We are small company just open up 10 months. We were in the process of setting up debit and credit card service for our company. We got approached by this company IMS, which offered us all kinds of deals to use them instead of the company we had previous started with, including a free $50 gas card for opening up an account.
We opened the account with IMS, but shortly into the contract we were told they would have to withhold 10% up to $5,000 of our transaction for six months, we interpreted this to mean on every transaction they would pay us 90% of the sale and hold back 10%.
This is not what happened, instead they held back all of the transactions until they reached $5,000 dollars.
As a small company we could not afford to have this money withheld, so we canceled our account with IMS.
They charges us $250 for canceling the account contract plus another $250 for canceling the lease contract of the machine, which we have since paid. However, IMS are still holding our money even though our last transaction was Dec 7th and we did not receive the free $50 gas card.
We have since opened with another credit card company, no contract lease, no machine lease and we now receive our debit and credit card transactions within 5 days and the service fees are cheaper.
Be careful of what this company IMS says, as they do not give you an honest picture of what you're signing up for and if you check on the Internet you will find cheaper and better deals.
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