• Report: #377939

Complaint Review: Innovative Merchant Solutions

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  • Submitted: Thu, October 02, 2008
  • Updated: Tue, April 07, 2009

  • Reported By:Tulsa Oklahoma
Innovative Merchant Solutions
26541 Agoura Road Calabasas, California U.S.A.

Innovative Merchant Solutions And Intuit Company Where is my $62,0000? Calabasas California

* : Innovative Merchant Soultions Rip-Off

*Consumer Comment: Same experience

*Consumer Comment: Same experience

*Consumer Comment: Same experience

*Consumer Comment: Same experience

*UPDATE Employee: Response to funds held...

*Author of original report: Finally, (Hopefully), got my $62,000 from Innovative Merchant Solutions

*Author of original report: Innovative Merchant Solutions; Communication Transcript

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I have a JELD-WEN Window and Door distribution business in Tulsa, Oklahoma and I use QuickBooks Pro for my accounting software. It only made sense to me to use QuickBooks' own credit card processing company, Innovative Merchant Solutions, to process my credit card transactions. Oh what a mistake I've made.

They are refusing to release almost $62,000 of my money to me, even after I've sent them reams of documents to them proving that the transactions is valid.

We do very large custom window and door packages for the luxury home market, and quite often these customers choose to pay by credit card to get the points and miles. We have problems with this on numerouse occasions with Innovative Merchant Solutions. They were told up front that we would not do a lot of transactions monthly, but several very large transactions.

I have sent these people the customer's signed contract, the invoice, the email from my customer giving me the CitiBank employee's name and number who assured him the transaction would go through.

Here's the kicker: the customer was nice enough to scan his online statement and email it to me showing that CitiBank had charged his card; it had my business name and phone number right there on his statement. Innovative Merchant Solutions has been paid the money by CitiBank, but is refusing to release it to me.

They are preventing me from taking advantage of the prompt pay discounts, not to mention holding my working capitol in their bank account. I have made numerous phone calls, and spoken with numerous "supervisors" and "managers", who all tell me they will call me back or they will release the funds. This has gone on for 2 weeks now. I can't get my money.

I guess I will have to have my attoney contact them with a demand for payment letter.

One more thing. They have already posted their $1,100 fee for this transaction to my account. How does that work? Charge me for something they haven't even done yet, what a scumbag way of doing business. I have been a loyal customer for 3 year, but after this latest fiasco is over, I'm finding a new credit card processor.

Reagan
Tulsa, Oklahoma
U.S.A.

This report was posted on Ripoff Report on 10/02/2008 12:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/Innovative-Merchant-Solutions/Calabasas-California-91302/Innovative-Merchant-Solutions-And-Intuit-Company-Where-is-my-620000-Calabasas-Californi-377939. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 8Consumer 0Employee/Owner
Updates & Rebuttals

#1

Innovative Merchant Soultions Rip-Off

AUTHOR: Tim - (USA)

I could not agree more with you, I filed a complaint already but want to make it clear to anyone who reads these.. I have used them for 10 years and no problem.. suddenly in Aug. 2009 it started to me, they stopped funding our bank account because of "chargebacks" (which we have won) they will not give us a reason why besides calling it a "security deposit" first it was $6000.00 but they are holding over $10,000.00 and like you they have taken there "fee's" out of our account. I have called and called and left messages for them, I have been dealing with Freddie Monjoy, I think that is the correct last name, I plan on posting everyones names that I talk to at Innovative Merchant Solutions on every forum board I go to. It is wrong for what they are doing to long time customers of there's and I am not going to take it.

I have contacted our attorney and am filing complaints with the BBB as well.
This has to stop and customers and consumers need to know what kind of company they are and how un-professional they are and the customer service they provide is terrible.
HBTimbob
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#2 Consumer Comment

Same experience

AUTHOR: Tom - (U.S.A.)

I made a report as well.

I had almost the exact same experience with this company and it cost me dearly.

Stay away from them. There are reputable merchant processing companies out there that dont play these games.

The amount of money was for far less than yours. I cant even imagine that amount.

This company is obviously having money problems and has to hold money to float their business.

I had a company for 15 years before I switched to these people and I processed transactions in the 10's of thousands and had the money in 24 hours like clockwork.

The fact that you get nothing but a run around and obvious BS answers when you call shows they are trying to cover their behinds.

Any reputable company would explain the real situation and give you real time tables.

If I were in your position, even if they said to me "Hey sorry. We used your $62,000 for other things and we;re waiting for more money so we can give it to you"

Heck thats bad news but its better than them lying about some bogus "investigation"
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#3 Consumer Comment

Same experience

AUTHOR: Tom - (U.S.A.)

I made a report as well.

I had almost the exact same experience with this company and it cost me dearly.

Stay away from them. There are reputable merchant processing companies out there that dont play these games.

The amount of money was for far less than yours. I cant even imagine that amount.

This company is obviously having money problems and has to hold money to float their business.

I had a company for 15 years before I switched to these people and I processed transactions in the 10's of thousands and had the money in 24 hours like clockwork.

The fact that you get nothing but a run around and obvious BS answers when you call shows they are trying to cover their behinds.

Any reputable company would explain the real situation and give you real time tables.

If I were in your position, even if they said to me "Hey sorry. We used your $62,000 for other things and we;re waiting for more money so we can give it to you"

Heck thats bad news but its better than them lying about some bogus "investigation"
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#4 Consumer Comment

Same experience

AUTHOR: Tom - (U.S.A.)

I made a report as well.

I had almost the exact same experience with this company and it cost me dearly.

Stay away from them. There are reputable merchant processing companies out there that dont play these games.

The amount of money was for far less than yours. I cant even imagine that amount.

This company is obviously having money problems and has to hold money to float their business.

I had a company for 15 years before I switched to these people and I processed transactions in the 10's of thousands and had the money in 24 hours like clockwork.

The fact that you get nothing but a run around and obvious BS answers when you call shows they are trying to cover their behinds.

Any reputable company would explain the real situation and give you real time tables.

If I were in your position, even if they said to me "Hey sorry. We used your $62,000 for other things and we;re waiting for more money so we can give it to you"

Heck thats bad news but its better than them lying about some bogus "investigation"
Respond to this report!
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#5 Consumer Comment

Same experience

AUTHOR: Tom - (U.S.A.)

I made a report as well.

I had almost the exact same experience with this company and it cost me dearly.

Stay away from them. There are reputable merchant processing companies out there that dont play these games.

The amount of money was for far less than yours. I cant even imagine that amount.

This company is obviously having money problems and has to hold money to float their business.

I had a company for 15 years before I switched to these people and I processed transactions in the 10's of thousands and had the money in 24 hours like clockwork.

The fact that you get nothing but a run around and obvious BS answers when you call shows they are trying to cover their behinds.

Any reputable company would explain the real situation and give you real time tables.

If I were in your position, even if they said to me "Hey sorry. We used your $62,000 for other things and we;re waiting for more money so we can give it to you"

Heck thats bad news but its better than them lying about some bogus "investigation"
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#6 UPDATE Employee

Response to funds held...

AUTHOR: Leanne - (U.S.A.)

It is important to note that just because a customer does not understand clearly what is being done does not make it contrary to the contract or illegal in any way. When an account is approved for credit card processing it is within the limits (average ticket and monthly volume) that are provided by the merchant. The account, if approved, is given what is somewhat like a "credit limit", similar to a credit card.

When the customer exceeds this "credit limit" another review of the merchant's account must be completed to determine if an extension of that credit can be made. Sometimes this only requires the review of an individual transaction of a very large amount. This is done per the bank's requirements as well as the card associations. If the account cannot receive a limit increase, sometimes a deposit will be required so that credit card processing may continue and to protect against loss due to chargebacks or other financial hardships that may occur. And indeed, the Merchant Agreement is very clear on these points and it is the merchant's responsibility to be aware of this contract as he/she has accepted and agreed to the terms within the contract.
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#7 Author of original report

Finally, (Hopefully), got my $62,000 from Innovative Merchant Solutions

AUTHOR: Reagan - (U.S.A.)

After emailing the 5 people who I had been leaving messages for the link to this report and the transcript of our conversations, I finally was contacted via email this morning telling me that the funds were to be released on October 2nd, (yesterday), I checked my online account and the funds were nowhere to be found. I called my bank and they had not received it yet. I'll check back at the end of business today. Hopefully they are telling the truth this time.
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#8 Author of original report

Innovative Merchant Solutions; Communication Transcript

AUTHOR: Reagan - (U.S.A.)

The JELD-WEN Window Planning Center of Tulsa; Merchant Account # 5247710000105676
Innovative Merchant Services Customer Support; 1-800-558-9558

RISK DEPARTMENT:
09/17/08
Angela called me and asked me to fax up invoice for goods. I did that and also sent up the contract of goods purchased with the customer's signature.

09/26/08
I still have not recieved payment, soI called to ask what was going on with the release of funds; (spoke with Sheree Massberg). I was told that they were trying to verify purchase with the customer's card issuer; (CitiBank). I called my customer and told him that I was having problems getting the money from his card issuer; he called CitiBank and was assured that the charge would go through and get paid. He then emailed me the employee and the employee number of the person at CitiBank whom he spoke to; (Anne Punzalan employee # VFR0300). I emailed this information up to Sheree Massberg hoping it would help.

09/29/08
Spoke with John McClain; extension 61196.
Told me that as soon as Martin Hernandez, (Supervisor; EXT 61024), got back from lunch he would talk to him about my account. Told me that it should not have taken this long to get my funds released. I never recieved the call back.

09/30/08
Called and left message for John McClain; never receieved call back.

10/01/2008
I spoke with Shane Ramcharitar; (1-818-436-7800; extension 61191). Needs me to re-send all the information, (invoices, contracts, etc..), again and then will release the funds today. (858) 408-2807 FAX

10/02/2008
Funds are not in my account this morning. Called again and spoke with Andrea. She told me that Elenor released the funds today. I asked to speak to a manager. Andrea transferred me to a Jennifer Maddux at Extension 68167. Left her a message to call me; never recieved the phone call.

10/03/08
Funds are not in my account this morning.
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