However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. Complaints for Recovery Solutions Group, LLC - Better Business Bureau I wish I would have read some reviews before I sign up with these con artists. . John in Customer Service was wonderful today with assisting me with the set up for my new Walker Bluetooth. this will happen if you change to another company. They also debited my account for $395.00 for a cancellation fee even though I cancelled my account 4 months after my contract was over!!! I had joined Merchant Solutions because they told me there is no contract and no charge for the machine. Understand how the CFPB's Debt Collection Rule can help you. With our underwriting services in place, you can enjoy a much greater success chance of obtaining a merchant account with one of these banks. The Signature page of the second contract is an EXACT COPY of the account I did open. Some processors have no monthly, no annual fees, no contract, and cheap rates. I was to have 1 account with Merchant Solutions ! Youll get your merchant account for your collection agency in as little as 24 48 hours. Your email address will not be published. . PayKings comes with exclusively tiered pricing plans and only applies lower processing rates to certain qualifying transactions. I got a shock when they deducted total of $1000.00 from my account in 4 payments. 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. In the United States, all debt collection companies will need to conform to the Fair Debt Collection Practices Act (FDCPA). They charged me $300 for what they called setup charges. The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. 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. Looking for legal documents or records? Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. 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! 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Debt Collectors List | NY Debt Collections List I have been with them since 2015 and in June,2019 I decided to go to a different processor. This does not compare favorably to our list of best credit card processors. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Lots of hidden fees that other companies dont charge! Which Business Bank Account is Right For You? Speaking of unreliable income streams, most collection agencies struggle with customers who dispute the validity of past-due payments with banks and credit card companies. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. Suite 209 eMerchantBroker.com. Many may find PaymentClouds organization of products on its website to be less than navigable. You can get your approval in as little as 24 hours. 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!! Most merchant providers are reluctant to offer. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Lets start with the salesman Daniel A. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Save yourself stress and aggravation and sign up with a different processor. Biggest rip-off company, holding my $ 2500 in the name of government, one employee working all the time and dont know ownership of this company , dont sign any account with this company, This post will help: How to Make Your Payment Processor Release Your Money. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. 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 ). Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. They constantly slip in unauthorized charges. We were charged a $350 restocking fee after being told there would be NO FEES. The creditor may also hire a debt collector or sell the debt to someone who may try to collect the debt. They are thieves because they stole money from my account and wont make it right with me. These revenues in no way influence our ratings or reviews. RUN! Neither of these 2 complaints was resolved by the company to the satisfaction of the merchant. Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. This field is for validation purposes and should be left unchanged. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. If you have already signed up with them, get out fast. 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 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. 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. How To Know If A Debt Collector Is A Scam | Bankrate Thats why weve broken down the basic features of the best merchant accounts for collection agencies and debt collectors. Durango combats consumer-related fraud with anti-fraud protections such as Verified by Visa, Mastercard SecureCode, Fraud Scrubbing, and EMV 3d Secure 2.0. Its like they try to rip you off once last time b4 they let you go. Min. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. I should have closed my bank account the minute we closed our business so I could have avoided all of this. 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 . 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. Some merchant account providers may offer high fees. The company never disclosed high fees , fees for not taking a test, and excessive closing fees. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. one year. Toll free: (888) 544-9711. EMB is voted the top high risk processor in the US and has an A+ rating with the BBB. Whether you are looking for a Full Services Provider, Second Look Vendor, or collection consultant, Sequoia's services are tailored to meet your needs. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. The overall household debt for an average family increased by 11% during the last 10 years. eMerchant Authority is a registered ISO of Woodforest National Bank, Houston, TX Member FDIC. Although most of these terminals can only process card payments, they also typically include smart features like recurring billing and options to automatically collect funds. processing as well as the collections industry, in order to support compliance and best practices adherence . Annual Fee $79.00 Seeking to take them to court for their theft. 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. You will be far too high of a risk to work with. This company is nothing but a fraud. Its important to be able to connect with a real person on the phone. Higher cost than explained in solicitations Home (425) 643-2613 (800) 755-1107. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). By keeping the risk of chargebacks and fraud to the absolute minimum, your business can benefit. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles.
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