This is why we want to help you get the right debt collection merchant account from the very start. See Which Processors Offer No Monthly Fees And No Contracts. We are not being charged an ADDITIONAL $159.90 (received bill in the mail) with no explanation of what the fee (s) is for. They may require countless numbers of documents. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. 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. 4 Best Merchant Accounts For Collection Agencies 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. This is a business that is rife with fraud and chargebacks. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. When you choose us, youre not just getting back your assets. Due to the unique processes we have in place, we can offer affordable rates for our 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. This means that your business will be making a lot more profit for each transaction. Were dedicated to B2B debt recovery. YOU WILL BE SORRY! I left MerchantSolutions a number of months ago, even though it cost me remaining monthly fees until my contract expires. Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Verify before you sign with this company. Numerous times I informed her that we already had an account with a different company, and we were not ready to transition but would be happy to look at the numbers. Pure scam artists just looking to steal your hard earned money. Upon cancellation after over 4 years I returned the machine in good order. The collector has to tell you four pieces of information. I was to have 1 account with Merchant Solutions ! If anyone has a better option please let me know. From The Editor Your business cannot opt for a standard merchant account here. 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 lack of transparency in pricing is typical of the industry in general. Help us to improve by providing some feedback on your experience today. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. 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. I was never told about a restocking fee and some other charge until I got ready to cancel. Payment Processing . On November 30, 2021, the Debt Collection Rule became effective. 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. * The terms and conditions of this promotion currently cannot be found on the website. FTC Staff. They charge you all kinds of fees which your not told about. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. Suite 209 Phone number: (302) 241-0686. They are charging me a huge fee to cancel. Phillip created this website and has written over 1,000 articles regarding all things payments. this will happen if you change to another company. If you would like to interview Phillip for your story or podcast, please reach out here. Lots of hidden fees that other companies dont charge! Instead, you need to search for high-risk merchant accounts. Call 1-888-288-2692. Respectable processors like EMB guarantee a fast, secure application process. We spoke with ANAIS today and were helped with understanding the rates. They are crooks. The worst company to do business with ever!!!! Dont sign up or you will regret it at the end. 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. Copyright 2020 eMerchant Authority | Website by JM Marketing. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. processing as well as the collections industry, in order to support compliance and best practices adherence . 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. 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. Independent sales agents are often paid by commission and are therefore motivated to sign merchants to the most expensive contract terms they can. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. 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. eMerchantBroker.com. Toll free: (888) 544-9711. Higher cost than explained in solicitations Wondering what else to consider as a high-risk merchant that needs a reliable merchant account provider? If you have your own The Merchant Solutions review to make, please do so in the comments below. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. He has also researched and published reviews about nearly every payment services provider and processor. 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. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Still interested? Just ridiculous! This does not compare favorably to our list of best credit card processors. CFG Merchant Solutions, LLC. 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. There is also $395 restocking fee, and $550 reprogram fee when you have to return their pin pad. I set up a payment arrangement . Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. And particularly so for debt collectors due to the consumer demographic of debtors. You may be charged fees for using this account. Home Blog High-Risk Merchant Accounts The Best Merchant Accounts For Collection Agencies & Debt Collectors, Save money on credit card processing with one of our top 5 picks for 2022. Banks consider collection agencies as high-risk for several reasons, the first of which being the sometimes-negative public perception of the debt collection industry. 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. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. Dont give them, or their mother company, First Data, your business!!! VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. I am still trying to get that back. 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. This company is nothing but a fraud. Thousand Oaks, CA 91362. They have terrible reviews on google and many many complains on BBB. I would not recommend TMS to my worst enemies. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Although their websites navigability can be clunky, PaymentClouds history of few public complaints and excellent track record for customer support suggest that overall, it is a helpful and easy-to-work-with payment processor. 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. As is the case with other industries that fall into the high-risk category, collection agencies operate in an unstable regulatory climate and unfortunately experience a higher risk of unreliable streams of income. After youve signed up, you than learn there are more charges and feel which they will auto-deduct from your merchant account without notification. 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. They need to see whether you have run into any issues previously, particularly when it comes to chargebacks. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 I asked him his name and he refused to give it to me, the only reason I know it was Kurt is because I called back and another rep told me. They said they would beat my current rate but never could. At Monetaria, we understand that your MCA agreements are time-sensitive. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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. Learn more about our monetization policies here. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising.
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