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

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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.
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One last thing I want to ask if I raise charge back then do my customer need to pay credit card bills at the end of every month ? or it will be waived off until payment is not credited to card or decision is not made ??
 
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Sachin Punia said:
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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nodal.escalation@fiserv.com
imsbusinesshead@fiserv.com

These are top email id of fiserv i could find
Nodal.officer and business head
Business head never replies
But still drop 1 last email to both together.
In 3-4 working days max they should reply final. If they say 540 days hold is final.
Than immediately file for chargeback

Agents are dumb and assholes if he is so helpful than he can also help you remove this hold, ask for his official email and send all documents to him. Ask him to get your settlement released. Record his calls and only email on his official email id. No WhatsApp.

He is just trying to scare you. Even i was told by my agent that fiserv will fine me 2-3 lakhs fees and may also file police complaint if i file chargeback.

I told him politely to F**k himself and F**k icici fiserv.

If you have 1% mdr in agreement that they'll ask for 7500+gst from you even if you take refund via chargeback.

Once card is swiped they don't leave mdr doesn't matter if you initial refund or they themselves refund or refund via chargeback.

But 1 thing is sure via chargeback your refund is 100% guaranteed .

If you need help in chargeback process feel free to write here.
 
Sachin Punia said:
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.
Click to expand...
Stay away from ICICI bank. Better go with HDFC. They have excellent customer support. They themselves provide phone numbers of every level senior officials. And they never hold your amount. If they feel anything wrong they will call you and email you for documents. But nothing like ICICI fraudsters.
 
Bhagat Singh said:
Stay away from ICICI bank. Better go with HDFC. They have excellent customer support. They themselves provide phone numbers of every level senior officials. And they never hold your amount. If they feel anything wrong they will call you and email you for documents. But nothing like ICICI fraudsters.
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My Agent have told me to wait till monday. Till monday he will try to convince his manager to process the fund based on approval if still there is no success on monday then on Tuesday he will provide me headquarters address. so he told me to visit head office on Tuesday, Main credit risk management team operates from there. so lets hope for the best.

Also I had one doubt regarding chargeback. from 7.8 lakh 3 lakh amount was from my card itself. so if raise charge back on 3 lakh amount can fiserv deny
my credit card to give fund back to card because its illegal to swipe own card on own machine ? on charge slips full name is mentioned so from there they understand that it was my card only.
 
Sachin Punia said:
My Agent have told me to wait till monday. Till monday he will try to convince his manager to process the fund based on approval if still there is no success on monday then on Tuesday he will provide me headquarters address. so he told me to visit head office on Tuesday, Main credit risk management team operates from there. so lets hope for the best.

Also I had one doubt regarding chargeback. from 7.8 lakh 3 lakh amount was from my card itself. so if raise charge back on 3 lakh amount can fiserv deny
my credit card to give fund back to card because its illegal to swipe own card on own machine ? on charge slips full name is mentioned so from there they understand that it was my card only.
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If you swiped your card 99.9% they won't process your settlement
But if you file chargeback than fiserv can't deny even if you swiped your card. Fiserv is just an intermediary. They will email you that there is chargeback against you even for your own swipes

You just have to reply them that you accept that chargeback.
Than they'll refund whole amount including mdr to your credit card bank which will take 30-45 days to make it permanent in your card.
 
Bhagat Singh said:
If you swiped your card 99.9% they won't process your settlement
But if you file chargeback than fiserv can't deny even if you swiped your card. Fiserv is just an intermediary. They will email you that there is chargeback against you even for your own swipes

You just have to reply them that you accept that chargeback.
Than they'll refund whole amount including mdr to your credit card bank which will take 30-45 days to make it permanent in your card.
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Finally I have decided to raise charge back since there is no option left. Zero support. I will personally run online campaign that ICICI Fiserv is worst machine so that no one should buy that machine.
Total 7.8 lakh amount swipped from my own card.

Any suggestion before I raise charge back ? what to mention and what not to mention ?
my cards were Axis, Onecard, Indusind, hdfc.
 
Bhagat Singh said:
Stay away from ICICI bank. Better go with HDFC. They have excellent customer support. They themselves provide phone numbers of every level senior officials. And they never hold your amount. If they feel anything wrong they will call you and email you for documents. But nothing like ICICI fraudsters.
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One card is asking for failure slip to file for charge back. I am not sure how to process for chargeback on one card. Any help any suggestions ?
 
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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bhai fiserv nai mera bhi payment hold kar diya hai
please guide me
 
Mdamit said:
chargeback file kaise karna hai
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1) if machine owner surname and and cousin surname is same then mostly they will hold your payment for 520 days.
2) wait for a while you will receive a mail for asking supporting document from machine against that transaction like bill, transaction slip, product delivery photos etc.
3) submit all documents within 48hr you will receive mail whether your payment will be on hold for 520 days or your payment will be released in 7 days. if 7 days then no issue if 520 days then go for chargeback.
4) Call your credit card customer support. Each credit card have their different ways to file charge back. which credit card do you have ?? accordingly I will let you know.
5) Once you file chargeback then in 7 to 8 working days you will receive temporary credit in card so that you dont have to pay bill until decision is made on your transaction.
6) Reason why they hold payment is because card holder surname and owner surname is same due to which they think it is fraud transaction.
 
whatever be the reason 520days is pure harassment. Should not be more than 60-90days.
 
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