Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. This means that the process is fast. You may be charged fees for using this account. 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. Also that free terminal will cost you $350 when you try to cancel the account. Processing statements are intentionally complicated so that they can overcharge you. For me customer support is key and Austin is definitely an asset to this company. 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. See Who The Worst Processors Are. Since debt collection merchants are considered high risk, traditional banks and other financial institutions usually try to stay away from this type of businesses. Fast turnaround: as little as 1-2 days. In some cases, this leads to merchants contracting with debt collection agencies. This Post Might Help: Best Restaurant Merchant Accounts. As of right now, I have this company for falsifying documents, and felony forgery. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Get Your Quote. I am still trying to get that back. They Are Not truthful about their service. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. They have fees for everything when you cancel or have to end your contract early. Copyright 2023 eMerchantBroker, LLC. Better look for alternatives. At this point, I am looking for a new processor . It's a cut throat industry. Before You Switch Processors, Find Out How Other Businesses Got Fee Refunds From Their Current Processor. If that happens, then it will be the merchant account provider on the line. They said they are the cheapest one but they are not. They refuse to refund the money. They will tell you that there are no hidden fees and no extra charges. The second your merchant account closes down is the second that you are no longer able to accept payments for your company. They, by their own admission, billed me for numerous new and unauthorized charges that were not in my contract, and then sent me an opt out form 2 FULL DAYS AFTER the charges cleared, and refused to refund my account or cancel my service in light of their unscrupulous activity. Such a vendor can be a great help for your debt collector business. I would not recommend TMS to my worst enemies. I got a shock when they deducted total of $1000.00 from my account in 4 payments. Collection agencies need a stable merchant account to let their customers pay off past-due debts with a credit card or e-check. 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 should have closed my bank account the minute we closed our business so I could have avoided all of this. Some processors have no monthly, no annual fees, no contract, and cheap rates. Merchant Mavericks ratings are not influenced by affiliate partnerships. The chargeback will be made against their account. Suggest you consider that Paymentech and many others do not charge this. Dont give them, or their mother company, First Data, your business!!! 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. 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. That doesnt count the canclelation fee that coming up from them. 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. They are beyond shady and dont care at all about customer service!!! Before sharing sensitive information, make sure youre on a federal government site. Going to BBB and will get attorney if I have to. My contract ends in January 2015 and I am looking forward to it. Most merchant providers are reluctant to offer. Only. All Rights Reserved. A lot of other company with no contract and fees to work with out there. I signed up with another company, Triumph Merchant Solutions NOT this company yet this company has illegally debited my account without authorization. They do not inform you before they process the money out of your account, Which in my opinion is bad business practice. I have been with them since 2015 and in June,2019 I decided to go to a different processor. high risk merchant account instant approval, high risk merchant account payment gateway, offshore high risk merchant account providers, Merchant Business Funding: Making It Easier for Merchants to Get What They Need When They Need it, Instant Credit Card Processing: What You Need to Know, International High-Risk Merchant Accounts For Global Growth, Electronic Business Merchants Face Unique Challenges, We Can Help, Payment Gateways Help Merchants Keep Sites Safe and Secure, A valid, government-issued ID, such as a state-issued drivers license, A bank letter or a pre-printed voided check, 3 months of the most recent bank statements, 3 months of the most recent processing statements, if applicable, An SSN (Social Security Number) or EIN (Employer Identification Number). Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. TMS offers a dedicated support phone line and an email form on its website. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. When I wanted to cancel they wouldnt send me the cancellation form for weeks. Telephone: (818) 409-6000. RUN! And, likeseveral other merchants weve covered in this article, Soar doesnt publically disclose its pricing plans on its website. Youll first need to navigate the logistics of processing different customer payment types with different pieces of hardware. Their payment processing services also include address verification services, cardholder verification value, POS systems, card terminals, EBT, Fleet Card acceptance, gift cards, and e-commerce solutions. Soar Payments is a great choice for high-risk debt collectors that are looking for a quick-yet-thorough underwriting process as well as customized quotes after their application phase. eMerchant Authority prides itself in being a leader when it comes to the provision of merchant account solutions. Nasty contract . While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. We can help your collection agency even if you've you been turned down by service providers in the past. After i cancle my account they charged me 200$ come out of no where. 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. 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. We spoke with ANAIS today and were helped with understanding the rates. Early penalty for cancellation. 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. 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. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. My request to talk to a supervisor and to review the contract I had supposely sign went unanswered. * The terms and conditions of this promotion currently cannot be found on the website. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Credit Consulting Services, Inc. is an accounts receivable management firm that provides solutions for reducing bad debt and improving overall cash flow for businesses in Los Angeles, California. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. 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. close down your account. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. 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. See Which Processors Offer No Monthly Fees And No Contracts. 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. When people stop paying, unpaid debts are sent to collection agencies These agencies go after debtors to recover the money for banks and creditors. 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. 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. Call 1-888-288-2692. Instead, you need to search for high-risk merchant accounts. Home; Services Healthcare Services; Consumer Business Collections . At Monetaria, we understand that your MCA agreements are time-sensitive. I cant seem to get anywhere with phone calls to the company and have been shuffled around so much that I think everyone that answers the phone is a supervisorbecause that is always what the last person tells me they are transferring me to. This Post Might Help: Cancelling a Merchant Account Contract Without Paying a Fee. 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. 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. Youll get your merchant account for your collection agency in as little as 24 48 hours. 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 Merchant Solutions also appears to resell the products of First Data (Fiserv). Required fields are marked *. If they cannot claim the money back from the seller, then the merchant account provider will have to pay these fees. 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. 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. Seriously they will destroy your business. Address: Recovery Solutions Group. Horrible company. The overall household debt for an average family increased by 11% . The Merchant Solutions provides credit card, debit card, EBT, gift card, ATM, and check acceptance. BEWARE OF THESE DOGS! There are more than 50 negative The Merchant Solutions reviews on this and other consumer protection websites, and many of these The Merchant Solutions complaints have been posted within a year of this update. The following vendors dont currently make the cut for our list of best merchant account providers due to drawbacks like fees and rates, contractual obligations, and relative lack of products and services provided.

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