Innovative Merchant Solutions Complaint - Innovative Merchant Solutions if THE most unethical company
WOODLAND HILLS, CA , CALIFORNIA -- I have been a small business owner for over 15 years. For many years, I have used Innovative Merchant Solutions as my credit card processor, without any problems. However, beginning in August 2009, this company began withholding funds from credit card sales. For several weeks, I went from one incompetent representative to another trying to find out what was happening with my merchant account. I was told that my account was flagged for suspicious activity after we had a few charge-backs. Never mind the fact that each transaction was approved by them AND we won the disputed charges. Innovative reps informed me that they were holding funds in a "reserve" in the case of any future charge-backs. They have been holding this money for over 7 months!! And to top that, when a few of my customers cancelled their orders and requested a refund (transactions where the funds were being withheld and NOT funded), Innovative credited the customers and immediately debited my bank account. I do not know how they can justify taking money from my account when the funds from each of these sales WERE NEVER DEPOSITED into it! I have attempted numerous times to contact them to find out how much longer I have to wait to get my funds, and have been told they can hold the money for up to 270 DAYS!! When you add these headaches to the ugly fact that IMS plays dirty with hidden fees and an charges an excessive termination fee (regardless of how long you've been a customer), I strongly urge any and all businesses that accept credit cards to STAY FAR AWAY FROM THIS UNETHICAL COMPANY!