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Merchant One / Not clear on fees and contract

1 WI, United States Review updated:

I applied for an account with Merchant One, and before sending in my docs, decided to do my due diligence and check online for any concerns about the company. Coming to this page, I saw the concerns and asked my rep about it. He said they weren't true. I hadn't read my application very closely on signing, thinking I would read it before I put through any credit card transactions, so that was my next step. (Clearly I should have done this first, that was my mistake.) Within the 30 pages of information were three surprises: an early termination fee of around $300, a yearly fee of around $100, and a protection coverage fee of around $200? My rep told me he usually has people sign the contract, then asks them whether or not they want a monthly account without a termination fee. We didn't get to that stage, so I don't know whether that's true or not. The charges are all clearly stated in the application, but they are hard to find amidst a lot of other text which is very tempting to skim. Also, I was not informed verbally or in writing before signing the contract about what the fees would be. I asked to void my contract and they did that. The guy I interacted with was professional but said a lot of things that made me uncomfortable. I can't conclude the extent of the shadiness of this company, just that it's not how I would do business - so make sure you know what you're getting into if you want to work with them.

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Comments

  • We
      7th of May, 2011
    0 Votes

    I signed up with MerchantOne and yes, they are a bad, bad company. Firstly the sales douchebag went on and on about how much money I'll save with them... Total ###. Of course he made NO mention of any "early termination fee" etc. Anyway, I get my first statement and there's a page of miscellaneous fees. I've only been with them a few months but I can already see it's costing $20+ a month more than what PayPal Web Payments Pro was costing me. That's BEFORE the $124 PCI compliance scanning, or the $30/month non-compliance fee if I choose not to move my entire website to a new semi-dedicated web hosting plan in order to pass the PCI scanning. Don't expect these ### ###s to disclose any of this up front

    Long story short... HUGE HUGE mistake switching to merchant one. HUGE MISTAKE! Now I get their "termination letter" telling me that closing my account will cost me $25/per month for the remainder of the "term" or $295; whichever is greater. WTF are they talking about? What term? Since when do bank accounts have term contracts. I've got half a mind to fly to FL and bring a reign of terror down on these thieves.

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