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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! They are awful and very dishonest do not use them. It isnt just the finances of your business that they pay attention to either. This means that your company can process debit and credit card transactions, and it will do this for an affordable price. *Rates quoted as the % above normal card interchange costs, dues, fees, and assessments. Of course, we will provide you with all of the tools that you need to process payments. 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. 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. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. Its likely that Instabill offers terminals through a lease, which is nearly always more expensive than purchasing a terminal of your own in the long run. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. The reason why most high-risk merchant account providers are so strict during their application process is because of the nature of the debt collection business. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. Today was the last straw which we really been shut down since April over covid19. Suggest you consider that Paymentech and many others do not charge this. We provide merchant account services for both low and high-risk businesses. What out business owners out there about this Merchant Solutions. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. From The Editor I DO RECOMMEND THAT YOU DO NOT ATTEMPT TO USE THEIR SERVICES!! 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. Fax: (818) 707-7070. They said they are the cheapest one but they are not. CardPaymentOptions.com, Inc. All Rights Reserved. 651-398-1636. 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. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Lets start with the salesman Daniel A. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. 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. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. 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. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Additional rates and fees, including a technical support fee may apply. 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. I will continue fighting for their dishonest practice.Do not fall for Merchant Solutions,they are a ripoff company and have a false advertisement for the free machine which on Amazon sells for $250.00.and they charge $1000.00!! Why Is Credit Card Processing For Collection Agencies Considered High Risk? 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. If you want to pay unregulated fees like a $9.99 a month regulatory fee and a $6.95 monthly data insurance fee and a $150.oo yearly anuall PCI FEE this is the processor for you.. Besides, we understand just how financially difficult it is to become a business owner. Dont give them, or their mother company, First Data, your business!!! Shortly after receiving the product we received an email notifying of the $2.50 monthly fee AND .5 per transaction fee on top of the 2.65%. If that happens, then it will be the merchant account provider on the line. Then I began getting charged a PCI non compliant fee $40.00. The following is a sample list of complaints filed against United Merchant . This means that you will be out of business. 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. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. The Signature page of the second contract is an EXACT COPY of the account I did open. Note that we are not able to provide private consultations, give advice, or answer questions. I was skeptical and decided not to switch to merchant solutions. A collection agency merchant account is classified as high risk for a number of reasons. 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. All debt collectors track down past-due debts that businesses and consumers owe. 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. 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. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. That doesnt count the canclelation fee that coming up from them. 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. Fast turnaround: as little as 1-2 days. Weve been hit with so many fees that are hidden and that they deduct for no unknown reason as they do not tell you before hand. This was not in our contract, but I couldnt get the money back without suing them. 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! This is an attempt to collect a debt and any . Over the years, we have built up connections with banks all over the world. This field is for validation purposes and should be left unchanged. 1008 Mattlind Way. 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. As of right now, I have this company for falsifying documents, and felony forgery. 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. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. They are beyond shady and dont care at all about customer service!!! Call 1-888-288-2692. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. This means that our job is to reduce the risk of any transactions for the merchant bank. 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. Looking for legal documents or records? 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. 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%. Now illness has caused me to lose my merchant tax ID. 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. We are on our 4th machines, the terminals are very light, and very cheap looking, they break all the time, but when you try to get out of the contract because of it, they will say something like, but we can trouble shoot for you. He has also researched and published reviews about nearly every payment services provider and processor. These are charged beyond any percent fees. The chargeback will be made against their account. Its just a penalty fee that they add on you for leaving their company. This Post Might Help: Best Restaurant Merchant Accounts. 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. 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. Host Merchant Services caters well to collection agencies with various business models due to its specialized accounts with customized pricing for large- and small-ticket agencies as well as nonprofits. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. They Rip you off way more than wat they told you they would charged. Many may find PaymentClouds organization of products on its website to be less than navigable. Sign up today and get a free card reader! They never have any answers and are only looking for ways to disconnect you. He was patient and knowledgeable and I am more than pleased with the assistance I receive from the Merchant Solutions. Just ridiculous! I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% They have hired unqualified reps who dont know how to initiate talks with a new business, seems like working for paycheck only, doesnt seem they take ownership in helping future customers. And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Offers automated account application and custom quote processes. I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. We work to advance government policies that protect consumers and promote competition. Understand how the CFPB's Debt Collection Rule can help you. * The terms and conditions of this promotion currently cannot be found on the website. These people are down right crooks! If you are looking for a merchant account for your debt collection company, or you have any questions about the services that we provide, then please reach out to us today. Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. As you're checking out a debt collection call, remember: don't respond to threats. 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. Credit Card Processing for Debt Collection Businesses Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. The overall household debt for an average family increased by 11% . 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 have fees for everything when you cancel or have to end your contract early. 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. Suite 209 Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? This company and its employees are rude, I have been trying to cancel and they make it difficult. Should have know. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. I have never had any other merchant?! We also encourage merchants to check out our list of the providers of the best merchant accounts. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Thousand Oaks, CA 91362. Are you with The Merchant Solutions? Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. I was never given a written contract had computer generated signature. Several complainants outright accuse the company of being a ripoff or a scam operation. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. Moreover, EMB is rate A by Card Payment Options. From The Editor Get Started With Durango Merchant Services. Why would we want a service we couldnt use? This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. Read more below to learn why we chose these options. 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. They are thieves because they stole money from my account and wont make it right with me. My company is no longer doing business and I have not used the machine in 6 months. Worse company ever. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. Were dedicated to B2B debt recovery. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . Lots of hidden fees that other companies dont charge! Stay away from Themechantsolution!!! They stealing $1000.00 dollars from my account. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. 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 can also provide the tools that you need to generate financial reports for any money passing through your merchant account. 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. Try PaymentCloud. I will report this matter to BBB about their sales / marketing strategy for omitting such cancellation fee info. I have proof of all deductions after I cancelled. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. Austin Smith was very knowledgeable and helpful! Still interested? Credit cards are prone to chargebacks and tend to be more expensive to process on a per-transaction basis than automated clearing house (ACH)/electronic fund transfer (EFT) payments. The competition is real with so many POS servicing company. I have no other choice than to seek legal action against Merchant Solutions and/or the agent that opened up a second account with forged/copied paperwork. for lack of use and Merchants want 490 dollars to terminate service. They will give you false information over the phone and then tell you their salesperson had no authorization to give it. JUST SAY NO. Now they have charged me with a PCA compliance processing fee of $149, payable annually. 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. Some processors have no monthly, no annual fees, no contract, and cheap rates. How Can Merchants Use Debt Collectors to Recover Chargebacks? I will NEVER consider using them again. 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). Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. 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. Very rude on phone, does not care about you as a customer. 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. Zero star rating, they are big time scam 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. Our integrations connect you with the best tools for your business. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Anybody have any suggestions for getting out of this company? 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). 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. Let us know how well the content on this page solved your problem today. These are all fees that were started 8 months into my contract. Credit cards are, relative to ACH/EFT payments, more prone to chargebacks. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Milford, DE 19963. The Merchant Solutions fees and terms are average for the industry, so we have given TMS a C in this section. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. We may earn revenue if you obtain services from a provider that we recommend. Consider whether your agency is a relatively low- or high-volume operation, whether you function as an eCommerce or brick-and-mortar business, your chargeback history, and the pricing plans you prefer before you decide on a collection agency merchant account. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Horrible company. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. These gateways may also support online portals through which users must enter before they can submit their payments online. Instabill offers credit card terminals albeit with little information concerning specific terminal models or features on its website. The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. By working with eMerchant Authority, this is a problem that can be avoided. Search the Legal Library instead. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. They need to see how strong your profits are. Forgotten Password? You can get your approval in as little as 24 hours. Annual Fee $79.00 This company should not be allowed to do business. Home (425) 643-2613 (800) 755-1107. how much money you owe. Merchant Solutions is a very dishonest processor. Sequoia is located in the Agoura Gateway at: Agoura Hills, CA 91301. They have been lying to me since day 1 of signing up with them. 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. For new business owners who place a particular focus on hands-on customer service, PaymentCloud offers dedicated account representatives available to you throughout the lifetime of your account. Your business cannot opt for a standard merchant account here. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. New York, NY 10038. Signature not by me, computer generated. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. . Instead, Go with Square, go with Chase, go with Costco Elavon, go with Paypal, or any of a dozen other reputable credit card processing companies but please, dont make the same mistake i did Avoid The Merchant Solutions at all costs. With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. 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. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. 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. 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. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Monthly Processing Range If you are a small business owner avoid these crooks like the plague. Phillip created this website and has written over 1,000 articles regarding all things payments. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. I had to close the account, due to poor sales results. This company, Merchant Solutions, is a fraud. 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. Instead, you need to search for high-risk merchant accounts. Do not believe anything they say about their service. 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. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. These actions contribute to a negative public perception of the industry and demonstrate to some banks offering merchant accounts that the businesses in the collections industry are high-risk. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. See this page to learn how we support our operations. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. Keep up the excellent work Austin and thank for helping us through out the entire setup process. If you have your own The Merchant Solutions review to make, please do so in the comments below.
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