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fiserv icici merchant services won't settle my 4.6 lakhs transaction.

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Demo009 said:
What kind of suspicious? Can you explain becoz I still don't understand why bank frozen his money, I just opened ICICI merchant account
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It simple if you have given information about your business with proper documents then go ahead with lakhs of swipe left n right. I don't remember about his situation but i might 🤔 wanted don't go overboard and do heavy trnx so early. It all about why you gey a pos machine to swipe your own card for personal gain or it business purpose.
 
vaibhav111 said:
It simple if you have given information about your business with proper documents then go ahead with lakhs of swipe left n right. I don't remember about his situation but i might 🤔 wanted don't go overboard and do heavy trnx so early. It all about why you gey a pos machine to swipe your own card for personal gain or it business purpose.
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It's just with fiserv. For eg HDFC never holds any amount. If merchant does any suspicious activity they simply terminate that merchant account
 
vaibhav111 said:
It simple if you have given information about your business with proper documents then go ahead with lakhs of swipe left n right. I don't remember about his situation but i might 🤔 wanted don't go overboard and do heavy trnx so early. It all about why you gey a pos machine to swipe your own card for personal gain or it business purpose.
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Also even if anyone swipes there own card. They can send a warning or impose penalty accordingly to agreement but they have no right to hold that amount for 540 days.
Fiserv holds amount even if own card is not swiped.

And they hold amount of old merchants too.
 
Same case also happen with me, 35000 hold from 12th may 2024. there are no resolution provided by icici fiserv till date
 
Bhagat Singh said:
i took ICICI POS machine on 3rd june 2023. accepted payment of 4.6 lakhs on 7th june. instead of settling my money they put entire amount on hold for 540 days. customer service is arguing and not helping at all. i have provided all documents and everything but still no resolution. they says their final decision is 540 days hold and may hold for indefinite time after 540 days.
i asked to take their machine back and refund those payments back to customers cards. but they denied that too.

what can be done against fiserv???
icici merchant services is denying any help. they simply say contact fiserv.

no such terms or conditions or schedule of charges was disclosed was explained before hand.
machine was installed by taking a simple OTP.

should i ask customers to file chargeback against me?? so they can get their refunds as bank isn't my bank settling the payment to my account.

i have already lodged a complaint to RBI ombudsman.

can anyone guide me how and where can i file case in consumer court??
can i file it myself or should i consult a lawyer??
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Is your REFUND or not same my condition
 
Cardholder whose card was swiped will call their banks and dispute the transaction. Bank will ask to fill a dispute form and email them. Within 45 to 120 days your money will be refunded. You also don't need to pay credit card bill for those transactions as bank will provide temporary credit
 
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