All they do is to get you sign up the contract, but be sure to read the fine print on auto renew, they will auto renew you into another contract even their machine never works. Pure scam artists just looking to steal your hard earned money. I agreed to pay back the money that was owned. They have terrible reviews on google and many many complains on BBB. Also even though I had cancelled in June, in July they also charged PCI compliance of $99.00 when I did not even process with them. TMS offers a dedicated support phone line and an email form on its website. Why would we want a service we couldnt use? This means that our job is to reduce the risk of any transactions for the merchant bank. They are charging me a huge fee to cancel. TOTAL SCAMMERS!!! Annual PCI Fee $99.00 I would recommend not to do business with this company. I was skeptical and decided not to switch to merchant solutions. They refuse to refund the money. We have located multiple The Merchant Solutions customer service numbers: (888) 707-2836 Toll-Free Customer Support/Sales RUN! Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? Debt collection abuses cause harms that financially vulnerable consumers can ill afford. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your company's needs.. To know the right provider, here are factors to consider when . This company and its employees are rude, I have been trying to cancel and they make it difficult. AFNI Collections Agency Mailing Address: PO Box 3097Bloomington, IL 61702-3427 Phone: 866-352-0479 PFD: Yes https://www.afnicollections.com/ Alacrity Collections Corp. 1-800-355-2221 PFD: Unknown Aldous & Associates (1) 385-388-8005 PFD: Unknown All Debt Solutions, Inc. (774) 804-3328 PFD: Unknown To keep an ACH account in good standing, debt collection agency merchants need to keep revokes (chargebacks) under 0.5% and returns less than 15%.
Seattle Collection Agency | Merchants Credit Association This does not compare favorably to our list of best credit card processors. Noah is a writer and content creator currently living in Fairfax, VA. 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. Provider of affordable payment processing hardware that can streamline various debt collection operations. These revenues in no way influence our ratings or reviews. Businesses need cash: Restaurants, Bars & Hotels Automotive Salons & Day Spas Doctors, Dentists & Vets Franchises & more This post will help: How to Get Out of a Merchant Account Contract. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. All Rights Reserved. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. Merchant Mavericks ratings are not influenced by affiliate partnerships. Not an existing MeS Virtual Terminal User? Licensed Debt Collectors As applicants are approved consumers can look up and verify our licensed servicers' telephone number, email address, and website information through the Nationwide Multistate Licensing System (NMLS) Consumer Access ( www.nmlsconsumeraccess.org ). This means that you can always stay on top of any transactions that you are making. This complaint total is somewhat high for a company as small as TMS, and it therefore merits a D grade in our opinion. Telephone: (818) 409-6000. Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. He has nearly two decades of experience in card payment services, both as a former merchant services sales representative and as a professional journalist covering the payments industry. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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! I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. I called to complain upper management said theres nothing they can do I sign the contract Im the one going to get screwed complete scam scam scam! Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. I would not recommend TMS to my worst enemies. This company hires predatory sales people, arent up front about fees and raped my bank account.
Los Angeles Debt Collection - Credit Consulting Services Your Merchant Cash Advances help commercial businesses succeed. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . STAY AWAY. Payment gateways transmit data between an agencys point of transaction and the receiving payment processor. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Im so glad I read these before making a huge mistake. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. Additional rates and fees, including a technical support fee may apply. Also that free terminal will cost you $350 when you try to cancel the account. Home (425) 643-2613 (800) 755-1107. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Now they have charged me with a PCA compliance processing fee of $149, payable annually. 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. I was never given a written contract had computer generated signature. Looking for legal documents or records? Processing statements are intentionally complicated so that they can overcharge you. EMB serves both traditional and high risk businesses, and has already helped thousands of hard-to-approve merchants to get the best for their business. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Horrible company. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. In addition to those 2 complaints, the company has received 58 informal reviews. Other companies may just outright decline your application. Such a vendor can be a great help for your debt collector business. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties.
Sending Chargebacks to Debt Collection 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. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. At Monetaria, we understand that your MCA agreements are time-sensitive. Bitty advance immediately escalated my debts to Recovery Solutions Group and they have been harassing me ever since. You could tell a collector to send a validation notice. how much money you owe. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). We can help your collection agency even if you've you been turned down by service providers in the past. 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. Pam called me offering a competitive rate for credit card processing. Seeking to take them to court for their theft. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. they hurt me by taking un authorized money out of my account Search the Legal Library instead. Customer service is a joke and they just gave me a run around, once even saying they would transfer the info to the analytical Dept while the rep was laughing. This company, Merchant Solutions, is a fraud. Stay away from Themechantsolution!!! Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). 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. 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. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. If anyone has a better option please let me know. Debt collectors that typically process credit card payments rather than alternative transactions such as ACH payments should nevertheless choose a payment processor that supports options for electric check processing and fraud detection. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. Then I began getting charged a PCI non compliant fee $40.00. The chargeback will be made against their account. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. $35.00 I was charged a cancellation fee for an account they had no authorization to open and then when I called to cancel they said they needed a signature. 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. BBB received a pattern of complaints concerning collections practices. This means that your business will be making a lot more profit for each transaction. Get Started With Durango Merchant Services. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Call us now on 877-700-5790 for further assistance. I have proof of all deductions after I cancelled. There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update.
Debt collection | Consumer Financial Protection Bureau Its important to be able to connect with a real person on the phone. This is a business that is rife with fraud and chargebacks. You may be charged fees for using this account. The collector has to tell you four pieces of information. We work to advance government policies that protect consumers and promote competition. 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. Are you with The Merchant Solutions? Also when you call they have no customer service and are rude on the phone. Now illness has caused me to lose my merchant tax ID. Only. However, pricing is not disclosed on either of those services. Do you feel like its the right time to start a collection agency? 2985 E. Hillcrest Drive We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! 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. Monthly Processing Range If you can get one who has worked with businesses in the debt collection industry, the better. Respectable processors like EMB guarantee a fast, secure application process. They never have any answers and are only looking for ways to disconnect you. Copyright 2020 eMerchant Authority | Website by JM Marketing. Do not believe anything they say about their service. See Who The Worst Processors Are. . 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.
Credit & Debt Collections Merchant Services - DigiPay Solutions MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. 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. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. 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. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. PCI Non-Cpmpliance. processing as well as the collections industry, in order to support compliance and best practices adherence . Debt Collection Agency Merchant Services, Collection Agency Credit Card Processing Collection Agency Merchant Account Solutions At Premier One Payments, we are the rare merchant account services provider that is ready and willing to work with collection agencies. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. When you choose us, youre not just getting back your assets. 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. It's a cut throat industry. The types of collections that different agents and agencies deal with, though, can vary widely. They changed my contract, billed me a ton more without giving me an opportunity to opt out. I got the notification in the mail 2 FULL DAYS AFTER they had billed me. Screw this place I wish their was a way we could put them out of business. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000.
Debt Collections Merchant Account Solutions - eMerchant Authority 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. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. One The Merchant Solutions complaint mentions that TMS relies on Authorize.Net or PC Charge Pro for its online payment gateway; if this is the case, Authorize.nets payment gateway will be chargeda per-transaction fee of 2.90% plus $0.30 and a daily batch fee of $0.10 in addition to the $25 monthly gateway fee. Find the resources you need to understand how consumer protection law impacts your business. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. She said that I would need to submit an application in order to verify the discounts they were offering. 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. Early penalty for cancellation. Before sharing sensitive information, make sure youre on a federal government site. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors.