Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. This means that the process is fast. You can get your approval in as little as 24 hours. This is a business that is rife with fraud and chargebacks. 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. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Not an existing MeS Virtual Terminal User? You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. 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. We appreciate it. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. Call us now on 877-700-5790 for further assistance. From The Editor Fortunately, there are providers willing and able to help. Don't Fall Into An Expensive Trap. We have focused on merchant cash advances over two decades. They said they are the cheapest one but they are not. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. Signature not by me, computer generated. Their customer service is terrible, they are never reachable. Phillip created this website and has written over 1,000 articles regarding all things payments. MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. It is not intended as legal or financial advice. Besides, we understand just how financially difficult it is to become a business owner. Comp Admin Fee $9.95 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. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. From The Editor Phantom debt collectors impersonate law firms | Consumer Advice When account underwriters are deciding the fees or terms for working with them, they will need to see the finances of your business. Keep your money you work for and dont use them. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. dont believe what they tell you 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. 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. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. Merchant Mavericks ratings are not influenced by affiliate partnerships. If anyone has a better option please let me know. The path toward getting your collection agency off the ground is rife with hurdles that take the form of legal obligations, a complicated and sometimes bleak industry reputation, and the constant risk of interruption to your businesss revenue. The sales rep never returned my calls and is no longer with thw company. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. I have tried to use card reader several times without success. 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. Note: We have adjusted this companys BBB rating according to our own standards. Square is a top choice for POS for any type of business. This company hires predatory sales people, arent up front about fees and raped my bank account. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Merchant Solutions Group - Merchant Cash Advance | Working Capital Lots of hidden fees that other companies dont charge! 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. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Its important to be able to connect with a real person on the phone. Call 1-888-288-2692. they hurt me by taking un authorized money out of my account They are awful and very dishonest do not use them. Strongly suggest that anyone does there homework and compare companies for this service. : 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. 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. Debt Collection Industry and Merchant Accounts Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. They are crooks. 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. close down your account. These people are the biggest crooks Ive ever encountered. Opinions expressed here are authors alone. Thanks ANAIS. Click here for more product information. Getting paid to re-write this page? Due to the risky nature of your business the typical bank wont deal with you. So, its no surprise that banks often deny them merchant accounts. Excellent provider for collection agencies with a strong eCommerce presence. I will make sure this is my last time using this company. The companys chargeback and fraud prevention assistance is a huge help to high-risk collection agencies and can go a long way toward making your customers more satisfied with your customer support systems and less likely to initiate chargebacks. If you stop using it, they still charge you a lot of fees. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Its like they try to rip you off once last time b4 they let you go. they charged me $450 every month out of total 10k annual monthly. 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!! An official website of the United States government. This is an attempt to collect a debt and any . 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. In addition, they told us the transaction fee would be 2.65% of each purchase. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. A collection agency merchant account is classified as high risk for a number of reasons. My company is no longer doing business and I have not used the machine in 6 months. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. A full point-of-sale (POS) system in one sleek package. If your company is in the business of collecting debts, then you will need to have some way to process payments. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. All debt collectors track down past-due debts that businesses and consumers owe. 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. 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. 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. 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. 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. Seattle Collection Agency | Merchants Credit Association Debt Collection Merchant Accounts We work to advance government policies that protect consumers and promote competition. They said they would beat my current rate but never could. 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. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. 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. CardPaymentOptions.com, Inc. All Rights Reserved. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. This credit card processing company is HORRIBLE! JUST SAY NO. Debt collection | Consumer Financial Protection Bureau Why Is Credit Card Processing For Collection Agencies Considered High Risk? I am still trying to get that back. 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? VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Anybody have any suggestions for getting out of this company? 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. 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. $1350 fee if terminal is not returned within 10 days. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com Home - Merchant Solutions LLC The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. What out business owners out there about this Merchant Solutions. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. This Post Might Help: Best Restaurant Merchant Accounts. 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. At Monetaria, we understand that your MCA agreements are time-sensitive. Keep up the excellent work Austin and thank for helping us through out the entire setup process. Banned Debt Collectors | Federal Trade Commission Payment Processing . This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. This company and its employees are rude, I have been trying to cancel and they make it difficult. Still interested? 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. 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. Debt Collectors List | NY Debt Collections List All they want is your money. 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. We provide merchant account services for both low and high-risk businesses. reporting it to the relevant supervisory organizations, top-rated payment processors for customer service, Cancelling a Merchant Account Without Paying a Fee, How to Get Out of a Merchant Account Contract, How to Make Your Payment Processor Release Your Money, Cancelling a Merchant Account Contract Without Paying a Fee. They never have any answers and are only looking for ways to disconnect you. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Do not get trap by this company. Fake and Abusive Debt Collectors | Consumer Advice See Which Processors Offer No Monthly Fees And No Contracts. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Monthly Fee $25.00 Learn how to resolve this complaint. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. This post will help: Cancelling a Merchant Account Without Paying a Fee. FTC Staff. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Help us to improve by providing some feedback on your experience today. 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. As you're checking out a debt collection call, remember: don't respond to threats. 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. Zero star rating, they are big time scam I have been with them since 2015 and in June,2019 I decided to go to a different processor. Beware, do not do business with merchant solutions. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. These are all fees that were started 8 months into my contract. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. BE AWARE!!! Your email address will not be published. Learn more about our monetization policies here. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. To better understand why we adjust BBB ratings, please see our Rating Criteria. Merchant Solutions is a very dishonest processor. Sequoia Financial Services - 2021 Recovery Solutions Group, LLC (RSG) Contact Information. I think I was the set up by Merchant Solutions. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 4 Best Merchant Accounts For Collection Agencies. I was skeptical and decided not to switch to merchant solutions. Going to BBB and will get attorney if I have to. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Debt Collection Merchant Services - Merchant Card Advisors She also helped us to file our annual PCI compliance saving us about $40 per month. Only. 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. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Stay away from Themechantsolution!!! They Rip you off way more than wat they told you they would charged. Get clarity before you switch. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. Save yourself stress and aggravation and sign up with a different processor. 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. Ex. I was never given a written contract had computer generated signature. Not much, but still more than disclosed. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case.
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