We opened up our Chiropractic office last year. As a small business owner we are using Quicken for our account program. Being as such we decided to go with Innovative since they were also owner by Intuit. A sale person came to our office and filled out the application with all the rates and fees that would be associated with Innovative processing our credit cards. When we signed the application no one ever told us that there is not a time frame on this agreement that even if my husband who is the doctor was to die I still had to pay the $295 termination fee. The application also states that with your signature you have read and understood the merchant agreement which you haven't since you are not a merchant at the time of application. No where on the application does it state that not only do you have a monthly fee of $20.00 per month that you also have an annual fee of $75.00. The processing fee on the application was $.15 per transaction however was changed to $.25 prior to approval then increased again in October 2010 to $.29 without notification. We swipe every card and most of the cards we take are bank check cards however very few of our cards are processed as qualified they are processed as mid-rate which is a higher discount rate. They don't explain what the differences between qualified, mid-rate and non-qualified you have to figure this one out for yourself. They also don't tell you that if you cancel with them that they can pull money out of your bank account for a Reserve Account which can be equal to the amount you processed in credit cards for the last 30 days and hold it for up to 270 days. Nor do they send you monthly statements. The sales people that come out to your business do not work for Innovative they are contracted to them and most are not even trained. We are in the process of changing to a new processing company that is more small business friendly. I came across a document that states if the merchant receives reduced pricing from a competitor that IMS is not able to meet or beat the merchant does not have to pay the $295 termination fee. IMS was shocked that I had this document and they have reduced our rates but not the monthly fee or the annual fee which by my terms they did not meet or beat the competitors rates. I am in the process of trying to find out who I can turn this over to within the Federal Gov. which they are regulated by for the business practices being unlawful and a down right scam. Please be very aware of this company.
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