merchant solutions group debt collection

I work damn hard to run my business and I will be damned if they are going to steal money from me. In addition to those 2 complaints, the company has received 58 informal reviews. These processors offer Quickbooks integration and have low rates. PCI Non-Cpmpliance. 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. 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.. They are crooks. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. 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. This includes debt collection companies and debt buyers. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. 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. Suite 209 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. Debt collection | Consumer Financial Protection Bureau 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. Learn how to resolve this complaint. Opinions expressed here are authors alone. The market research firm IBIS World reports that the debt collection industry represented a $13 billion market in the US as of May 2013. Respectable processors like EMB guarantee a fast, secure application process. And particularly so for debt collectors due to the consumer demographic of debtors. Over the years, we have built up connections with banks all over the world. not explained. If they cannot guarantee this, then you will likely not be offered a high-risk merchant account with that company. Not an existing MeS Virtual Terminal User? They said they had cancelled the account, but the following month we were charged again. MERCHANT SOLUTIONS GROUP OPENS DOORS Business owners need capital to grow and manage their companies. Best Collection Agency Merchant Accounts For 2023 - Merchant Maverick Start by leaving a comment at the end of this review, Compare Top Rated Processors: Compare Rates, Reveal your hidden fees: Audit Your Statement, Working in merchant services: Our Free Guide. This post will help: How to Get Out of a Merchant Account Contract. To know the right provider, here are factors to consider when looking for a debt collection agency for your debt collection business. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. You may be charged fees for using this account. Both were resolved to the dissatisfaction of the merchant or received no final response. Why would we want a service we couldnt use? If you hear from them just Run!!! I have filed a complaint with the bbb and am probably going to get a attorney to get my money back. Nasty contract . This company should not be allowed to do business. RUN! 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. Help us to improve by providing some feedback on your experience today. Debt Collection Merchant Services - Merchant Card Advisors The mobile POS solutions that Instabill offers can be relatively time-consuming to begin using as well since Instabill requires its users to create a separate account with its mobile processing partner, CardFlight, before they can accept mobile payments from multiple devices. This means that you will be out of business. They have terrible reviews on google and many many complains on BBB. Also that free terminal will cost you $350 when you try to cancel the account. Such a vendor can be a great help for your debt collector business. 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. Do not give them your business. Debt Collection FAQs | Consumer Advice Debt Collection Agency Merchant Account - PayKings Upon cancellation after over 4 years I returned the machine in good order. This was not in our contract, but I couldnt get the money back without suing them. 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. 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. Credit Card Processing for Debt Collection Businesses eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. Merchant Services | Payment Processing Enterprise Solutions | Fiserv The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. My company is a small business that processes $200000.00 a year with this processor,,I have the right to question a fee But KURT didnt think so.I have contacted MS on other occasions and received less than favorable customer service. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Calls from United Merchant Asset Recovery? - Consumer Law Firm Center An official website of the United States government. After i cancle my account they charged me 200$ come out of no where. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! 20+ Proven Bank Relationships Medium/High-Risk Accounts Fast Merchant Account Approval E-Commerce & Retail Options B2B Vendors Supported, Multiple E-Commerce GatewaysChargeback PreventionACH, E-Check, Credit CardsB2B Level 2/3 Data Discounts3D Secure Frictionless CheckoutMobile PaymentsEMV Readers, Gateway Recurring BillingVaultE-Commerce Cart PluginsPOS/TerminalsInternational Merchant AccountsDedicated Account Managers. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Noah is a writer and content creator currently living in Fairfax, VA. Phillip Parker is an independent digital payment consultant specializing U.S. and Canadian point-of-sale, ecommerce, and mobile payment acceptance. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. This means that you cannot work with companies like PayPal or Square. Worse company ever. Early penalty for cancellation. That doesnt count the canclelation fee that coming up from them. 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. After I cancelled my account with them, they debited my account $50.00 to refurbish the terminal they provided free of charge. I have tried to use card reader several times without success. Your business cannot opt for a standard merchant account here. High-risk specialist for U.S.-based collection agencies. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided as is, and without warranties. On November 30, 2021, the Debt Collection Rule became effective. I agreed to pay back the money that was owned. They said they are the cheapest one but they are not. HORRIBLE ! In light of the companys complaint total and resolution ratio, we have adjusted the BBBs rating to a C for the purposes of this review. Your Merchant Cash Advances help commercial businesses succeed. The types of collections that different agents and agencies deal with, though, can vary widely. 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. Save money with Merchant Solutions low processing rates and free terminal program. 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). A collection agency merchant account is essential to process payments in this unique industry. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. Forgotten Password? Garbage company. 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. 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. I am still trying to get that back. This is why when you partner with us you also enjoy transparent pricing with no long-term contracts or hidden fees. Address: Recovery Solutions Group. Comp Admin Fee $9.95 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. Before sharing sensitive information, make sure youre on a federal government site. They refuse to close the account saying they will charge me $495.00 early termination feefor an account that has been opened with a copy of the contract from my real account. This company was nothing but deceitful from the beginning. 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. 2985 E. Hillcrest Drive Since these banks know and trust the quality of our services, they will be able to trust you too. I was told by a company Rep, Ray Siddique, that there will not be any hidden fees or cancellation fees ever, and they will offer the best lowest deal. If you want to ensure that applying for debt collection merchant accounts goes as smoothly as possible, then you need to work with experts like us here at eMerchant Authority. She said that I would need to submit an application in order to verify the discounts they were offering. For me customer support is key and Austin is definitely an asset to this company. Merchant account providers know that there will always be a bit of a risk dealing with debt collection agencies. eMerchant Authority operates an in-house underwriting team. Owe CFG Merchant Solutions? Learn More Here - Tayne Law Group the 24/7 support is fake, they never support you on weekends or after hours, NEVER finally i got my business closed and I was lucky someone bought my POS, because otherwise i had to pay 950 USD to them for cancelation, the funny thing is when i transferred the pos system to the other company name (the company that bought it) nobody told me that i should request a cancelation form to cancel my account, SO i ended paying 67 USD a month after the system was transferred and being used by their new client Finally i sent the cancellation form beginning of the month, 20 days later i called them and they said yes we received it, but you will be charged for the next month (67 USD) because that is our policy PLEASE NO ONE CHOOSE THIS COMPANY, THEY ARE REALLY BAD, THEY WILL STEAL YOUR MONEY AND YOU WILL KEEP PAYING THEM EVEN AFTER YOU END YOUR CONTRACT WITH THEM. I paid $99 for $1000 and for another $1000 i paid $119 it means more than 10% Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. Were dedicated to B2B debt recovery. Copyright 2023 eMerchantBroker, LLC. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. This company hires predatory sales people, arent up front about fees and raped my bank account. Credit card processing for debt collection agencies service to inform clients in a respectful and professional manner of the status of their account before it becomes bad debt. I would not recommend TMS to my worst enemies. TMS offers a dedicated support phone line and an email form on its website. If your company is in the business of collecting debts, then you will need to have some way to process payments. PayKings, although a high-risk specialist, ironically exacerbates issues with reliable streams of revenue that are common to the debt collection industry. Whether youre a startup or an established business, you can count on us to provide you with a perfect merchant service solution with the latest hardware and software tools such as Clover systems that are perfect for your retail payment needs. Their customer service is simple horrible. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. In addition his contributions here, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. The Merchant Solutions 2023: Reviews & Complaints - CardPaymentOptions.com They have been lying to me since day 1 of signing up with them. Specifically, consumer complaint activity alleges this business claims to be a law firm attempting to collect on debts that. 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. A collector has to give you "validation information" about the debt, either during the collector's first phone call with you or in writing within five days after first contacting you. This is an attempt to collect a debt and any . 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. I didnt fill out anything to open OR close the account and today was hit with $495 fee. Learn more about your rights as a consumer and how to spot and avoid scams. The Merchant Solutions is definitely THE worst credit card company EVER!!!! Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. When you should have paid 1.62. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. 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. Square is a top choice for POS for any type of business. They need to see how strong your profits are. The Best Merchant Accounts For Collection Agencies & Debt Collectors. Some of these limitations can be pretty tough on a business, particularly in their early days. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. DONT BELIEVE IN ANYTHING THEY SAY ALL LIES AND FRAUD!!! It is not intended as legal or financial advice. Copyright CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). They have fees for everything when you cancel or have to end your contract early. The Merchant Solutions homepage previously advertised a $1,000 Savings Guarantee, stating If we cant save you money on processing, well give you $1,000! He has also researched and published reviews about nearly every payment services provider and processor. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. All in all, the payment processors high-risk contract terms are reasonable even for lower-volume debt collectors. This form is for feedback only. Debt Collection Merchant Account Solutions - National Merchants Association Processing statements are intentionally complicated so that they can overcharge you.

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