrower qualifications that help you build business credit. Before sharing sensitive information, make sure youre on a federal government site. For this reason, they are often linked to high complaint totals. Over the years, we have built up connections with banks all over the world. Additional rates and fees, including a technical support fee may apply. Suite 209 The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Seriously they will destroy your business. 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. Square is a top choice for POS for any type of business. Not much, but still more than disclosed. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. Learn how to resolve this complaint. You could tell a collector to send a validation notice. 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!!! I wish I would have read some reviews before I sign up with these con artists. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. Many may find PaymentClouds organization of products on its website to be less than navigable. Sign up today and get a free card reader! Only. Call 1-888-288-2692. 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. Processing statements are intentionally complicated so that they can overcharge you. 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. This includes debt collection companies and debt buyers. We work to advance government policies that protect consumers and promote competition. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. When you choose us, youre not just getting back your assets. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. Screw this place I wish their was a way we could put them out of business. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Would recommend , Merchan Solution they are very professional , Ive been talking to Austin back and forth seems like I know him, anyway every question I did not understand about this machine he explain it very clearly to me, He was not Just a sales person he wants my business to succeed Thank you very much .Austin Smith, Merchant solutions are very professional. DigiPay Solutions has created a "Debt Collection Industry Primer" with important information about setting up a merchant account, controlling chargebacks, managing risk and keeping merchant accounts in good standing. Offers automated account application and custom quote processes. From The Editor Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. High-risk specialist for U.S.-based collection agencies. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. Strongly suggest that anyone does there homework and compare companies for this service. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! TMS offers a dedicated support phone line and an email form on its website. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. Of course, we will provide you with all of the tools that you need to process payments. 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. They terminated my account for non use since I was using another company and had not transferred over yet. 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. 651-398-1636. I would recommend not to do business with this company. Payment Processing . 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. Now they have charged me with a PCA compliance processing fee of $149, payable annually. 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. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. However, pricing is not disclosed on either of those services. They refuse to refund the money. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. If you stop using it, they still charge you a lot of fees. And particularly so for debt collectors due to the consumer demographic of debtors. Copyright 2023 eMerchantBroker, LLC. Try PaymentCloud. John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. the rep I spoke to became Irrate and told me he didnt appreciate me accusing him of charging bogus fees and he told me he was going to hang up on me. Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. 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. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. 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. 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. Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies.

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