• Report: #464121


  • Submitted: Tue, June 23, 2009
  • Updated: Wed, July 08, 2009

  • Reported By:Canmore Alberta
10 Kodiak Crescent Toronto, Ontario Canada

SYNERGY MERCHANT SERVICES Cash advance against future credit and debit card transactions Toronto Ontario

*UPDATE Employee: With All Due Respect...

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We were solicited by this firm through telemarketing for cash advances secured by our future credit and debit card transactions. Although not in immediate need of additional funding, we elected to pursue the offer in order to complete a proposed project earlier than planned. We provided a basic application along with all required supporting documents relating to our previous credit and debit card sales. We were then offered an amount based on this data with several repayment options varying by the percentage of repayment from future credit and debit card sales. Repayment would be made by direct remittance of the agreed percentage from the credit card facilitator to SYNERGY from future credit and debit card transactions. We were provided with a formal agreement that required some amendments in order for us to feel comfortable with the authority we were providing over access by direct debit to our business bank account. The agreement came with a check list of required items, including a void business cheque, personal ID of the company principle, bank statements and a credit card account number for security in the event funds were not available through the bank. We believed that we provided the requested documents and information as security and that we had completed the transaction. We then awaited the cash advance as outlined in the agreement. Without warning we received a telephone call from a funding specialist advising that we now did not qualify due to the size of our credit card transactions being too large ?????? Our past credit and debit card transactions, including the average transaction amout was the fundamental basis of information provided during the first solicitation of our business. Now, this company was in possession of a good amount of personal and business information related to our business operations that they had shared with another company named ADVANCEIT FINANCIAL CORPORATION who are the real money entity with SYNERGY merely selling the deals. We provided an immediate demand by registered mail for the return of all documents and revoked the authorities that we had actually provided when signing and returning the agreement. We advised that we would be pursuing the matter by whatever legal means possible due to what we believe was inappropriate business ethics and professionalism in the handling of the matter. We received an immediate response to a faxed copy of our demand and revocation from the "privacy" person who doubles as the "Vice-President of Marketing" - John MELOCHE. It was apprarent that this call was damage control over our comment to share our experience with other potential clients including with venues such as this one. It became apparent during this call that although our materials woudl be returned copies would be retained in the files of SYNERGY and possible whoever else they had already shared the information with. A loosely worded threat was provided relating to our acceptance to their privacy guidelines in the agreement that we had signed and that may be violated should we share our experience. Although signed by our firm, this agreement was not completed or executed by SYNERGY.



Canmore, Alberta

This report was posted on Ripoff Report on 06/23/2009 12:17 PM and is a permanent record located here: http://www.ripoffreport.com/r/SYNERGY-MERCHANT-SERVICES/Toronto-Ontario-M3J-3G5/SYNERGY-MERCHANT-SERVICES-Cash-advance-against-future-credit-and-debit-card-transactions-T-464121. 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

With All Due Respect...

AUTHOR: John - (Canada)

Attention Gewl. According to our privacy policy I am not going to disclose particular client information to respect our client.

We did find this specific client on file with notes, documentation, and call recordings. Every aspect of our process we found to be by done by our policies and overall the client was provided with a good example of service by one of our most veteran funding specialists.

The circumstances of this clients application may not be discussed according to our privacy policy, however something important to understand is; our typical business process is to provide a alternative source of funding to Canadian businesses and as any funding company, we too have policies in our underwriting process. Sometimes applications just don't fit the criteria and we are not able to approve the request for a merchant cash advance based on information learned during the application process. Synergy Merchant Services is not the underwriter. Our primary focus is to provide the highest level of client satisfaction and advance money to business in want or need.

To Mr. Gewl: As I made clear on the phone when I spoke with you in a very professional and empathetic manner explaining why it is unfortunate, there is specific reason for your application decline. I understand you're upset that your application was not approved however I believe after my review of all elements in your file history I have seen, including the signed application that clearly states Synergy Merchant Services is not the underwriter and our original Authorization Form which you signed clearly states I understand that this form is simply the first step to qualifying for a Merchant Cash Advance from Synergy Merchant Services and I am not pre-approved or obligated to accept a Merchant Cash Advance/ Funding Offer from Synergy Merchant Services or any of its affiliates. In accordance with our privacy policy (http://www.synergymerchants.com/index-6.php) all information provided in this pre-application will remain private and confidential. I confirm that the information provided in this pre-application to be true and accurate to the best of my knowledge.

From what I see. You're the one who broke our agreement by not remaining remain private and confidential.

From the opinion of myself and colleagues who has witness your absurd display of defamation it is obvious you were upset about the result of your application and lived up to your promise to do everything you can to smear our good name as you made clear in a fax you sent to us that you will forewarn other merchants of your inappropriate business ethics and the lack of professionalism that is associated with your operations as demonstrated by this matter. I don't even know totally what was meant by that, but I now understand what your intentions were.

In closing It is unfortunate that we are not able to fund all Canadian businesses, however I do believe that we make every effort to fund the future of their business, not fund them out of business.

Should you require more information regarding this specific case. Please contact me directly at 416-512-1366 at extension 302.
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