merchant solutions group debt collection

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. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. 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. 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! We appreciate it. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. The Merchant Solutions processes most major payment types. I agreed to pay back the money that was owned. No mention of 3 year contract and no proof of it. We may earn revenue if you obtain services from a provider that we recommend. The collector has to tell you four pieces of information. They need to see how strong your profits are. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Only. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. 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. Do not believe anything they say about their service. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 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 email address will not be published. 180 Maiden Lane, 15th Floor. 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. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Which Business Bank Account is Right For You? The company never disclosed high fees , fees for not taking a test, and excessive closing fees. 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. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. 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 $69 for annual fee and i just work with them a few days. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. When I wanted to cancel they wouldnt send me the cancellation form for weeks. You really leave your business account open to these guys with free access to do as they like. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Today was the last straw which we really been shut down since April over covid19. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Getting paid to re-write this page? Here Are The Processors Who Don't Hide Fees. A collection agency merchant account is classified as high risk for a number of reasons. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. They dont deserve a BBB rating they suck!!!! 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. They are charging me a huge fee to cancel. Not an existing MeS Virtual Terminal User? Ready to integrate payment processing solutions into your new 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. Youll get your merchant account for your collection agency in as little as 24 48 hours. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. I wish I would have read some reviews before I sign up with these con artists. Copyright 2023 eMerchantBroker, LLC. They may even have maximum limits to any transactions that you complete. 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. A full point-of-sale (POS) system in one sleek package. This company, Merchant Solutions, is a fraud. Many may find PaymentClouds organization of products on its website to be less than navigable. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Essentially, they steal from the customer. Which Collection Agency Merchant Account Is Right For My Business? But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. when you cancel.Please take your business elsewhere. 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. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. If you stop using it, they still charge you a lot of fees. They really do not want to do this. Just ridiculous! These companies and people are banned, by federal court orders, from participating in the business of debt collection. 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. If you would like to interview Phillip for your story or podcast, please reach out here. 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. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Specialized account support for multiple collection agency types. one year. 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. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. All Rights Reserved. Lending and Debt Repayment Merchant Accounts. 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). 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. I work damn hard to run my business and I will be damned if they are going to steal money from me. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Although users may request an interchange-plus pricing plan, PayKings non-transparent pricing and early termination fees can actually work against up-and-coming collection agencies that may not have a consistent stream of revenue. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. BBB received a pattern of complaints concerning collections practices. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. not explained. Its like they try to rip you off once last time b4 they let you go. Read more below to learn why we chose these options. Comp Admin Fee $9.95 PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. They stealing $1000.00 dollars from my account. Nasty contract . Payment Processing . This is why we want to help you get the right debt collection merchant account from the very start. $35.00 We can help you to seamlessly integrate eMerchant Authority payment solutions into your business. 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. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Going to BBB and will get attorney if I have to. Click here to earn a reward. Dont sign up or you will regret it at the end. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. 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. This company should not be allowed to do business. 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. It's a cut throat industry. Also when you call they have no customer service and are rude on the phone. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. He is very knowledgeable and provided excellent support. 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. It is just one of the many ways that MS has cost me money unnecessarily, including missed charges, delayed refunds, poor customer service and unnecessary payments. Some merchant account providers may offer high fees. Fast turnaround: as little as 1-2 days. This lack of transparency in pricing is typical of the industry in general. After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. 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. We have lowered the companys score in this section to a C to reflect this consistency. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. Problems logging in? Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Ensure you understand the contract terms and all the costs involved with the credit card payments before you sign the contract. I was to have 1 account with Merchant Solutions !

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