ED Magedson – Founder
Merchants Choice Payment Solutions25231 Grogans Mill Road,. 6th floor The Woodlands, Texas USA
Merchants Choice Payment Solutions Woodforest National Bank OFFERS CREDIT CARD PROCESSING SERVICES Fraudulent, Big ripoff regarding fees/contract/attempt to collect penalty after we closed the account by registered letter The Woodlands Texas
We contacted this company in Feb. 2013 by telephone to obtain credit card processing services which they offered. They advised that their monthly fee would be $20.00 and would charge 1.5% for each transaction. Since we sell mostly to schools, we have few credit card transactions and had the initial (and last!) one in June 2013 for a sale of $485.00. The invoice they sent us was for $89.92. We immediately: (1) Sent registared letter stating that we were cancelling their service (2) Spoke to our bank and had the bank put a stop on any attempt by this company to withdraw funds from our account (3) Reported them to the Better Business Bureau with a detailed report.
Today, July 23, 2013 they called us and advised that we had signed a 3 year contract and that we were liable for $495.00 due them as penalty. I will not write what we told them on the telephone. The BBB responded saying that our report was forwarded to the Houston, Texas BB office and was assigned complaint ID 9619167 and that the company has been notified by BBB to the company.
Our company was founded in 1973. This is our 40th anniversary. We do business world wide and, as you can imagine, we are well experienced in such matters.
The company told us that we had to sign some kind of termination agreement in order to terminate this "contract" (We never realized there were any terms to this agreement - it was never mentioned to us in telephone contacts.) I am sure that the "agreement" they are sending will contain something devious that will put us at risk. (Now why would I think THAT?)
Believe me, they are NEVER going to collect one cent more than they already fraudulently obtained from us for this one transaction. NEVER!!!
We will be willing to hear from others who have been similarly duped and to assist in any way we can to put an end to this fraudulent operation. Note: We are now using Paypal. No monehly charge and a small % charge per transaction.
Ralph Baltimore, MD
This report was posted on Ripoff Report on 07/23/2013 11:20 AM and is a permanent record located here: http://www.ripoffreport.com/r/Merchants-Choice-Payment-Solutions/The-Woodlands-Texas-77380/Merchants-Choice-Payment-Solutions-Woodforest-National-Bank-OFFERS-CREDIT-CARD-PROCESSING-1069373. 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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