ED Magedson – Founder
Payment Systems Matthew Wiltsey Keith Olmo Matt Patton515 S. Flower Street Suite 1200 Los Angeles, California USA
Payment Systems Matthew Wiltsey Keith Olmo Matt Patton BEWARE OF PAYMENT SYSTEMS!!! I had to file a complaint with the Federal Trade Commission to report illegal behavior!!! Bad company run by Matthew Wiltsey, Keith Olmo, and Matt Patton! Please read this carefully! Los Angeles California
I want all merchants to beware of the tactics used by Payment Systems. This is the only way I can clear my conscience of what I saw go on at the company.
I was an employee of Payment Systems over the last 3 years. I went from an inside sales rep to team lead, and lastly I worked as the executive sales assistant in the Carlsbad branch. I did very well in sales. I felt like my job was rather rewarding thinking I was helping the clients save money. It wasn't until my last position at the company that I realized otherwise.
Working in the back end of the company is when I found out that what they were promising the clients was false. I also have reason to believe that they are cutting and pasting the merchants signatures on places they had missed on the agreement just to process it faster so everyone would be paid sooner.
They tell the merchants they will be saving them a substantial amount of money by switching them from their current merchant processing company to payment Systems. They then sign an agreement which I have reason to believe a lot of times the sales agent tells them it's just an application, then they are stuck in a non-cancelable lease for 48/60 months for the equipment. They quote that they'll be paying rates as low as 1% credit and 0% debit when in actuality its much higher, there are tons of hidden fees, and with the lease payment being on average from $59-$299 a month the merchants end up paying way more than they were before. They are lead to believe that if they decide to cancel the termination fee would be $299, but what they are not aware of is that they also have to pay is anywhere from $995-$1660 not to mention the non-cancelable monthly lease payment multiplied by the terms of the lease on top of it.
It's terrible and very disappointing. One of my tasks was working with chargebacks or "problem deals" which I personally spoke with many merchants who felt like Payment Systems had been misrepresented, that they had been taken advantage of, and that they were dealing with fraud. I had merchants crying to me, telling me that because of this company their small business would go down, that they'd be so far in debt because of what Payment Systems is doing. It was compromising my morals and I had difficulty working. These small businesses are already struggling in this economy and are now suffering more because of Payment Systems when all they wanted to do was save some money. I believe they deserve justice.
This report was posted on Ripoff Report on 08/24/2013 02:39 PM and is a permanent record located here: http://www.ripoffreport.com/reports/payment-systems-matthew-wiltsey-keith-olmo-matt-patton/los-angeles-california-90071/payment-systems-matthew-wiltsey-keith-olmo-matt-patton-beware-of-payment-systems-i-had-1078744. 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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