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Version: QuickBooks Credit Card Processing Kit 2
"They may not release your money for almost a month"
Pros: Integration with Quickbooks
Cons: They may put a hold on your funds for almost a month
Summary: The convenience of integrating credit card transactions with the Quickbooks accounting software is attractive because it reduces the chances of error. However, all this is useless if your money will not be released. We have almost $10k in approved credit card transactions that this company is not releasing even after going through the process of opening a merchant account. When you apply, your business will undergo an underwriting process to make sure that you will not be making fraudulent transactions. A guarantor was necessary in our case to make sure someone will be ultimately responsible in case of a fraudulent transaction. Apparently this was not sufficient. We had to ask our customers to call their issuing banks and confirm the charges made on their credit cards, but Innovative will not recognize that. They will not make any effort to contact either the bank or the credit card holder to verify the charges. They will leave it up to the merchant to ask their customers to call Innovative Merchant Solutions and confirm the charge. I have been a credit card consumer for more than 2 decades, and I know that I can dispute any questionable charge that appears on my account. This was not even the case with any of our customers. They already had possession of the merchandise on the day of the transaction. Even if our customers do contest the charges, we, especially the guarantor, would ultimately be responsible, and Innovative can issue a chargeback on your merchant account. At their request, we have submitted numerous documents about our company, but they do not seem to know exactly what proof they want to see to show that the business is legitimate. They have our Federal Tax ID#, Articles of Incorporation, Business Permit, and Seller's Permit, documentation on all the charges in question and more. After having seen all these documents, they came back asking for more information. They will frustrate you asking for information on your company piecemeal.
If you are attracted to the convenience of integrated credit card processing with quickbooks, think long and hard before opening a merchant account with Innovative Solutions. It is anything but convenient.
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