We signed up for IMS's service, seeing that it was part of Intuit and that it would work well with our QuickBooks software. We also assumed that Intuit was a reputable company and that was mindful of small business operations and concerns.
We got the following notice a few weeks ago:
"In the event of unusual Transactions that have been suspended and cannot be verified as valid sales or have been verified as cardholder disputes, Merchant agrees that a security processing fee not to exceed 110% of the unusual Transactions may be assessed.
We promptly called their risk management department, who instructed us to fax over all of our invoices for that day. All 60 plus pages. After 5 attempts of the fax not going thru, we called and asked if they had an email address we could send over PDF copies. They told us they don't have email. (First red flag, a division of a software company that doesn't have email????). Then they said, oh, we only need the following 4 invoices. Gee, that would have been helpful to know 4 hours ago before we wasted all that time and paper.
So we send over the invoices in question. Then we call to ask when they will release our $23,000? They replied we are investigating this and will get back to you. After repeated phone calls I was told that they will need to hold onto our $23,000 for 90 days as a reserve against possible claims. Bad enough, but then I was assured that any future batches would be released and not be held as the $23,000 was sufficient enough as a reserve. So we process some more transactions, another $52,000. A few days go by and the money is not in my account. I call up, get some more run around we are looking into your account, hmm, looks like you are doing more sales than originally planned. Stupid me, I forgot that it is bad to be a capitalist in America and to try and grow your business. Hmm, you think that Intuit might distribute the $1.5 BILLION they have in current assets to the poor and needy???
So now, they are holding $75,000 SEVENTY FIVE THOUSAND DOLLARS, of my money. Cash my business needs to pay its bills to suppliers for the merchandise we already shipped to those customers who paid us the $75,000. Promised call-backs have not materialized.
I think IMS / Intuit can kiss me goodbye as a client. My new part time job will be publicizing the sleazy side of QuickBooks. You would be smart to be careful and stay away as well.
New York, New York