They said they would beat my current rate but never could. Stay away from Themechantsolution!!! Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. I was skeptical and decided not to switch to merchant solutions. 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. Learn more about our monetization policies here. Amazing! They constantly slip in unauthorized charges. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. Higher cost than explained in solicitations Horrible company. Do not give them your business. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. My company is no longer doing business and I have not used the machine in 6 months. 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. Im so glad I read these before making a huge mistake. i signed up a few weeks ago and havent been able to get into contact with them since. 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). Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Now illness has caused me to lose my merchant tax ID. 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. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. If you do business with a debt settlement company, the company may tell you to put money in a dedicated bank account, which will be managed by a third party. See Which Processors Offer No Monthly Fees And No Contracts. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. We spoke with ANAIS today and were helped with understanding the rates. they are liars, I just got ripped off $695 from early determination fee and my contract is do in two months thats why they did it i im sooo pisss right now i wish one of them will go to my business again to offer anything ?????? The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. 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 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. 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. Austin Smith was very knowledgeable and helpful! The Merchant Solutions processes most major payment types. 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. Lending and Debt Repayment Merchant Accounts. 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. The overall household debt for an average family increased by 11% during the last 10 years. She also helped us to file our annual PCI compliance saving us about $40 per month. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. And particularly so for debt collectors due to the consumer demographic of debtors. 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. They are thieves because they stole money from my account and wont make it right with me. The Merchant Solutions also appears to resell the products of First Data (Fiserv). Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. Several complainants outright accuse the company of being a ripoff or a scam operation. Do not believe anything they say about their service. Payment Processing . 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. the name of the creditor you owe it to. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. Processing statements are intentionally complicated so that they can overcharge you. Cancellation take place 30 days after the day is cancel and tones of ridiculous fee charged during those 30 days. You really leave your business account open to these guys with free access to do as they like. He has also researched and published reviews about nearly every payment services provider and processor. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Call 1-888-288-2692. Why Is Credit Card Processing For Collection Agencies Considered High Risk? Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. To the companys credit, the website for TMS does not appear to engage in any deceptive marketing tactics. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. See this page to learn how we support our operations. The chargeback will be made against their account. This is Uncle Fried Chicken LLC, and The Merchant Solutions are scammers and dont follow their own contract rules. 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. Has representatives that open fradulent accounts. These companies and people are banned, by federal court orders, from participating in the business of debt collection. No doubt necessary to achieve any success, as the sales person was barely literate. Their customer service is terrible, they are never reachable. 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. This means that our job is to reduce the risk of any transactions for the merchant bank. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Annual PCI Fee $99.00 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. Merchant Mavericks ratings are not influenced by affiliate partnerships. I will make sure this is my last time using this company. Even though some providers may appear to be a good fit for you at first, the best payment processors can satisfy your current business needs and grow with your future growth plans. They are very rude and they will not correct the problem with me even though they said they would. 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. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. Just ridiculous! Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. Learn more about the new debt collection rule. For me customer support is key and Austin is definitely an asset to this company. In addition to its support for merchants who may be on the TMF or MATCH List, Durango also works to prevent chargebacks in the future with multiple reputable anti-fraud services. The following is a sample list of complaints filed against United Merchant . Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. 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. They may even have maximum limits to any transactions that you complete. 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. Sign up today and get a free card reader! 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. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. 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. : 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. It was revoked by State of TN. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. As of right now, I have this company for falsifying documents, and felony forgery. In addition to its storefront payment processing services, The Merchant Solutions also dedicates a portion of its website to advertising its virtual terminalandpayment gateway services. Location & Ownership 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. 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. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. 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. The debt collector refers to themselves as an investigator, or that they will contact the investigator on your case. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. You will not have enough time to do it, the machine terminal breaks all the time. 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. when you cancel.Please take your business elsewhere. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. 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. We have lowered the companys score in this section to a C to reflect this consistency. Some of these limitations can be pretty tough on a business, particularly in their early days. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. They want me to pay almost $900.00 for equipment I dont use. $1350 fee if terminal is not returned within 10 days. A handful of debt collectors employ scare tactics such as calling debtors around the clock or harassing them in person for collections. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. They are crooks. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. This company hires predatory sales people, arent up front about fees and raped my bank account.