ED Magedson – Founder
Redstone Payment Solutions10406 Lake Road Houston, Texas USA
Redstone Payment Solutions Excessive early termination fee, 3 times the industry standard Houston Texas
I was charged $1175 for an early termination fee INQUIRY. I was interested in changing my credit card processing from REDSTONE Payment Solutions to another company that was offering me better rates. I inquired about what rates that REDSTONE payment Solutions could offer and they were unable to match the other companies better rates. They informed me that I would be charge an early termination fee if a left their company. I asked how much would the early termination fee would be and they said $895. I told them that I thought that termination fee amount was ridiculous and that typical early termination fees range fron $295 - $495.
In the contract, I read were it stated in bold print EARLY TERMINATION FEE $495 and in smaller print after that it said or greater. REDSTONE Payment Solutions manager said that if I wanted to cancel my contract they would have to send me a cancellation letter, listing what the early termination fee amount would be and that I would have to sign and return it to them before any cancellation could take affect. I NEVER received or signed any cancellation request letter indicating that I was going to cancel with REDSTONE Payment Solutions. When I checked my bank balance I noticed that I was over drawn by $1000 and it showed a debit from REDSTONE Payment Solutions in the amount of $1175. When I called REDSTONE Payment Solutions I was told that charge was for the early termintion fee and they thought I was wanting to cancel with them. I asked why I NEVER received any letter and that I never signed anything from them indicating my intentions to cancel /close my account. Their response was they didn't know why!
I HIGHLY RECOMMEND THAT IF YOU ARE LOOKING FOR A CREDIT CARD PROCESSING COMPANY YOU DO NOT SIGN UP WITH REDSTONE PAYMENT SOLUTIONS. They make it very easy to sign up with them and make it sound good but you WILL be locked in with them and it will be very difficult to get out from under there control.
This report was posted on Ripoff Report on 03/11/2014 04:26 PM and is a permanent record located here: http://www.ripoffreport.com/reports/redstone-payment-solutions/houston-texas-77070/redstone-payment-solutions-excessive-early-termination-fee-3-times-the-industry-standard-1129982. 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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