I opened a merchant account with Group ISO back in August. I have had nothing but problems ever since. The first month or two wasn't bad. Then they just stopped depositing our funds without notice. I called to ask why, all I could get was my business was too risky. No chargeback's at this point. After they held about 500-1000 dollars they told me by phone they would continue to deposit it I signed a form allowing them to hold 10% of my earnings. I didn't want to but had no choice so I signed it.
After another month of no chargeback's I received a letter from them stating they are going to change the terms of my agreement. Put more clearly they are raising our annual fee about 150-200% and continued usage after Dec 14th means I am accepting these terms.
I did receive two chargeback's for orders in the states. They both had a partial confirmed address and I got took. They then stated to hold all funds till I gave them 4000 dollars and stated I would get them back in ten months. I think not. They collected about 3 or 4 purchases before I noticed this and I can't do anything about it. Even if I refund the cardholder the money will come out of my account not the hold they put on the transaction. So they are stealing my money and holding it for ten months even if I refund that same transaction. They are crooks!
I called and ask how to cancel my account and they sent me a form to do so. When I got the form it states that I must pay 300 just to cancel my account. Even though they changed the terms and stop depositing my money. They changed the terms and charge you to break the contract still.
If you want an honest company don't deal with these crooks. They will rob you blind and never let you know about any problems with your account till they have already pocketed your money. Poor communication and bad morals don't make a finical company very sound in my mind.
Contact me if you have had a problem too. I am taking those 300 dollars they are trying to steal from me and hiring a lawyer. I will at least make them buy a plane ticket here and hire an attorney for a lawsuit.
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