• Report: #382518

Complaint Review: Innovative Merchant Solutions

  • Submitted: Sat, October 18, 2008
  • Updated: Mon, January 12, 2009

  • Reported By:Chapel Hill Texas
Innovative Merchant Solutions
26541 Agoura Rd. Calabasas, California U.S.A.

Innovative Merchant Solutions Innovative Merchant Solutions Seized our money Calabasas California

*UPDATE Employee: Response to funds held...

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We are searching for others similarly affected or knowledge about how to get our money back. Like other reports we read, we signed up with IMS because we thought it would be most compatible with our Quickbooks Pro. We never should have agreed to the 37 pg. contract, as it apparently gives them the right to do whatever they want with our money. They began processing our customers' credit cards w/o problem, although their statements were very hard to understand. Then, when we had higher revenues than expected one month, they demanded (very rude person in Risk Management demanded to receive in 2 hrs.) various documents including customer's invoice and identifying info, our bank statements going back 6 months, previous merchant acct. documents. We complied, but they froze our account and stopped depositing our funds into our bank acct. They would not return calls. We contacted various personnel there, all of whom said they would help, but none did. After about 10 days, they started depositing monies again but we have found that they kept 2 batches containing a large sum of money. They state they will keep this for as long as 9 months as a "reserve' against possible future chargebacks. Interest on this sum will not be received by us. We can't tell if it will be returned to us in 9 months or ever, as they have discretion to do anything they want for as long as they want according to the terms of the contract which we wish we'd read in detail before agreeing to it. Was this contract valid? Does the consumer have any recourse? Having read similar stories, I wonder if anyone is pursuing class action? We need all the advice we can get. It's hard to believe they can get away with what amounts to theft, or that Intuit, their parent company, condones this.

Bubbe
Chapel Hill, Texas
U.S.A.

This report was posted on Ripoff Report on 10/18/2008 11:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Innovative-Merchant-Solutions/Calabasas-California-91302/Innovative-Merchant-Solutions-Innovative-Merchant-Solutions-Seized-our-money-Calabasas-Cal-382518. 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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Updates & Rebuttals

#1 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. 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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