Innovative Merchant Solutions Innovative Merchant Solutions Seized our money Calabasas California

We are searching for others similarly affected or knowledge about how to get our money back. Like other reports we read, we signed up with IMS because we thought it would be most compatible with our Quickbooks Pro. We never should have agreed to the 37 pg. contract, as it apparently gives them the right to do whatever they want with our money. They began processing our customers' credit cards w/o problem, although their statements were very hard to understand. Then, when we had higher revenues than expected one month, they demanded (very rude person in Risk Management demanded to receive in 2 hrs.) various documents including customer's invoice and identifying info, our bank statements going back 6 months, previous merchant acct. documents. We complied, but they froze our account and stopped depositing our funds into our bank acct. They would not return calls. We contacted various personnel there, all of whom said they would help, but none did. After about 10 days, they started depositing monies again but we have found that they kept 2 batches containing a large sum of money. They state they will keep this for as long as 9 months as a "reserve' against possible future chargebacks. Interest on this sum will not be received by us. We can't tell if it will be returned to us in 9 months or ever, as they have discretion to do anything they want for as long as they want according to the terms of the contract which we wish we'd read in detail before agreeing to it. Was this contract valid? Does the consumer have any recourse? Having read similar stories, I wonder if anyone is pursuing class action? We need all the advice we can get. It's hard to believe they can get away with what amounts to theft, or that Intuit, their parent company, condones this.

Bubbe
Chapel Hill, Texas
U.S.A.