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

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Unwanted vas are activated and asking money , not refunding the money and no reply from customer care for mails, one more payment pending I am not going to return machine once it's done
 
To those who don’t want to read the entire thread…

  1. Don’t trust the sales agent or the bank.
  2. Read the terms and conditions.
  3. Get clarified about all kinds of charges. Probably in writing.
  4. Do not use the POS for personal transactions. Even for Rs.1.
  5. Increase your POS usage slowly, in terms of number of transactions and the total value of transactions.
  6. When you get into trouble (even on genuine transactions), ask your customers to file a chargeback to get the money back. It takes time. In the end, you will get the money (minus various charges).
Did I miss anything?
 
Hello Bhagat Singh,
I facing this same similar issue now with fiserv. Got customers payment worth 4L through their Fiserv POS machine but not settled to my bank account. Now the amount has been holding by Fraud Help Desk of Fiserv.

I've also even provided necessary documents of our delivered goods and services to customers. Did the full amount credited back to you? Guide me
 
Pothi said:
To those who don’t want to read the entire thread…

  1. Don’t trust the sales agent or the bank.
  2. Read the terms and conditions.
  3. Get clarified about all kinds of charges. Probably in writing.
  4. Do not use the POS for personal transactions. Even for Rs.1.
  5. Increase your POS usage slowly, in terms of number of transactions and the total value of transactions.
  6. When you get into trouble (even on genuine transactions), ask your customers to file a chargeback to get the money back. It takes time. In the end, you will get the money (minus various charges).
Did I miss anything?
Click to expand...
Hello Pothi,
It looks you have vast knowledge about this issue. my 4L amount not yet settled by Fiserv. They even not properly reply to my emails. tickets closing automatically. Customer care number keep saying please wait for more then hour. I don't know where to complaint them.
 
Rajimangalsanam said:
Hello Pothi,
It looks you have vast knowledge about this issue. my 4L amount not yet settled by Fiserv. They even not properly reply to my emails. tickets closing automatically. Customer care number keep saying please wait for more then hour. I don't know where to complaint them.
Click to expand...
If you have guine transaction share that with them in mail they unblock it but it will take weeks
 
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...
Sir did amount got released till now as of 7th march 2024. If yes then how ? if no then whats the status. same issue I am facing my amount got stuck for 540 days.
 
Same issue with me on ICICI Fiserv I swiped 7.5 lakhs I sold construction items to retailers. my average billing is 8 to 9 lakhs. They asked for documents I provided everything but at the end I am receiving this kind of reply that my payment will be at hold for 540 days. Please guide me what should I do to take my money or should I ask my customer to raise request for charge back ? or should I wait ? Please guide if anyone can ? when I call customer care all they say is wait for the call you will receive from company. They don't have any right to hold our payment once we provide proof and credit card holder clarification. Please guide me what should I do ?


Screenshot 2024-03-07 at 1.09.19 PM.png
 
Sachin Punia said:
Same issue with me on ICICI Fiserv I swiped 7.5 lakhs I sold construction items to retailers. my average billing is 8 to 9 lakhs. They asked for documents I provided everything but at the end I am receiving this kind of reply that my payment will be at hold for 540 days. Please guide me what should I do to take my money or should I ask my customer to raise request for charge back ? or should I wait ? Please guide if anyone can ? when I call customer care all they say is wait for the call you will receive from company. They don't have any right to hold our payment once we provide proof and credit card holder clarification. Please guide me what should I do ?


View attachment 45142
Click to expand...
Do you have GST no.?? Is pos machine in your individual name ??

Talk to customer care e-mails are useless if they end up at 540 days hold than ask customer to raise chargeback.
Customer will get immediate temporary credit limit in their respective credit card. Final card limit will take 2 months in most private banks and or 4 months for PSU banks.

They will still charge you MDR of 7.5 lakhs. That'll be according to your agreement. Either they'll debit it from your current account if you have fiserv machine . If you have pinelabs machine you'll have deposit it in their account.

Although i haven't given them 11k mdr yet they kept asking till December but gave up. But it still shows in their system against my mid.

My money was stuck on june. I raised chargebacks in july and till end of October i received all refunds.
 
Bhagat Singh said:
Do you have GST no.?? Is pos machine in your individual name ??

Talk to customer care e-mails are useless if they end up at 540 days hold than ask customer to raise chargeback.
Customer will get immediate temporary credit limit in their respective credit card. Final card limit will take 2 months in most private banks and or 4 months for PSU banks.

They will still charge you MDR of 7.5 lakhs. That'll be according to your agreement. Either they'll debit it from your current account if you have fiserv machine . If you have pinelabs machine you'll have deposit it in their account.

Although i haven't given them 11k mdr yet they kept asking till December but gave up. But it still shows in their system against my mid.

My money was stuck on june. I raised chargebacks in july and till end of October i received all refunds.
Click to expand...
yes I have GST no. my company is PVT LTD so all documents are clear.
Earlier I had Paytm swipe machine 5 lakhs to 8 lakh is used to accept payment and it easily use to get credit to my bank account nextday I never faced issue regarding hold.

I swipe 7.8 lakh from 5 different cards on 4th March 2024.
On 5th march 2024 I submitted my documents for clarification that amount is not fraud.
On 6th march 2024 midnight 11 PM I received mail that my amount will be on hold for 540 days.

So should I wait for few days to get response from Fiserv ICICI or should I directly file charge back without wasting time ?
My MDR charges is 1% so I can pay MDR charges if they give me my money. if not then I won't.

To the best of your knowledge and experience should I wait for response or should I go for charge back ?
@Bhagat Singh Thankyou for your quick response. I really appriciate it.

my agent told me not to file for charge back because huge amount will be debited as a chargeback fees from visa master bank pos machine XYZ....
So how much charges is actual as per your experience.

Please suggest.
 
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