Report: #1044007

Complaint Review: Capital Merchant Solutions - Internet

  • Submitted:
  • Updated:
  • Reported By: Bruce — Grants Pass Oregon
  • Author Not Confirmed What's this?
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  • Capital Merchant Solutions Internet United States of America

Capital Merchant Solutions Ty Bonds When claiming to offer a free authorize.net for accepting and processing online credit card transactions this company lies and rips you off. Internet

*Consumer Suggestion: ISO's, Capital Merchant Solutions & Authorize Net

*Author of original report: Cancellation fee refund

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Two years ago I signed up with Capital Merchant Solutions for a free authorize.net account only to find out that it's really authorize.net working with a so-called re-seller, Capital Merchant Solutions who in their credit card processing use a rip-off company called Transfirst, which in small print on the application you have to sign to use their services state that if you cancel with them it will cost you $500.  JUST TO CANCEL.  They claim it's because they offer such low rates, it just helps them stay in business.  I found a new processor and a new merchant account and used them instead for an entire month.  At the end of the month I got charges $51.30 for processing from Transfirst and $15.79 from Capital Merchant Solutions.  FOR ABSOLUTELY NOTHING. 

I used these liars for two years and almost lost my business, as it costs more to use them than I could make.  Thank God, I found out what crooks they are.  To anyone out there who uses either Capital Merchant Solutions or Transfirst, I strongly recommend that you swallow the costly mistake you made and pay them their cancellation charge.  It's the only way to profit on a small online business.  Sticking with these people can only cost you lots of money.

This report was posted on Ripoff Report on 04/17/2013 12:43 PM and is a permanent record located here: https://www.ripoffreport.com/reports/capital-merchant-solutions/internet/capital-merchant-solutions-ty-bonds-when-claiming-to-offer-a-free-authorizenet-for-accept-1044007. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Suggestion

ISO's, Capital Merchant Solutions & Authorize Net

AUTHOR: L2003 - ()

POSTED: Sunday, January 12, 2014

Capital Merchant Solutions is the Indepentent Sales Organization (ISO) that sold you your merchant account -- that is who you signed up with.  Authorize Net is the gateway that CMS set up for you to enter your transactions.  Really - that's the relationship (see next to the last paragraph about Ty).

The ISO can outsource part or all of the work involved in maintaining and servicing your account to another processor, or even another ISO (in your case, Transfirst).  CMS cannot resell or transfer your signed agreement to any other organization -- they can only outsource the work.

The $500 cancellation fee?  Your signed agreement with CMS has your terms of cancellation spelled out very clearly -- if you don't want to pay the early termination fee, you have to wait the designated amount of time required to eliminate the fee.

Ty (or Tye) Bonds is not a good communicator -- and perhaps is not literate enough to understand the business and what a signed agreement specifies?  So, my experience with this person are with statements being given that are obviously false according to the contracted agreement I have with CMS.

I've had a CMS merchant account for 11 years - and CMS outsourced processing to US Merchant Systems - not Transfirst as in your case.  I have been trying to cancel this merchant account with CMS since 2011, and have learned a lot about who's who in the zoo.  My recommendation to myself:  if you think you are in the right, get a lawyer.

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#1 Author of original report

Cancellation fee refund

AUTHOR: Bruce - ()

POSTED: Saturday, April 27, 2013

Transfirst actually refunded my cancellation fee after I filed this report.  That was a step in the right direction for them.

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