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

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Bhagat Singh said:
Directly from ICICI bank. Went to branch aske them for machine
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OHH! This is horrible and shocking. I too have business relationship with ICICI and recently got POS machine (Pinelab) from them.

I faced similar issue 3-4 years ago when we had PayTM swipe machine and below 2k all transactions were free including CC. I withdraw some amount (approx 20k) from my personal CC 2k X 10 transactions and immediately they flagged it and got call from person who issued the machine. He told me not to do the this type of transactions as there is preset limit for that. But the transaction was settled on next day without any issue.
 
tryabp said:
OHH! This is horrible and shocking. I too have business relationship with ICICI and recently got POS machine (Pinelab) from them.

I faced similar issue 3-4 years ago when we had PayTM swipe machine and below 2k all transactions were free including CC. I withdraw some amount (approx 20k) from my personal CC 2k X 10 transactions and immediately they flagged it and got call from person who issued the machine. He told me not to do the this type of transactions as there is preset limit for that. But the transaction was settled on next day without any issue.
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Same here bro. Took Machine of pinelabs from ICICI. They hold your amount for 540 days as soon as you swipe above 20k in a single day. 99% chances if you took Machine as individual
 
Bhagat Singh said:
Same here bro. Took Machine of pinelabs from ICICI. They hold your amount for 540 days as soon as you swipe above 20k in a single day. 99% chances if you took Machine as individual
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Ohh! I understand. We got the machine for Free and monthly charges are waived off for min. 25k use (including UPI) hence i took the machine. Its not individual account hence i dont do personal CC swipe, i use BharatNXT to directly pay to vendor if i need to pay from CC.
 
tryabp said:
Ohh! I understand. We got the machine for Free and monthly charges are waived off for min. 25k use (including UPI) hence i took the machine. Its not individual account hence i dont do personal CC swipe, i use BharatNXT to directly pay to vendor if i need to pay from CC.
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They hold payment even if you don't swipe personal cc. Also please confirm with bank if monthly rent is waived on 25k monthly or 2 lakhs monthly. And if upi is included or not.

As i was told need 2 lakhs monthly swipe of CC or Debit card for rental wavier. No installation fee or security deposit. Just 1800rs surrender charges if returned within 1 year. But once machine was installed everything changed 😀
 
Bhagat Singh said:
They hold payment even if you don't swipe personal cc. Also please confirm with bank if monthly rent is waived on 25k monthly or 2 lakhs monthly. And if upi is included or not.

As i was told need 2 lakhs monthly swipe of CC or Debit card for rental wavier. No installation fee or security deposit. Just 1800rs surrender charges if returned within 1 year. But once machine was installed everything changed 😀
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Yes, its for normal account. I have opened Super Merchant Account (Advantage Plus) in that Eazypay Platinum POS (PineLab) have zero rental and non utilisation charges as given on https://www.icicibank.com/business-banking/cash-management-services/eazypay-schedule-of-charges this page.

This is our first month, so i can confirm this only after using one month that charges are deducted from my account or not.

Also i tried to get LTF POS for our old SBA Platinum account (5L variant) but request rejected saying POS LTF is not possible.
 
For one sbi card 30 days over still refund not credited and for one card got mail for pre-arb intimation will wait till this month end and raise complaint with RBI to solve this issues
 
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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Hi frnd same as you I'm also in trouble they hold my 240000...plz text or call me 9975339965
 
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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I've said it
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??
Click to expand...
I have said it before and saying it again. ICICI IS THE WORST BANK OF INDIA
 
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