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. I used Merchant Solutions for approx. This post will help: Cancelling a Merchant Account Without Paying a Fee. Very shady business practices and a very deceptive sales process. Merchant Processing Advisors can find multiple merchant account providers and can offer virtual terminals and payment gateways that allow their clients to process payments in a secure manner. We spoke with ANAIS today and were helped with understanding the rates. 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. VERY RUDE AND UNPROFESSIONAL.THEY ARE TRYING TO BLIND SIDE THEIR CUSTOMERS AND ROB THEM OF THEIR MONEY. 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. Let us know how well the content on this page solved your problem today. A powerful, two-screen point of sale (POS) system that allows merchants to run their business . These people called me for weeks and sent me all kinds of sales materials when my business started. Common themes include undisclosed fees, difficulty reaching a representative, problems with leased equipment, and termination or restocking fees in excess of $900. Some processors have no monthly, no annual fees, no contract, and cheap rates. This Post Might Help: Cancelling a Merchant Account Without Paying a Fee. YOU WILL BE SORRY! * The terms and conditions of this promotion currently cannot be found on the website. CFG Merchant Solutions, LLC. Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. 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. I would have never ever sign up for such a service, if the salesperson would mentioned this info to me. The sales rep never returned my calls and is no longer with thw company. However, these channels appear to fall short of the support levels offered by top-rated payment processors for customer service. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. Learn how to resolve this complaint. Flexible and transparent pricing suits high- and low-ticket agencies. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Call 1-888-288-2692. Thanks ANAIS. Search the Legal Library instead. 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 https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. And it was my fault for not reading the fine print on the documents. No doubt necessary to achieve any success, as the sales person was barely literate. They would take their sweet time to deposit my earnings but would immediately make unauthorized withdraws, even after my account had been closed. Required fields are marked *. If you have your own The Merchant Solutions review to make, please do so in the comments below. Excessive chargebacks are relatively common to the collections industry, so merchant account providers that service high-risk businesses like collection agencies should offer features such as payment gateways with fraud detection tools that minimize the long-term damage done by fraudulent chargebacks. The worst company to do business with ever!!!! Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? With out so much as a single warning they withdrew ridiculously large amounts money from my amount, and were angered when I asked why. Some merchant account providers may offer high fees. Its a TOTAL SCAM! The Merchant Solutions rates as an average merchant services provider across the board according to our rating system. $35.00 Stay away from Themechantsolution!!! He has also researched and published reviews about nearly every payment services provider and processor. With a unique regulatory background and experience in high-risk industries, Flex Payment Solutions offers credit card processing that integrates simply with your system, full transparency on fees and 100% compliance. Payment plans, too, are transparent and predictable enough for even very small debt collection businesses to quickly parse through and understand. Weve resolved overdue accounts for clients without damaging customer relationships. I think I was the set up by Merchant Solutions. This does not compare favorably to our list of best credit card processors. 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. Remember; if you do not take the time to find a merchant account designed for high-risk businesses like yours, your company could lose its ability to process transactions overnight. I was very skeptical and was sure that the contract did not disclose a 3yr aggreement or termination fee. $695 for early termination,$1500 programming fee, I have never hear of any company charging a programming fee. 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 . Call us now on 877-700-5790 for further assistance. Of course, we will provide you with all of the tools that you need to process payments. Withdrew $900 from my account and told me that it was a $400 termination fee and $500 for the keypad. 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. Suggestion to get rid of them is to block them from your bank account, thats how they suggested getting out of a current contract! 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. I was to have 1 account with Merchant Solutions ! In addition, they told us the transaction fee would be 2.65% of each purchase. Learn more about dealing with debt collection at ftc.gov/debt. is the best thing you can do to improve your business cash flow and offer more payment options to your customers. The Clover name and logo are owned by Clover Network, Inc. a wholly owned subsidiary of First Data corporation, and are registered or used in the U.S. and many foreign countries. See Which Processors Offer No Monthly Fees And No Contracts. The .gov means its official. Our experienced attorneys can help you come up with a strategy to deal with your debt while keeping your business running. If you can get one who has worked with businesses in the debt collection industry, the better. Were never worried about our overdue receivables. said no business ever. 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. (800) 228-0210 Technical Support, The Merchant Solutions also offers a customer service email at [emailprotected]. This is a business that is rife with fraud and chargebacks. No mention of 3 year contract and no proof of it. 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. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. They are beyond shady and dont care at all about customer service!!! 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. They have fees for everything when you cancel or have to end your contract early. He has a BA in Creative Writing and a Minor in German from Goucher College. PaymentCloud helps merchants navigate the necessary steps to become PCI-compliant within 90 days and without charging a PCI compliance fee. 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.. 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. 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. Additionally, merchants who sign up with TMS report finding themselves also committed to long-term equipment leases with early termination fees ranging from $350-$400. Whatever type of debt collection your business operates in, we are confident that we can find a high-risk merchant account for you. And because customer satisfaction is what we aim for, we offer ongoing support to all our customers. The Merchant Solutions offers a variety of e-commerce services, Audit Your Current Statement To Find Its Hidden Fees. The overall household debt for an average family increased by 11% during the last 10 years. eMerchant Authority operates an in-house underwriting team. They are crooks. PaymentCloud doesnt publically disclose its pricing on its website, which can make it more difficult for new collection agencies to accurately project their startup costs. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. As you're checking out a debt collection call, remember: don't respond to threats. 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. Were dedicated to B2B debt recovery. Collection agencies that process mostly credit card payments should keep an eye out for merchant account providers that support virtual terminals. I had to close the account, due to poor sales results. They actually added 19 pages to our contract virtually and said we signed them 1 1/2 years after signing the original. They really do not want to do this. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. I foolishly fell for the lies that were fed to me by one of The Merchant Solutions(TMS)sales representative. They have terrible reviews on google and many many complains on BBB. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. not explained. They refuse to refund the money. The Merchant Solutions processes most major payment types. Specialized account support for multiple collection agency types. Consider the following points to more easily smooth over your application process for a collection agency merchant account: Business owners starting new collection agencies or even expanding existing ones need merchant account providers that minimize the stresses that come with the debt collection industry, not exacerbate them. There are a bit more than 9.000 businesses in the industry that employ over 150.000 people. I have proof of all deductions after I cancelled. Some of these limitations can be pretty tough on a business, particularly in their early days. They need to know that if they are going to be offering you services that there is a strong chance that they will get their money back in the event of a chargeback. This company should not be allowed to do business. I had signed up with them thinking they can offer me the lowest rates with a price beat guarantee. This is very dishonest company with deceptive business practices. WOW, I wish there is a -star to rate this company, when i first started using my pos, it kept taking the money i received from my clients to a different bank account in a different state, and it took them 3 months to fix this and get my money back. 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. 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. 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. Certain payment gateways services support ACH payments and may be included as part of a payment processors list of basic services. Lots of hidden fees that other companies dont charge! The site is secure. Get Your Quote. When you ready to cancel their services they hit you with ridiculous restocking fee and cancellation fee. She also helped us to file our annual PCI compliance saving us about $40 per month. The merchant solutions is the most horrible company I have ever dealt with. 100$ fee come out of no where every month, and when i called them they said that 100$ fee only apprea once a year. 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 ). Instabills main draw is its services to high-risk international merchants that process offshore payments, although its support for brick-and-mortar agencies that need on-site payment processing leaves something to be desired. Run, dont Walk, from the Hustler Con Artists at The Merchant Solutions. The sales rep promised that I had nothing to lose and that I can try it for 30 days and can cancel without any penalties. Help us to improve by providing some feedback on your experience today. Their customer service is simple horrible. This Post Might Help: Best Restaurant Merchant Accounts. Kim, this just happened to me and I wanted to see if you had any outcome in your situation. Monthly Fee $25.00 Problems logging in? Amazing! Wehave not found any outstanding class-action lawsuits or FTC complaints filed against The Merchant Solutions. Merchants can get more competitive contract pricing by instead going with a cheap merchant account provider. Needless to say, I immediately sent the keypad and tracking revealed they received it in 3 days. Early penalty for cancellation. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. The company is headquartered at 22801 Ventura Boulevard Suite 300, Woodland Hills, California 91364. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity.