Complaint Review: The Interchange Brokers - Redmond Washington
The Interchange Brokers David Toney is a TOTAL MLM Scam that operates by fooling merchants into believing he is Helping them SAVE $$$! Redmond, Washington
*General Comment: My experience with Interchange Broker & Dave
*General Comment: Who David really is
*Consumer Comment: SHILL PATROL WAS HERE!
*Author of original report: FROM THE AUTHOR: IMPORTANT FOR TOPIC
*Author of original report: NOT AN INDUSTRY REGULATOR BY TRADE
*REBUTTAL Owner of company: Final Statement
*Author of original report: The last time I will respond to this.
*REBUTTAL Owner of company: Opened Ended Challenge
*REBUTTAL Owner of company: Response to False Claims
*Author of original report: Extremely Important Update,A Merchants Nightmare!!
*REBUTTAL Individual responds: Reply to False Statements
David Toney's last Pyramid scheme went Chapter 7 last June "KV Marketing", and don't be fooled by another attempt by this individual to scam merchants with the same business model company only now your "MAUI Certified" or David Certified." I know the industry well, and we have tested his system, example: "$10, 400 in CC sales, $204.54 in fees, 130 trans $80.00 avg. ticket (no questions about debit cards, rewards, corp. cards, swiped vs key entered etc.) and they recommended Rate Lock Plus at a one time set up fee of $99.00!! What a Bargain!!!" This was formulated as a response on "The Greensheet" (www.greensheet.com), the Official Industry Expert's forum, when this topic was brought up yesterday, and shows that his program ABSOLUTELY was NOT written with the appropriate criteria. Everything relies on the type of card and type of transaction, and he missed the boat on both of those key factors, so it DOESN'T ACTUALLY WORK CORRECTLY AT ALL!!!
If you are an Agent or ISO of this company, you don't have much industry experience. If so, I will guess it is as an "Account Executive" or something where you don't understand the Processing Industry. If you did, you would create your own proposals, and create residuals based off of interchange. Any Processor and ISO will show you how to save a business money, so you can reduce a merchants bill and put the money where it belongs- BACK IN THE MERCHANTS POCKET!! Don't let David fool you into believing he is a part of the Payment Industry or has any merit within. His company is not recognized by ANY NOT-FOR-PROFIT ASSOCIATIONS that make up our industry meaning that this "Good Guy" is only Certified by HIMSELF. There is no MAUI. Those are just merchants that he has made a savings proposal for, and instead of putting the money back into the business, HE KEEPS IT! And the Registered ISO that actually own's the account will be stuck paying the fee's to the Association for being Registered, incur all costs associated with having and maintaining a merchant portfolio, but NOW David Toney is taking the profits you are supposed to make for doing the job. What he has done is decide that he doesn't want to endure all the work that goes into an account. He instead is showing merchants how to reduce the bill (like ALL Merchant Services Salespeople do at an appointment)and(just like ALL the other Millions of telemarketing calls you get for Merchant Services where they offer to do the same), except he is extracting the profits for himself and his company, meanwhile ALL he did was screw the merchant out of the savings and offered to do NONE of the work that a competitor would then be doing, if a merchant switched to them to save money.
David is completely scamming merchants by marketing a "watch out for the bad guys" scheme that is only created by him. Sure there are horror stories in this industry, as in any industry, but that is why you should due your due diligence into the Credit Card Processing Company you choose to partner with in business. NOT by letting a scam like MAUI into your business. If this was a Merchant Movement that was Not for Profit and backed by the appropriate industry Associations made up of random industry expert boards (examples are the: NEAA, SEAA, ETA, and about 3 or 4 more including Canada (ETA is the big one). And if you are a merchant and do decide to invite MAUI Certification into your business, don't be surprised if the company they put you with is a nobody in this industry, and you have nothing but problems with them because remember they don't make the money anymore, instead MAUI is paid EVERY MONTH for showing you the same savings that ANY competitor would offer to show you except here's the BIG DIFFERENCE- The money goes to the Merchant's business usually, NOT David Toney's, who has NOTHING more to do with the account after he underbid's the account, but offered NO OTHER FORM OF WORK on the Processing Account he just analyzed. So you pay him every month because he lowered the price? ANY SALES PERSON WILL GIVE YOU THIS WITH NO STRINGS ATTACHED IN THE HOPES THAT THEY MAY EARN YOUR BUSINESS THE HONEST WAY- By doing your processing and customer service!!! The rate reduction is to save the merchant money, not to just shift it to a 3rd party bank account!! It is ridiculous and PLEASE DON'T FALL FOR THIS!!!
This report was posted on Ripoff Report on 02/26/2011 10:42 AM and is a permanent record located here: https://www.ripoffreport.com/reports/the-interchange-brokers/redmond-washington-/the-interchange-brokers-david-toney-is-a-total-mlm-scam-that-operates-by-fooling-merchants-700232. 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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