• Report: #273893

Complaint Review: Innovative Merchant Solutions

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  • Submitted: Tue, September 11, 2007
  • Updated: Mon, December 17, 2007

  • Reported By:wilmington North Carolina
Innovative Merchant Solutions
26541 Agoura Road Calabasas, California U.S.A.

Innovative Merchant Solutions Unclear termination fee Calabasas California

*UPDATE Employee: Contract Not Altered

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Complaint Description: In the contract that I signed they said "If cancellation and/or termination of the Merchant Account occurs after six(6) months, Merchant will be charged the standard termination fee."

The problem with their claim is that the fee was not written into the original copy of the agreement that I signed as the principal agent of *company name*. As you may note, the agreement with my signature is not even numbered in the scheme suggested by IMS. The corresponding clauses, marked on my copy as "Early Termination Fee" just above my signature differs from the one they have repeatedly sent me to justify their alleged debt.

The document IMS has sent to Consolidated Recovery to justify this debt is probably one that is amended to include a $295 fee.

wilmington, North Carolina

This report was posted on Ripoff Report on 09/11/2007 11:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/Innovative-Merchant-Solutions/Calabasas-California-91302/Innovative-Merchant-Solutions-Unclear-termination-fee-Calabasas-California-273893. 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

Contract Not Altered

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

The contract has not been altered. You completed a Merchant Application via facsimile. On the Merchant Agreement, in the section where you signed, the following is written: "By signing this Merchant Application either physically or electronically, I acknowledge that I have also received the Merchant Agreement either by receiving a physical copy or by viewing the Merchant Agreement at www.innovativeagreement.com or otherwise viewing and electronic copy."

In the instance of your Merchant Application, completed via facsimile, this information is particularly important because you do not see the representative face to face and must view the contract online. Facsimile applications have become a convenience to the customers and offer you additional time to review to documents and obligations at your own pace.

Next on your contract, just above your signature it states "Only sign this application if you are applying for new credit card processing with IMS. If Merchant is approved and the Merchant Account is signed and approved by Bank, and Merchant exercises its option at Merchant's sole discretion to terminate the Merchant Agreement on or before the six (6) month anniversary or approval, Merchant will be charged a $395 termination fee. If merchant excercises its option to terminate the Merchant Agreement at any time after the six (6) month anniversary of approval, Merchant will be charged the standard termination fee."

A copy of this signed contract will be sent to the customer for review.
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