Now they have charged me with a PCA compliance processing fee of $149, payable annually. The company has a higher-than-expected number of complaints for its apparently small size, and the contract terms that we have seen reported for this company arent especially competitive, especially when compared to the best overall credit card processors. Read more below to learn why we chose these options. 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When an account like a credit card, auto loan, or cell phone bill becomes past due, the original creditor may attempt to collect the amount owed. Suite 209 This post will help: How to Get Out of a Merchant Account Contract. Instead, it appears merchants must contact the company directly to learn more about the exact terms of this promotion. Debt collection businesses should partner with a merchant A business that accepts credit cards for goods or services. Once the application process starts, we will find the best merchant account for you. These processors offer Quickbooks integration and have low rates. On the downside, Durango doesnt disclose its pricing plans to the public on its website, which can be frustrating. The sole purpose of the material presented herein is to alert, educate, and inform readers. 844-868-8436, 877-664-9642, 877-599-2008, 407-544-3632, 814-351-0205, 888-667-0533, 844-378-7772, 386-478-4129, 850-391-2427. These customer chargebacks can make acquiring banks wary of approving merchant account applications from debt collectors. 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. Learn how to resolve this complaint. eMerchantBroker is a registered ISO/MSP of BMO Harris Bank, NA, Schaumburg, Illinois. You will be far too high of a risk to work with. Do not believe anything they say about their service. They charged me $300 for what they called setup charges. The majority of Americans use loans, credit cards, lines of credit to pay for their lifestyles. they hurt me by taking un authorized money out of my account The chargeback will be made against their account. 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. Horrible company. Many may find PaymentClouds organization of products on its website to be less than navigable. This credit card processing company is HORRIBLE! I set up a payment arrangement . 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. Trouble Getting Approved? The Signature page of the second contract is an EXACT COPY of the account I did open. 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. Help with PCI compliance is a godsend for businesses that operate in the highly regulated collections industry. when you cancel.Please take your business elsewhere. Phillip created this website and has written over 1,000 articles regarding all things payments. 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. They use the guise that they are affiliated with Wells Fargo, but a call to Wells revealed that they never heard of TMS because Wells owns their own merchant company. That said, rather than try to sign you up for an overpriced equipment lease, Durango offers terminals, PIN pads, and mobile card swipers for direct sale on its website, and its payments gateway is a proprietary product. Recently contacted The Merchant Solutions about a fee they charged me on my merchant account. 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. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. 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. Both were resolved to the dissatisfaction of the merchant or received no final response. Avoid this outfit as they will make your life miserable. TMS offers a dedicated support phone line and an email form on its website. 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! While the process for applying for a merchant account with us is not instant, we have been doing this a long time. When a customer disputes a transaction and gets a chargeback, the merchant is free to consider the reversed payment an outstanding debt and treat it as such. Working with a debt settlement company may lead to a creditor filing a debt collection lawsuit against you. Under federal law, a debt collector must send you a written validation notice within five days after they first contact you. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Such a vendor can be a great help for your debt collector business. If you think the bill is not yours, you could call the Attorney General in Tennessee at 615-741-3491. Both were resolved to the dissatisfaction of the merchant or received no final response. PaymentCloud provides users with advice on choosing a chargeback management service and fraud mitigation service. This company is a bunch of scam artists charging a early termination fee of 395 after we were with this company 6 yrs and only had a 3 yr contract which they took upon themselves to renew, charges for non compliance because they decided to switch companies for their compliance when I was compliant through April of 2013 and now a $50 fee for refurbishing,, it is not my problem that they need to refurbish a machine. Since 2017, Noah has worked for federal, state, and commercial clients as a proposal writer, technical writer, copywriter, and analyst. Look out for credit card processors who offer other merchant solutions that could be useful for your business. 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. At this point, I am looking for a new processor . Very rude on phone, does not care about you as a customer. Soar offers an automated application process online that takes minutes to complete and provides merchants with a quote after the fact. The overall household debt for an average family increased by 11% during the last 10 years. All debt collectors track down past-due debts that businesses and consumers owe. Merchant Solutions is a very dishonest processor. 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. You want a merchant account provider who has the experience and more so one with experience working with high-risk industries like yours. A lot of other company with no contract and fees to work with out there. An official website of the United States government. Austin Smith was very knowledgeable and helpful! Also that free terminal will cost you $350 when you try to cancel the account. 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. Merchants are advised to thoroughly review their merchant agreements with The Merchant Solutions and to renegotiate their contracts if hidden fees are suspected. And because I signed the document, the company is telling me, that I am liable for the contract. Ray Siddiqui of TMS told me if I return the keypad, he would refund the $500 and 2 months of fees at $35/month. 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. From The Editor the name of the creditor you owe it to. Problems logging in? Click here to earn a reward. This company is nothing but a fraud. But the majority of merchant-acquiring banks reject applications from debt collectors because of the collections industrys complicated reputation. There are also several risk factors and legal issues that can complicate your decision when choosing the proper payment processor. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. service provider that has expertise in high-risk merchant A business that accepts credit cards for goods or services. 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.
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