The salesperson on the phone neglect to inform me of a cancellation service fee of $900.49 Get clarity before you switch. for lack of use and Merchants want 490 dollars to terminate service. Forgotten Password? 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. Save money with Merchant Solutions low processing rates and free terminal program. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. 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. The competition is real with so many POS servicing company. 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. Just ridiculous! FTC Staff. 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. A lot of other company with no contract and fees to work with out there. This means that you can always stay on top of any transactions that you are making. 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. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. Also, youll be required to submit the following: Your collection agency must be legal when your applications are being reviewed by processors and underwriters. PCI Non-Cpmpliance. This post will help: Cancelling a Merchant Account Without Paying a Fee. The collector has to tell you four pieces of information. They will not return my phone calls now. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Offers automated account application and custom quote processes. Such a provider will have a better understanding of the challenges facing your industry, and they may even advise on how to solve such issues. It only makes sense then that the best collection agency merchant account providers offer processing options for multiple payment types and a reliable system to fight chargebacks and fraud. 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. Tayne Law Group is a New York-based debt resolution law firm that helps small business owners resolve debts of all sizes. We work to advance government policies that protect consumers and promote competition. Youre also working with a business that knows your problem and has the fix. These businesses are associated with a higher rate of risks related to payment processing and a large volume of chargebacks. We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. Look out for credit card processors who offer other merchant solutions that could be useful for your business. We provide merchant account services for both low and high-risk businesses. The merchant service provider should also be transparent about the requirements of working with your business and the circumstances under which they would terminate the contract. Teaming with IVR Technology Group, we also provide pay-by-phone voice . MerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. We can also provide the tools that you need to generate financial reports for any money passing through your merchant account. All they want is your money. This was not in our contract, but I couldnt get the money back without suing them. Our 24/7 customer support team is always on call to answer your questions and attend to your needs. This company is nothing but a fraud. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. 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. Find Loan Options For Your Small Business. 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. However, you need to hire a merchant debt collector account provider who offers merchant collection solutions that meet your companys needs. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. 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!! The merchant solutions is the most horrible company I have ever dealt with. Were never worried about our overdue receivables. said no business ever. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. It is not intended as legal or financial advice. Agree with our rating?Tell us about your experience with The Merchant Solutions in the comment section below. The Merchant Solutions commits serious unethical and possibly illegal business practices, and you can see their legacy of fraud at RipOff Report.com or the BBB for Woodland Hills California, or on Yelp.com. 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. They charged me $300 for what they called setup charges. So not only was I billed WITHOUT my consent, but then they refused to refund more than half. Soar Payments works exclusively with U.S.-based agencies and therefore doesnt support payment processing to offshore accounts that international merchants may need to handle. I would recommend not to do business with this company. Check out their google and Yelp and RipOffReport.com reviews for the testimony of hundreds of other customers who have been ripped off by The Merchant Solutions! The sales rep never returned my calls and is no longer with thw company. Therefore, if you plan on accepting ACH payments online, youll likely need a payment gateway. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. We occasionally send out emails with special offers. Find legal resources and guidance to understand your business responsibilities and comply with the law. If you stop using it, they still charge you a lot of fees. Read more below to learn why we chose these options. They have fees for everything when you cancel or have to end your contract early. It's a cut throat industry. 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. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. RUN! Pure scam artists just looking to steal your hard earned money. 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. They are awful and very dishonest do not use them. This has Been the worst POS processing company I have ever felt with. Its important to be able to connect with a real person on the phone. 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. We were charged a $350 restocking fee after being told there would be NO FEES. When he isn't writing about IT solutions and innovations that help his clients, he's probably sitting behind a drumkit or adding new hardware to his computer. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. 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. 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. Lets start with the salesman Daniel A. 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. This field is for validation purposes and should be left unchanged. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! Stephanie T. Nguyen, Chief Technology Officer, Include spaces in matter number if applicable. They refuse to refund the money. 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 would not recommend TMS to my worst enemies. If your business has been turned away and you need to process credit card payments, you can turn to a reputable merchant account provider like emerchantbroker.com. They terminated my account for non use since I was using another company and had not transferred over yet. CFPB accused Encore Capital Group and Portfolio Recovery Associates Inc. of misleading and harassing consumers, which led . 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. See Which Processors Offer No Monthly Fees And No Contracts. 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. Do you feel like its the right time to start a collection agency? This is very dishonest company with deceptive business practices. As of right now, I have this company for falsifying documents, and felony forgery. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. Today they transferred $70 out of the bank account which now has been shut down over theyre crazy charges. eMerchant Authority works exclusively with businesses, such as credit repair companies, that have been deemed to be high-risk clients. 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