PhoneIsCash claims on its website "We have the highest payout in the industry and We pay more MONEY than anyone else, GUARANTEED!" They also claim that they will pay you 30 days after they receive your phones. Both of these claims are fraud. Here is what happed to me:
On 11-20-08 I went to www.phoneiscash.com and received a quote from PhoneIsCash (Micromedia Corp) to buy back (39) Sprint Sanyo Pro 700 mobile phones that were only used for 2 weeks, were still in the box and in excellent condition (Order Number A-134378). I received a quote of $50.00 per phone for a total buy back amount of $1,950.00. According to the terms on the web, I would ship the phones at my own expense to PhoneIsCash and they would pay me 30 days after receiving my phones and verifying that they met certain conditions. The quote was contingent on meeting the requirements listed on the EUA (end user agreement) on-line at www.phoneiscash.com.
The requirements included the physical condition of the phone and having a clear ESN number (no longer attached to an account). I am a former employee of Sprint and had a Sprint colleague verify that all 39 phones had clear ESN numbers. I also photographed the condition each phone and kept a list of the ESN numbers for each phone. I have hard copy documentation of all of my communication with PhoneIsCash regarding this transaction.
I shipped the phones via UPS which were received by PhoneIsCash on 12-1-08. After many delays, emails that were not responded to and finally a hard copy letter to PhoneIsCash, I received an email stating that my check would be processed and mailed by 2-28-09. This is about 90 days from receipt of my phones and not 30 days as advertised, promised in the EUA. When I checked the record on the website, PhoneIsCash rejected 25 out of the 39 phones for not having a clear ESN and they were only going to pay me $700.00. I had my contact at Sprint run a new report on the 39 ESN numbers and they were all clear except one which was activated on 1-20-09 on a new account (PhoneIsCash obviously resold this phone).
After many emails and complaints filed with the NY Attorney General, the BBB, the FTC, the US Dept of Justice Internet Crime Complaint Center (ICCC) and other consumer advocacy groups, PhoneIsCash sent me an email stating that they would pay the entire amount on 3-28-09. That is 120 days after receiving my phones not 30 days and honestly I am not confident that I will be paid without suing them.
It has been such a nightmare dealing with this company because they only communicate via email and there responses (if you get one) are often vague and misleading. It seems as if their replies are designed to delay action and confuse the consumer.
I believe that PhoneIsCash systematically and fraudulently rejects phones that meet their EUA in order to pay less than the agreed to price and they make no attemp to pay within 30 days.
There are numerous complaints that can be found by searching PhoneIsCash on-line (including several on usacomplaints.com) and the NY AG has many complaints too. Based on BBB files, this business has an unsatisfactory record with the Bureau, because there is a pattern of complaints, and the business has not corrected the underlying reason for the complaints.
I would not do business with PhoneIsCash.
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