This is very dishonest company with deceptive business practices. Merchant Cash Advance Debt Collection Services | Monetaria We may earn revenue if you obtain services from a provider that we recommend. This is a business that is rife with fraud and chargebacks. Don't Fall Into An Expensive Trap. 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. 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. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Phone number: (302) 241-0686. Suggest you consider that Paymentech and many others do not charge this. High-risk specialist for U.S.-based collection agencies. 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. All they want is your money. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. As a debt collecting agency, opening a debt collection merchant account is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Host Merchant Services is an ideal payment processor for new agencies operating in the debt collection industry. 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. This company will be out of business in one year or less. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . Due to the high-risk nature of your business, most merchant account providers will ask you to jump through hoops if you want to work with them. Learn more about dealing with debt collection at ftc.gov/debt. 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. 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. What Consumers Should Do When Fake Debt Collection Scammers Call. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. They are very rude and they will not correct the problem with me even though they said they would. This means that you will be out of business. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. This company, Merchant Solutions, is a fraud. Due to the unique processes we have in place, we can offer affordable rates for our services. Monthly Processing Range one year. Payment Processing . They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. See Who The Worst Processors Are. Strongly suggest that anyone does there homework and compare companies for this service. Note that we are not able to provide private consultations, give advice, or answer questions. Also that free terminal will cost you $350 when you try to cancel the account. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. Debt Collection Merchant Account Solutions - National Merchants Association I should have closed my bank account the minute we closed our business so I could have avoided all of this. Higher cost than explained in solicitations $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. The Merchant Solutions also appears to resell the products of First Data (Fiserv). 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. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. This company was nothing but deceitful from the beginning. This means that you will need both a payment processor and a merchant account. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. 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. BE AWARE!!! Calls from United Merchant Asset Recovery? - Consumer Law Firm Center $35.00 So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Monthly Processing RangeUnder $1,000$1,000 - $5,000$5,000 - $25,000$25,000 - $50,000$50,000 - $100,000Over $100,000. That means we spend every day sharpening our tools and providing the know-how to efficiently resolve delinquencies and liquidate accounts. 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. It's a cut throat industry. Heres a quick list ofsome of the most common debt collection agency types: The different types of collection agencies all require a payment processor that can provide support for payments made over the phone as well as online. Do not get trap by this company. Maintaining these ratios is challenging for merchants in many industries. how much money you owe. please dont sign up and let people know about that. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Horrible company. Save yourself stress and aggravation and sign up with a different processor. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. Seattle Collection Agency | Merchants Credit Association When scammers threaten to arrest you, suspend your driver's license, or call your employer if you don't pay immediately, hang up and report the collector to the FTC at ReportFraud.ftc.gov. 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. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. Payment gateways offer an additional level of protection compared to virtual terminals by encrypting payment information before transmitting it to an acquiring bank. The Merchant Solutions is a fraud, it is an unprofessional, unethical company simple looking to scam anyone who falls for their lies. We provide merchant account services for both low and high-risk businesses. 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. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. 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. 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. Do not believe anything they say about their service. 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. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Banned Debt Collectors | Federal Trade Commission Merchant Card Advisors specializes in providing comprehensive merchant account services for high-risk businesses, including businesses in the debt collecting sector. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. Do not give them your business. I have been getting charged for a second account since April of 2012 that I did not authorize and for which they are telling me I did. They may require countless numbers of documents. The Merchant Solutions has been accredited with the Better Business Bureau since 2010 and currently has an A+ rating and has received 2 complaints in the past 36 months. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. Debt Collection Agency Merchant Account| Fast Approval 844-66-CFGMS (844-662-3467) A collection agency merchant account is classified as high risk for a number of reasons. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. Required fields are marked *. High-risk specialist Durango Merchant Services ability to place accounts for merchants with histories of excessive chargebacks is invaluable to new collection agencies. Stay away from Themechantsolution!!! They refuse to refund the money. 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. They really do not want to do this. 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.. These people called me for weeks and sent me all kinds of sales materials when my business started. You almost certainly will not be able to work with companies like PayPal. Additional rates and fees, including a technical support fee may apply. I have proof of all deductions after I cancelled. 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. This means that you can always stay on top of any transactions that you are making. Respectable processors like EMB guarantee a fast, secure application process. 1008 Mattlind Way. They charged me $300 for what they called setup charges. This is according to the 2016 American Household Credit Card Debt Study by Nerd Wallet. 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. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. 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. SAVE YOURSELF THE HEADACHE! STAY AWAY. You may be surprised to know that this is one of the top reasons why smaller companies end up having to shutter their doors. The merchant solutions is the most horrible company I have ever dealt with. this will happen if you change to another company. 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. Find Loan Options For Your Small Business. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. We can help your collection agency even if you've you been turned down by service providers in the past. PaymentClouds repertoire of POS solutions, card-present and card-not-present processing options, and focus on eCommerce makes it a great choice for both new and slightly more established debt collectors. DO NOT use this company. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. Login - vt.merchante-solutions.com If so, you may be a victim of United Merchant Asset Recovery debt collection harassment. Then to my horror these con-artists actually refused to close my account and continue to send me monthly bills to this day. For instance, some payment processing providers who work with debt collectors may offer services such as chargeback prevention and no additional cost when processing certain transactions. Zero star rating, they are big time scam The collections industry is a particularly high-risk one, and some high-risk merchant account providers still dont suit the needs of new and growing debt collection businesses. We occasionally send out emails with special offers. Merchant Mavericks ratings are not influenced by affiliate partnerships. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. The collector has to tell you four pieces of information. These are all fees that were started 8 months into my contract. 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. My contract ends in January 2015 and I am looking forward to it. They need to see how strong your profits are. This means that the process is fast. The competition is real with so many POS servicing company. The job of the business, however, is to ensure that they have processes in place to keep this risk down to the absolute minimum. I was skeptical and decided not to switch to merchant solutions.

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