This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. They are beyond shady and dont care at all about customer service!!! 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. Pam called me offering a competitive rate for credit card processing. I will NEVER consider using them again. 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. Help us to improve by providing some feedback on your experience today. This means that we can offer rates that are a little bit cheaper than most other high-risk merchant account providers. I have proof of all deductions after I cancelled. These people are down right crooks! 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. 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. 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. All they want is your money. Min. They refuse to refund the money. 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. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. Get the truth here. If your company does not show any indication that you conform to this act, then your application will be outright rejected. This means that you will be out of business. This lack of transparency in pricing is typical of the industry in general. And particularly so for debt collectors due to the consumer demographic of debtors. They may require countless numbers of documents. So, its no surprise that banks often deny them merchant accounts. Both were resolved to the dissatisfaction of the merchant or received no final response. 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. Why Is Credit Card Processing For Collection Agencies Considered High Risk? dont believe what they tell you Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. The following is a sample list of complaints filed against United Merchant . Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. Do you feel like its the right time to start a collection agency? Debt Collection Agencies & Lawyers in New York If you received a court Summons and Complaint, or have been threatened with lawsuit for a consumer credit card account in the states of New York and New Jersey by one of the collection agencies below, or by one of their debt collection lawyers, contact us to learn your rights. 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. Get Started With Durango Merchant Services. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. 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 ?????? MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. This is why we want to help you get the right debt collection merchant account from the very start. Merchant Solutions is a very dishonest processor. Lending and Debt Repayment Merchant Accounts. 1008 Mattlind Way. These people called me for weeks and sent me all kinds of sales materials when my business started. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. 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. Ive called them over 15 times, and each time they blow me off, or offer me a partial refund if I delete the negative (yet accurate) Yelp and Rip Off Report reviews I left them. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. They want me to pay almost $900.00 for equipment I dont use. Most merchant providers are reluctant to offer. 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 got a shock when they deducted total of $1000.00 from my account in 4 payments. Click here to earn a reward. Avoid this outfit as they will make your life miserable. 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. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. Easier borrower qualifications that help you build business credit. There is no monthly fee but there is a monthly minimum fee meaning if you dont process the requirement you are charged that fee. PaymentCloud specializes in difficult-to-place merchant accounts for credit card processing. Monthly Fee $25.00 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!!! We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Youll need a robust suite of hardware and services to accept payments online and over the phone, if so. 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. Essentially, they steal from the customer. To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. 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. 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. Flexible and transparent pricing suits high- and low-ticket agencies. Then I began getting charged a PCI non compliant fee $40.00. Dont give them, or their mother company, First Data, your business!!! Product & company names, logos, and trademarks referred to on this site belong to their respective owners. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. Anybody have any suggestions for getting out of this company? 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. Annual PCI Fee $99.00 The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. Many may find PaymentClouds organization of products on its website to be less than navigable. Strongly suggest that anyone does there homework and compare companies for this service. 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. I work damn hard to run my business and I will be damned if they are going to steal money from me. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. 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 company never disclosed high fees , fees for not taking a test, and excessive closing fees. Business owners starting a collection agency need to thoroughly account for their startup costs and potential interruptions to future revenue due to customer chargebacks and instances of fraud. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. They said they would beat my current rate but never could. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. A collection agency merchant account is essential to process payments in this unique industry. Its a TOTAL SCAM! When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Lots of hidden fees that other companies dont charge! Phillip created this website and has written over 1,000 articles regarding all things payments. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. She also helped us to file our annual PCI compliance saving us about $40 per month. He has a BA in Creative Writing and a Minor in German from Goucher College. Respectable processors like EMB guarantee a fast, secure application process. After being a member of The Merchant Solutions for over 10 years I discovered (by simple reviewing the statements) the December invoice had the following charges. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Soar partners with Chargeback.com to offer anti-chargeback features such as chargeback alert emails, services for fighting illegitimate chargebacks, and the iSpyFraud filter to detect fraud and suspicious transactions. Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. Suite 209 The competition is real with so many POS servicing company. We have lowered the companys score in this section to a C to reflect this consistency. Verify before you sign with this company. Address: Recovery Solutions Group. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. Some merchant account providers may offer high fees. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. This means that the process is fast. 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Excellent provider for collection agencies with a strong eCommerce presence. An official website of the United States government. . 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. 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. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. Lets start with the salesman Daniel A. We're Proud to Advance Cash to Business Owners Like You. 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. services due to the high risk associated with debt collection businesses. 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. The Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. They need to see how strong your profits are. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. You will not have enough time to do it, the machine terminal breaks all the time. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. 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. 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. eMerchantBroker.com. eMerchantBroker can . PaymentCloud can help almost any business get approved for payment processing. I didnt fill out anything to open OR close the account and today was hit with $495 fee. 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. 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. Only. Same situation. On November 30, 2021, the Debt Collection Rule became effective. CFG Merchant Solutions, LLC. Copyright 2023 eMerchantBroker, LLC. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Due to the risky nature of your business the typical bank wont deal with you. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 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 $1000.00!! WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. Horrible company. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Numerous calls went straight to voicemail without any return calls. Learn more about dealing with debt collection at ftc.gov/debt. Get Your Quote. These revenues in no way influence our ratings or reviews. I agreed to pay back the money that was owned. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Which Collection Agency Merchant Account Is Right For My Business? For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? I set up a payment arrangement . If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. DO NOT use this company. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. After i cancle my account they charged me 200$ come out of no where. Its like they try to rip you off once last time b4 they let you go. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. The worst company to do business with ever!!!! 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? Were never worried about our overdue receivables. said no business ever. Disgusted. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. I would recommend not to do business with this company. Phone number: (302) 241-0686. Im so glad I read these before making a huge mistake. 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. And because I signed the document, the company is telling me, that I am liable for the contract. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. Get clarity before you switch. Now that youre familiar with the logistics of payment processing youre likely to navigate, its time to consider some tips to get your collection agency approved by an acquiring bank. 844-66-CFGMS (844-662-3467) Federal government websites often end in .gov or .mil. Do not give them your business. This includes debt collection companies and debt buyers. In some cases, this leads to merchants contracting with debt collection agencies. We may earn revenue if you obtain services from a provider that we recommend. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. I have tried to use card reader several times without success. 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. Sign up today and get a free card reader! The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. I have been with them since 2015 and in June,2019 I decided to go to a different processor. for lack of use and Merchants want 490 dollars to terminate service. Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. 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. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day.
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