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. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations. Copyright 2023 eMerchantBroker, LLC. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. What out business owners out there about this Merchant Solutions. We work to advance government policies that protect consumers and promote competition. 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.. PaymentCloud can help almost any business get approved for payment processing. You will not have enough time to do it, the machine terminal breaks all the time. I will NEVER consider using them again. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. 180 Maiden Lane, 15th Floor. If you need help with rate and fee negotiations, payment integrations, cost optimization, or provider selection, schedule a consultation here. 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. I set up a payment arrangement . But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. processing as well as the collections industry, in order to support compliance and best practices adherence . Debt collectors that are trained properly cannot act in a false or misleading manner in an effort to get you to pay. Not an existing MeS Virtual Terminal User? Look out for credit card processors who offer other merchant solutions that could be useful for your business. Sequoia Financial Services - 2021 They are beyond shady and dont care at all about customer service!!! That doesnt count the canclelation fee that coming up from them. This credit card processing company is HORRIBLE! To get a reliable and low-cost collection agency merchant account, you just need to turn to emerchantbroker.com. So, its no surprise that banks often deny them merchant accounts. Its like they try to rip you off once last time b4 they let you go. It is not intended as legal or financial advice. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Because of their undisclosed fees and charges I ended up paying more than my previous company. Due to the unique processes that eMerchant Authority has in place, the risk of a chargeback is low. They round up everything, even when they shouldnt according to elementary mathematics! close down your account. From The Editor Specialized account support for multiple collection agency types. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. 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. 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 majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. This means that you could, effectively, lose your ability to run your business. They may require you to constantly have reserve cash in your account. We were charged a $350 restocking fee after being told there would be NO FEES. Other companies may just outright decline your application. Address: Recovery Solutions Group. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. I am looking to upgrade 4 of my restaurants systems. Seeking to take them to court for their theft. 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. 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. 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. They said they are the cheapest one but they are not. Here are other additional benefits that you receive when you apply for an internet merchant account with eMerchant Authority. 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 ). 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%. The competition is real with so many POS servicing company. We provide merchant account services for both low and high-risk businesses. 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. 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. 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. Every review above has happened to me too exactly like the above. Noah is a writer and content creator currently living in Fairfax, VA. See Which Processors Offer No Monthly Fees And No Contracts. The risks related to your business will be assessed by underwriters. eMerchant Authority operates an in-house underwriting team. 844-66-CFGMS (844-662-3467) We have lowered the companys score in this section to a C to reflect this consistency. They charged me $300 for what they called setup charges. Read more below to learn why we chose these options. : 182 3125, Competition and Consumer Protection Guidance Documents, HSR threshold adjustments and reportability for 2023, A Century of Technological Evolution at the Federal Trade Commission, National Consumer Protection Week 2023 Begins Sunday, March 5, FTC at the 65th Annual Heard Museum Guild Indian Fair & Market - NCPW 2023. I finally called and asked to cancel they told me I was in a 3yr contract, I was never told this or else I wouldnt signed up for this torture. What Debt Collectors & Collection Agencies Need To Know About Payment Processing, 6 Tips For Getting Your Collection Agency Merchant Services Approved. That said, Host Merchant Services exclusively interchange-plus pricing plans may be cost-prohibitive for low-ticket and very new agencies. Over the years, we have built up connections with banks all over the world. Dont believe anything their salesman tells you on the phone as they will lie to you endlessly and then screw you later. It was revoked by State of TN. 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. Check out our complete list of High-Risk Merchant Account Reviews for more traits that other top-performing high-risk specialists have in common. eMerchant Authority can help with this. 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. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. TMS is a registered independent sales organization and member services provider (ISO/MSP) of Wells Fargo Bank, N.A., of Concord, California. My contract ends in January 2015 and I am looking forward to it. Whether youre building your agency from the ground up or already have a business that needs to switch to a better merchant account provider, your agencys success depends on multi-channel payment support, systems to combat fraudulent chargebacks, and transparent pricing plans and contractual requirements. Some collectors harass and threaten consumers, demand larger payments than the law allows, refuse to verify disputed debts, and disclose debts to consumers' employers, co-workers, family members, and friends. Unfortunately, some credit card processors who offer such services will add unnecessary fees, while others will have vague contract clauses for their high-risk clients. These are all fees that were started 8 months into my contract. Fraud protection should be high on the list of priorities for a debt collector of any size and type, and Durango is well-placed to handle instances of fraud that are common to the collections industry. The sales rep is manipulative and they never disclosed a 400$ cancellation fee or an annual fee. Learn more about dealing with debt collection at ftc.gov/debt. Learn more about our monetization policies here. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. Ready to integrate payment processing solutions into your new business? 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. I was never given a written contract had computer generated signature. Phantom debt collectors impersonate law firms | Consumer Advice And because I signed the document, the company is telling me, that I am liable for the contract. I think I was the set up by Merchant Solutions. To my surprise after trying them out I was told that I had signed a 3 yr contract with a $350 termination fee. They will rip u off and their owner Taufiq trains his employees to lie, steal, cheat and deceive their customers who are trying to run an honest businesd. High-risk specialist with anti-fraud and anti-chargeback protections. Several complainants outright accuse the company of being a ripoff or a scam operation. This company was nothing but deceitful from the beginning. As you're checking out a debt collection call, remember: don't respond to threats. Remove Recovery Solutions Group From Credit Report Toll free: (888) 544-9711. Its range of POS systems and card readers provide solutions for both card-present and card-not-present payment processing, which creates flexibility for various collection agency types. You will be far too high of a risk to work with. Fortunately, there are providers willing and able to help. These companies and people are banned, by federal court orders, from participating in the business of debt collection. Their customer service is simple horrible. Nasty contract . When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. Recovery Solutions Group, LLC (RSG) Contact Information. This post will help: How to Get Out of a Merchant Account Contract. 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. It took me 2 weeks of calling NON-STOP to get any response. 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. Complaints for Recovery Solutions Group, LLC - Better Business Bureau Austin Smith was very knowledgeable and helpful! When banks determine a businesss risk status, they consider that businesss complete history of chargebacks. Anybody have any suggestions for getting out of this company? She also helped us to file our annual PCI compliance saving us about $40 per month. Banned Debt Collectors | Federal Trade Commission I tried to cancel but they said when I signed up it would automatically renew for two years and I could not cancel for another year. Your email address will not be published. Both were resolved to the dissatisfaction of the merchant or received no final response. They even familiarize you with techniques and systems that keep customers satisfied and less likely to initiate chargebacks. Get Your Quote. As a small business owner I was looking for a way to expand my business by being able to accept credit cards, so I may be able to open my door to new clientele. They get you sign up with them for a minimum fees and after few months they hit you with 7% fees. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); BE AWARE!! Home (425) 643-2613 (800) 755-1107. Annual PCI Fee $99.00 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. 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. 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). This company, Merchant Solutions, is a fraud. Los Angeles Debt Collection - Credit Consulting Services This company is nothing but a fraud. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. 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. 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. They charge you all kinds of fees which your not told about. At Monetaria, we understand that your MCA agreements are time-sensitive. He has a BA in Creative Writing and a Minor in German from Goucher College. TOTAL SCAMMERS!!! 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. Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. This lack of transparency in pricing is typical of the industry in general. They are very rude and they will not correct the problem with me even though they said they would. They have fees for everything when you cancel or have to end your contract early. As a debt collection agency is a high risk merchant due to the increased chances of fraud or chargebacks, Merchant Processing Advisors can find merchant . Save yourself stress and aggravation and sign up with a different processor. Pam called me offering a competitive rate for credit card processing. Monthly Fee $25.00 They said they would beat my current rate but never could. If that happens, then it will be the merchant account provider on the line. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. There is evidence that The Merchant Solutions utilizes independent sales agents in addition to online advertising to market its services. I have been in contact with them for months now, and they still cannot give me a justifiable answer. 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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Their disclosure pricing on cancellation of service was not mentioned to me when I was docusigning the paperwork via Internet. Thousand Oaks, CA 91362. The sole purpose of the material presented herein is to alert, educate, and inform readers. The Merchant Solutions then hit me with a new $99 a year for a so-called PCI Compliance Program charge, a $35. this will happen if you change to another company. Take a few minutes to get comfortable with the process of choosing a provider for your debt collection agency and learn how to decide on a provider with minimal frustration. They are charging me a huge fee to cancel. 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. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Min. Note: We have adjusted this companys BBB rating according to our own standards. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. How To Know If A Debt Collector Is A Scam | Bankrate Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. Maintaining these ratios is challenging for merchants in many industries. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. Only. Square is a top choice for POS for any type of business. Were dedicated to B2B debt recovery. * The terms and conditions of this promotion currently cannot be found on the website. Due to the unique processes we have in place, we can offer affordable rates for our services. For this reason, they are often linked to high complaint totals. 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. The rule clarifies how debt collectors can communicate with you, including what information they're required to provide you. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. Example: If you have a sale that is then multiplied by the discount rate, and it comes out to 1.62222, you will pay them 1.63. Debt collection | Consumer Financial Protection Bureau Why would we want a service we couldnt use? These gateways may also support online portals through which users must enter before they can submit their payments online. 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. I attempted to cancel my contract and they are trying to hit me with over $1000 in last min charges.
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