ED Magedson – Founder
Merchant’s Choice Payment Solutions, Woodforest National BankThe Woodlands, Texas USA
Merchant’s Choice Payment Solutions, Woodforest National Bank MCPS Corporation Merchants’ Choice Payment Solutions MCPS Corporation, Woodforest National Bank The Woodlands TX, Unethical, ripp-off and possibly illegal contract terms. The Woodlands Texas
Merchants’ Choice Payment Solutions MCPS Corporation, Woodforest National Bank, The Woodlands TX, Unethical, ripp-off and possibly illegal contract terms.
I signed up for credit card processing with Merchants’ Choice Payment Solutions over 3 years ago. This company was charging very high fees for processing credit card transactions, so I found a company that was offering the same services at a much lower rate. I called Merchants’ Choice Payment Solutions to cancel and they connected me to their cancellation department, which did not answer, so I left them a voice mail requesting to cancel my services. When their cancellation department called me, they let me know that there was a $495 charge for terminating before another 3 year period. He said that I was supposed to have let them know in writing at least 30 days before my last 3 year contract term expired to cancel the contract in order to avoid this $495 charge. The clause is that unless MCPS Corporation is notified in writing of cancellation at least 30 days prior to the ending of the 3 year term, the contract is renewed automatically for another 3 year period and it cost $495 for early termination. This clause is conveniently hidden in fine print in a very lengthy contract term document. When I signed up with this company I was not at all informed of this clause by the representative from this company at the time of signing. What I find unethical and possibly illegal is that a cancellation term involving $495 should have been in bold letters in the contract or at the very least should have been highlighted by their representative with a marker at the time of signing.
Merchants’ Choice Payment Solutions charges very high fees for processing credit card payments. With the new company that I am with, I am paying 1/3rd the amount I was paying Merchants’ Choice Payment Solutions for credit card processing. It seems to me that once this Company has you trapped in their contract and their credit card processing fees are so high, to ensure that you are not going to leave, they have the $495 cancellation clause hidden in fine print. If you google this companies name on the internet, you will see similar complaints about this company.
This report was posted on Ripoff Report on 12/15/2013 09:23 PM and is a permanent record located here: http://www.ripoffreport.com/reports/merchants-choice-payment-solutions-woodforest-national-bank/the-woodlands-texas-77387/merchants-choice-payment-solutions-woodforest-national-bank-mcps-corporation-merchan-1107266. 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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