Problems logging in? The Merchant Solutions, founded in 1999, is a small merchant account provider based in Woodland Hills, California. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. 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. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Do not get trap by this company. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. 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. for lack of use and Merchants want 490 dollars to terminate service. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Milford, DE 19963. This was not in our contract, but I couldnt get the money back without suing them. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. They are crooks. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). This credit card processing company is HORRIBLE! If you are in the debt collection business, then you may find it very difficult to obtain a merchant account. I work damn hard to run my business and I will be damned if they are going to steal money from me. I think I was the set up by Merchant Solutions. Its a TOTAL SCAM! I am still trying to get that back. She said that I would need to submit an application in order to verify the discounts they were offering. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, automated clearing house (ACH)/electronic fund transfer (EFT) payments, types of professional liability insurance, complete list of High-Risk Merchant Account Reviews, The 6 Best E-Cigarette & Vape Merchant Accounts, The Best Options For Fantasy Sports Merchant Accounts (& How To Get Your Account Approved), The Best Merchant Accounts For Travel Agencies, Booking Firms, Tour Operators & Other Travel Businesses, FreshBooks Payments 101: The Complete Guide To Using FreshBooks Credit Card Processing Service, Coronavirus (COVID-19) Guides & Resources, Gift Card Systems For Small Business Guide: Best Ways To Sell Small Business Gift Cards In 2023, 8 Cheapest Credit Card Processing Companies & Low-Cost Merchant Services, Best Emergency Business Loan Options For Your Small Business, What Is Shopify & How To Use Shopify In 2023. He is very knowledgeable and provided excellent support. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. At this point, I am looking for a new processor . Learn more about the new debt collection rule. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! After saying, I DID NOT SIGN FOR, I DO NOT WANT, AND FURTHERMORE NEVER RECIEVED A TERMINAL FOR A TERMINAL ACCOUT I DID NOT OPEN, BUT I AM AND HAVE BEEN GETTING CHARGED FOR THE PAST 10 MONTHS.I am no closer to solving this problem. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. 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. Copyright 2020 eMerchant Authority | Website by JM Marketing. Swipe credit cards securely by implementing PCI compliant payment solutions. My company is no longer doing business and I have not used the machine in 6 months. 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. Your Merchant Cash Advances help commercial businesses succeed. This is why we want to help you get the right debt collection merchant account from the very start. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. DO NOT EVEN talk to their salespeople. i signed up a few weeks ago and havent been able to get into contact with them since. Our proven Merchant Cash Advance (MCA) default recovery solutions are proven to turn your delinquent accounts back into cash. Im so glad I read these before making a huge mistake. We have focused on merchant cash advances over two decades. But some payment processors may provide only limited support for brick-and-mortar payment processing or may only provide specific processing hardware on a lease. They Are Not truthful about their service. Getting paid to re-write this page? I should have closed my bank account the minute we closed our business so I could have avoided all of this. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. 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. THIS WAS A TOTAL LIE. Were never worried about our overdue receivables. said no business ever. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Now illness has caused me to lose my merchant tax ID. 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. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. As is the case with our other top choices for debt collection merchant account providers, Soar supports systems for chargeback management and fraud prevention that can make or break the long-term success of any type of collection agency. There is PayPal and Square, why would me, a small tiny business ever agree to such a thing I wouldnt. Its just a penalty fee that they add on you for leaving their company. 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. Upon cancellation after over 4 years I returned the machine in good order. Get your cash flowing again with our Merchant Cash Advance debt recovery solutions. 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. These are charged beyond any percent fees. 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. Disgusted. Understand how the CFPB's Debt Collection Rule can help you. Sign up today and get a free card reader! 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. This means that you could, effectively, lose your ability to run your business. Square is a top choice for POS for any type of business. I agreed to pay back the money that was owned. Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. MCA is a premier full-service debt collection agency, providing successful debt management solutions with integrity since 1937. Why would we want a service we couldnt use? A collection agency merchant account is classified as high risk for a number of reasons. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. 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. Fast turnaround: as little as 1-2 days. Different benefits and drawbacks that come with high-risk merchant account providers make it particularly tricky for new agencies to find a merchant account thats the right match for them. Going to BBB and will get attorney if I have to. If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Still interested? They want me to pay almost $900.00 for equipment I dont use. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Their charges are exhorbitant. What out business owners out there about this Merchant Solutions. They constantly slip in unauthorized charges. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. It's a cut throat industry. I was told thay my rates would be as low as 1.5%. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. 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. * The terms and conditions of this promotion currently cannot be found on the website. 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. please dont sign up and let people know about that. The collector has to tell you four pieces of information. Not much, but still more than disclosed. eMerchant Authority specializes in merchant accounts for high-risk businesses; this includes debt collection agencies. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. 2985 E. Hillcrest Drive Lots of hidden fees that other companies dont charge! Offers automated account application and custom quote processes. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. This company will be out of business in one year or less. I used Merchant Solutions for approx. The drawbacks that render PayKings a less-than-perfect merchant account provider are similar to the drawbacks that come with eMerchantBroker. Keep your money you work for and dont use them. They said they had cancelled the account, but the following month we were charged again. I, like everyone else on this thread, was charged outrageous fees and then told that I cannot m leave my contract after it ended because it auto renews. When we both know its theirs! High-risk specialist for U.S.-based collection agencies. For this reason, they are often linked to high complaint totals. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. We also encourage merchants to check out our list of the providers of the, This does not compare favorably to our list of, What Others Are Saying About The Merchant Solutions, Send me an email notification when someone replies to my comment. They terminated my account for non use since I was using another company and had not transferred over yet. With EMB, you can enjoy chargeback management tools, payment gateways, and fraud filters. 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. Their hidden fees are through the roof. Our integrations connect you with the best tools for your business. Call us now on 877-700-5790 for further assistance. BEWARE OF THESE DOGS! They are charging me a huge fee to cancel. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. dont believe what they tell you 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. Other companies may just outright decline your application. 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. This means that you will need both a payment processor and a merchant account. Horrible company. SAVE YOURSELF THE HEADACHE! BBB received a pattern of complaints concerning collections practices. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. 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. 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 service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. You almost certainly will not be able to work with companies like PayPal. I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. They bill me $100.00 more for the first month & when I complained they told me they going to have a rate review and correct it, the second months they did the same, one week in the third months I stop using them for processing and then they threatening me with a $495.00 early termination fee that I cross in the application then I find out that Daniel A. forged my initial and change the page. Then they sent me a replacement machine that I had absolutely no use for; they actually sent me the wrong machine and billed me for it. 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. Annual PCI Fee $99.00 They refuse to refund the money. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Find legal resources and guidance to understand your business responsibilities and comply with the law. Stay away from Themechantsolution!!! Moreover, EMB is rate A by Card Payment Options. Find the resources you need to understand how consumer protection law impacts your business. 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. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. Suite 209 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. Nasty contract . They may even have maximum limits to any transactions that you complete. Weve resolved overdue accounts for clients without damaging customer relationships. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. 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! We have located one complaint online claiming that TMS is a reseller of Global Payments contracts, but we were unable to verify this claim as of this update. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. They have been lying to me since day 1 of signing up with them. I got this straight but for the next several months they continued to charge me after 30 min of me wasting my time on the phone they refunded me, the next month charged me again. I will NEVER consider using them again. 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. Debt collection abuses cause harms that financially vulnerable consumers can ill afford. This has Been the worst POS processing company I have ever felt with. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. 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. This means that your business will be making a lot more profit for each transaction. 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. You will not have enough time to do it, the machine terminal breaks all the time. Some processors have no monthly, no annual fees, no contract, and cheap rates. That doesnt count the canclelation fee that coming up from them. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. eMerchant Authority can help with this. Then I began getting charged a PCI non compliant fee $40.00. If you have your own The Merchant Solutions review to make, please do so in the comments below. 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. 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. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. TMS offers a dedicated support phone line and an email form on its website. We appreciate it. I was never given a written contract had computer generated signature. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. We occasionally send out emails with special offers. Try PaymentCloud. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Screw this place I wish their was a way we could put them out of business. When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. FTC Staff. 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. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. 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. 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. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! You really leave your business account open to these guys with free access to do as they like.

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