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Now they have charged me with a PCA compliance processing fee of $149, payable annually. 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. $1350 fee if terminal is not returned within 10 days. This post will help: How to Get Out of a Merchant Account Contract. Milford, DE 19963. i signed up a few weeks ago and havent been able to get into contact with them since. 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. This company is nothing but a fraud. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. To better understand why we adjust BBB ratings, please see our Rating Criteria. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. 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. This post will help: Cancelling a Merchant Account Without Paying a Fee. 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. Toll free: (888) 544-9711. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. And particularly so for debt collectors due to the consumer demographic of debtors. We were charged a $350 restocking fee after being told there would be NO FEES. Address: Recovery Solutions Group. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. We work to advance government policies that protect consumers and promote competition. The payment processors tiered pricing plan increases processing rates for non-qualified and mid-qualified transactions as well, which can be particularly constricting for very new collection agencies. Due to the risky nature of your business the typical bank wont deal with you. They need to see how strong your profits are. 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. We're Proud to Advance Cash to Business Owners Like You. Pure scam artists just looking to steal your hard earned money. Early penalty for cancellation. 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. Have tried reaching them, asking for copy of contract which states there is a restocking fee and additional charges, but have yet to receive it (its been 6 weeks) or no response as to additional charges (messages left and emails sent). 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. The following is a sample list of complaints filed against United Merchant . The Merchant Solutions processes most major payment types. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. They round up everything, even when they shouldnt according to elementary mathematics! Going to BBB and will get attorney if I have to. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. It isnt just the finances of your business that they pay attention to either. 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. It's a cut throat industry. 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. This means that you will be out of business. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Federal government websites often end in .gov or .mil. Verify before you sign with this company. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. They are awful and very dishonest do not use them. 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. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. These people called me for weeks and sent me all kinds of sales materials when my business started. 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. 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. They constantly slip in unauthorized charges. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. This is very dishonest company with deceptive business practices. Higher cost than explained in solicitations All they want is your money. Ideal for collection agencies with a history of excessive chargebacks. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. 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. The merchant solutions is the most horrible company I have ever dealt with. At this point, I am looking for a new 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. This credit card processing company is HORRIBLE! If your company does not show any indication that you conform to this act, then your application will be outright rejected. 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. JUST SAY NO. 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. 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. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. As you're checking out a debt collection call, remember: don't respond to threats. Excellent provider for collection agencies with a strong eCommerce presence. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Which Collection Agency Merchant Account Is Right For My Business? The companys rating is also impacted by its higher-than-average complaint total with the BBB. We can help your collection agency even if you've you been turned down by service providers in the past. But unlike other financial transactions, you don't have time to spend phoning and e-mailing. If you stop using it, they still charge you a lot of fees. We provide merchant account services for both low and high-risk businesses. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Although Soars $495 early termination fee (for some accounts) may be steep, the termination fee is voided after the initial contract period. 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. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. 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. The overall household debt for an average family increased by 11% during the last 10 years. Call us now on 877-700-5790 for further assistance. This has Been the worst POS processing company I have ever felt with. After he review my merchant statement he promised me that Im going to save $100.00 a month, I signed & cross the $495.00 early termination fee & initial the pages. 1008 Mattlind Way. The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. EMB offers customized payment solutions to collection agency merchants that offer these services: To get your merchant account, you just need to fill out EMBs quick online application. I didnt understand the fees so I called them and asked them to give me the run down of EVERYTHING on the fees page and was told just the requirements the gateway fee they said wasnt in the contract because its a regular thing with all processors. eMerchantBroker.com is a Los Angeles, California-based company that offers high risk e-commerce processing solutions including debt collection merchant accounts.The company's products include ACH processing, an online payment gateway, merchant cash advance, and a chargeback management system to help merchants dispute and resolve chargeback claims. 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. Before sharing sensitive information, make sure youre on a federal government site. The risks related to your business will be assessed by underwriters. They are charging me a huge fee to cancel. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Some of these limitations can be pretty tough on a business, particularly in their early days. We occasionally send out emails with special offers. If anyone has a better option please let me know. What out business owners out there about this Merchant Solutions. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. If that happens, then it will be the merchant account provider on the line. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. 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. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. 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. If you are thinking of signing up with them just read the BBB website with all the complaints against them and read how they arrogantly respond and refuse to ever admit they are wrong. Learn more about your rights as a consumer and how to spot and avoid scams. Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. 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. Search the Legal Library instead. Garbage company. Of course, we will provide you with all of the tools that you need to process payments. BEWARE OF THESE DOGS! Provider of affordable payment processing hardware that can streamline various debt collection operations. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. The overall household debt for an average family increased by 11% . 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. dont believe what they tell you 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. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. 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. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA).