Innovative Merchant Solutions / Lost $6,530.06, a whole days credit card transactions
For the sake of brevity I have noted the key points of problems which is followed by the full text of a letter that I sent IMS.
*...misrepresentation by your sales agent George Bylvas of the monthly savings that we would realize...
* A whole days transactions... vanished. $6,530.06 had not deposited to our checking account
* ...the monthly merchant statement and summary of deposits. They are extremely difficult to interpret, thus making necessary a subscription (for an additional fee) to your online statement.
* ...start up time of check authorization services
* Your company incorrectly identified our Tranz 360 as being compatable...we then had to purchase a Nurit 2085 terminal (at a fee of $195.00) from you
*In summary I have found my relationship with Innovative Merchant Solutions to be extremely frustrating, time consuming, and of no financial benefit.
TEXT OF LETTER:
March 15, 2007
Innovative Merchant Solutions
1655 Palm Beach Boulevard Suite 102
Palm Beach Florida 33401
I request immediate termination of our Merchant services with your company. However, I reserve the right to claim and accept reimbursement of any funds that your company may still owe our company. Our first day of business with your company was October 2, 2006. We stopped using your merchant services February 15,2007.
The reason for this expectation is an incident in which a whole day’s transactions that we batched at the end of the day vanished. The total transactions from the business day, October 20, 2006 for $6530.06 had not deposited in our account ¬, as they should have been. It was only after numerous hours of accounting to reconcile your poorly devised statement that my accountant and I were able to determine the origin of the shortfall. I have since then contacted American Express and three of their customers for that business day to have $1,745.43 of funds that they charged to their accounts, re-entered into the system so that our checking account would be credited. Furthermore, I requested that your Linda, (ext 60907) in records and reports, re-key the other 12 transactions for VISA, Master Card, Debit and Discover in the total amount of $4,784.63 and credit them to our checking account. Once I reconcile your January and February 2007 statements with my checking account statement, I will know if my company has received all the funds due from your company.
Another problem I have with your company is the misrepresentation by your sales agent, George Bylvas, of the savings that we would realize in the approximate amount of $197.00 a month ($2,372 annual savings) if we were to transfer our merchant services from Bank of America to Innovative Merchant services. Those savings we never realized. See attached work-up notes written by George on our June 2006 Bank of America Merchant Services statement.
A further problem with your company is the monthly Merchant Statement and Summary of Deposits. It is extremely difficult to interpret, thus making necessary a subscription (for which there is an additional fee) to your online statement with an expanded monetary batch summary and batch transaction details. It was only with this subscription service that I was able to locate the October 20, 2006, $6,530.06 non-payment to my company’s checking account. So that you might see how much struggle there has been to interpret your statement I am also attaching my work up sheets for reconciliation.
An additional problem with your company is the start up time of check authorization services. Because your company incorrectly identified our Tranz 360 terminal as compatible with your check cashing service, we could not use it when we transferred over to your service. We then had to purchase a Nurit 2085 terminal (at a fee of $195.00) from you, which we received Oct 13. Your company left us without check authorization service for eleven business days. When we did receive the newly programmed terminal there were no instructions for how to use it for credit cards or checks. After much complaining on our part we were finally faxed a nearly illegible sheet detailing operation. It was barely adequate.
In summary, I have found my relationship with Innovative Merchant Services to be extremely frustrating, time consuming, expensive and of no financial benefit. I would not recommend your service to any other merchant and would encourage them to look elsewhere.
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