The other reports you read on usacomplaints.com regarding Innovative Merchant Solutions are definitely true in my case. I was one of their first customers and started an account with them back in 1999.
Everything went well for about a year, then something changed and IMS began withholding my funds.innovative would hold an entire batch (a whole days worth of charges) stating they had a concern about ONE transaction in that batch, therefore requiring an investigation.
IMS would then hold several batches at a time which amounted to thousands of dollars while telling me they could hold my money for 9 months. It created a financial hardship (financial damages) for my company because I was not able to pay vendors or employees.
Can you imagine the amount of money Innovative Merchant Solutions must be holding from customers/small businesses just like you and me in their bank (yes, they do own their own bank called Innovative Bank in Oakland, CA). Imagine the interest they must be making on all this money? Could this be incentive for a company to HOLD FUNDS for such an extreme amount of time with little explanation as well as little regard for customer service? Also, watch out for those $300 to $400 cancellation fees if you want to close your account with them.
I'm not going to go into detail about it at this time. However, since I switched to a different credit card processor I have not had ANY problems.in fact, one of my overseas customers, which Innovative held entire batches due to that particular charge, has NEVER been held with my new processing company. The charges are processed and deposited in my bank account promptly.
Innovative now has the nerve to place a collection on my credit report for over $800. IMS also hired an outside collection agency which has placed the same collection twice on my credit report which is illegal. Currently my credit is ruined with three $800 collection entries.
I would urge everyone that has a similar problem with Innovative Merchant Solutions, to consider reporting them to the California Attorney General, the FTC, and to the Visa and MasterCard Corporations. The BBB of California only gives this company a CC rating which appears to be below average according to their ratings. What is happening seems to be fraudulent.
I filed a report with the Better Business Bureau regarding their practices and the collection they have placed on my credit report. If their collection is not removed from my credit report, I will be filing a much more detailed account of what IMS has done to me here on the complaint. I have considered setting up a website to expose this company. On my website I plan to take the names and stories of all people that have been wronged by this company and put together a class action lawsuit.
Brian
Austin, Texas
U.S.A.
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