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

[mohansekar]

So brother. I complained to RBI but icici still denying to release payment. Nor they're taking there POS machine back. They're asking 5000+ GST while i was told it's 1500+ gst if returned in first 6 months. Waiting for RBI final decision. Will appeal if resolution not provided. As no terms and conditions were shared beforehand. Also agent who gave pos machine switched off his phone for 5 days now he blocked my primary number and declining calls from my secondary no. I also found out that he also registered my bussiness in wrong category. I have internet caffè so my category should be finance or utility as i make bill payment for other people, also open bank accounts , provide cash withdrawal wil aeps or debit card. But he registered by shop as grocery/departmental store. ICICI customer care and email support is pathetic. Seems they hired illiterate people for 5k per month salary. They just keep reading scripts like robot . Fiserv is rude and doesn't help at all. They also stopped replying on emails. Branch is saying talk to agent who gave machine. Bank customer care is asking to contact fiserv.

I am going to raise despite from card holder saying money is hold by icici raise despite and get it , my amount is 1.7l

 

[Bhagat Singh]

I am going to raise despite from card holder saying money is hold by icici raise despite and get it , my amount is 1.7l

Bhai tumhara bhi 1.7 lakhs hold kr diya kya 540 days k liye

 

[Bhagat Singh]

I am going to raise despite from card holder saying money is hold by icici raise despite and get it , my amount is 1.7l

Aaj baat hui agent se , machine surrender krwa di 1800 leke. Bol rha hai paisa nhi milega 18 months se phle . Agr case karna hai toh krdo. But ek bande ne case kiya tha toh usko hi fasaa diya. Tum bu krlo🤣🤣🤣🤣🤣.
BC pagal smajah rhe hai pyaar se thmki de rhe hai.

 

[mohansekar]

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??

Any update ji

 

[Deathsnatcher]

I have even asked them to refund all transactions to cardholders. If they have problem settling it. Even raised refund request from icici ims application but all requests closed without any refunds or remarks.

apply for dispute txn from the card from where the txn has happened...and upon enquiry you deny giving the item to customer for such amount
when in dispute the icici bank will pay back that amount to the card to solve issues
and then you can claim the reason to refuse because of funds frozen

 

[Rkr]

Aaj baat hui agent se , machine surrender krwa di 1800 leke. Bol rha hai paisa nhi milega 18 months se phle . Agr case karna hai toh krdo. But ek bande ne case kiya tha toh usko hi fasaa diya. Tum bu krlo🤣🤣🤣🤣🤣.
BC pagal smajah rhe hai pyaar se thmki de rhe hai.

Bhagat Singh Ji, They have held the amount on the the account of chargeback claim period i.e 540 days .As they detected suspicious activity on POS terminal.
You will have only option left is prove all transactions as genuine and also you have to prove that the same volume transactions you are regularly recieving through other means before getting this POS machine.
Even RBI will not help if you failed to prove the things.

 

[amitr29]

Whose credit card did you use to swipe? Your own?

 

[Bhagat Singh]

Any update ji

Bhagat Singh Ji, They have held the amount on the the account of chargeback claim period i.e 540 days .As they detected suspicious activity on POS terminal.
You will have only option left is prove all transactions as genuine and also you have to prove that the same volume transactions you are regularly recieving through other means before getting this POS machine.
Even RBI will not help if you failed to prove the things.

Fiserv is worst company. Pinelabs and hdfc are much better. They give you address, email and phone number of senior managers if any problems arise.
.
Whereas fiserv and icici bank has stopped replying my emails.
fraudhelpdesk@fiserv.com , imsbusinesshead@fiserv.com doesn't reply
merchantcare@fiserv.com , nodal.escalation@fiserv.com just creats a ticket automatically and ticket is closed next day automatically saying issue resolved.

I have finally asked cardholders to file chargeback against me.

Most chargebacks are still in verification phase once i receive them will get to know further updates.

Chargeback for 2 transaction is processed and i accepted it. They said they're reversing transaction but it's been 10 days still customer hasn't got any refund..

There is penalty for chargebacks. Their schedule of charges say it's 600rs per transaction. But nothing is confirmed as nothing is fixed , they do not reveal correct charges for anything. Charges are different for every merchant

 

[Bhagat Singh]

T

Fiserv is worst company. Pinelabs and hdfc are much better. They give you address, email and phone number of senior managers if any problems arise.
.
Whereas fiserv and icici bank has stopped replying my emails.
fraudhelpdesk@fiserv.com , imsbusinesshead@fiserv.com doesn't reply
merchantcare@fiserv.com , nodal.escalation@fiserv.com just creats a ticket automatically and ticket is closed next day automatically saying issue resolved.

I have finally asked cardholders to file chargeback against me.

Most chargebacks are still in verification phase once i receive them will get to know further updates.

Chargeback for 2 transaction is processed and i accepted it. They said they're reversing transaction but it's been 10 days still customer hasn't got any refund..

There is penalty for chargebacks. Their schedule of charges say it's 600rs per transaction. But nothing is confirmed as nothing is fixed , they do not reveal correct charges for anything. Charges are different for every merchant

They are also not taking their machine back. I asked to place surrender request 20 days ago. They say request is placed. They installed machine within 24 hours but when it's time to take it back they're not willing to.

There are non usage charges of 15000 + gst which nobody told. While machine cost 10000+gst😂😂

Also agent is threatening that if i file chargebacks they'll put charges against me. They'll also take legal action. Agent is simply trying to intimidate me so that i leave my money with them for 540 days. But i filed chargeback anyway.

 

[Bhagat Singh]

W

I am going to raise despite from card holder saying money is hold by icici raise despite and get it , my amount is 1.7l

apply for dispute txn from the card from where the txn has happened...and upon enquiry you deny giving the item to customer for such amount
when in dispute the icici bank will pay back that amount to the card to solve issues
and then you can claim the reason to refuse because of funds frozen

When accepting chargeback please mention clearly that amout is on hold , as mentioned by deathsnatcher above. If you accept chargeback without telling that funds are frozen they'll debit funds from your account. If you don't have funds than account will go in negative and you'll be charged interest.

 

[Deathsnatcher]

W


When accepting chargeback please mention clearly that amout is on hold , as mentioned by deathsnatcher above. If you accept chargeback without telling that funds are frozen they'll debit funds from your account. If you don't have funds than account will go in negative and you'll be charged interest.

when the account is frozen you cant deduct funds and cant make it negative
thats how the issues arise instead if the account is functioning the disputed txn by costumer will raise red flags and will froze the account untill an enquiry is done.
so in your case the account is already on hold and froze which itself will place an enquiry and they have to refund the txn to customer.

 

[Bhagat Singh]

when the account is frozen you cant deduct funds and cant make it negative
thats how the issues arise instead if the account is functioning the disputed txn by costumer will raise red flags and will froze the account untill an enquiry is done.
so in your case the account is already on hold and froze which itself will place an enquiry and they have to refund the txn to customer.

Account is not frozen brother. Amount is on hold for 540 days. After settling batch from POS machine. They did not credit the amount in my account next day . Instead they kept it with them. When i asked to credit my 4.6 lakhs in my account. They said we will keep it for 540 days than give you after deducting any charges , taxes or penalties.

 

[Oppenheimer]

Hie, same thing happened with me, I swiped my own credit card became the sales person who sold me the POS told me I can do that. I’m also using the machine from 20 days now, and they have put my settlement on hold. I did send them my shop images and everything and I told them even if I buy something from my restaurant I pay at my restaurant. The amount is 60000. What can be done ?

 

[Bhagat Singh]

Hie, same thing happened with me, I swiped my own credit card became the sales person who sold me the POS told me I can do that. I’m also using the machine from 20 days now, and they have put my settlement on hold. I did send them my shop images and everything and I told them even if I buy something from my restaurant I pay at my restaurant. The amount is 60000. What can be done ?

You're tricked bro. ICICI is worst bank. Sales agent fool. As with me he registered my services business as grocery store. Threatening me instead of helping out. Where as no such policy of 540 days hold exist with payment processors such as hdfc or pinelabs.
Icici merchant services department is worst.

 

[techno123]

I faced similar issues @Bhagat Singh @Oppenheimer i swipe my own card on icici finserv machine then on next day they put amount on hold then i sent many mails but no one responded,even i had mailed requesting manager to mail but still nothing happened. Then after many requests they reduced my hold days to 5 months. In between i raised chargeback from my card then refund came to my account but after deducting my current account not from hold amount. No solution brother even from chargeback request you will only get your money after said time and even when time gets over they refund by deducting mdr charges.

 

[Bhagat Singh]

Hie, same thing happened with me, I swiped my own credit card became the sales person who sold me the POS told me I can do that. I’m also using the machine from 20 days now, and they have put my settlement on hold. I did send them my shop images and everything and I told them even if I buy something from my restaurant I pay at my restaurant. The amount is 60000. What can be done ?

Mail them every 2nd day at fraudhelpdesk@fiserv.com. if they do not release your payment. Than simply file chargeback with your bank whose credit card you swiped. While filing chargeback do not say that your swiped at your own business. Simply say that you swiped at merchant and merchant is not able to provide goods as agreed. He is also denying to refund the amount. Within 10 -14 days you'll get mail from fiserv that chargeback has been filed against you. Simply say that your payment is held by fiserv , attach email you received from fraudhelpdesk@fiserv.com. and say that you accept this chargeback and refund the transaction to cardholder.

 

[Bhagat Singh]

I faced similar issues @Bhagat Singh @Oppenheimer i swipe my own card on icici finserv machine then on next day they put amount on hold then i sent many mails but no one responded,even i had mailed requesting manager to mail but still nothing happened. Then after many requests they reduced my hold days to 5 months. In between i raised chargeback from my card then refund came to my account but after deducting my current account not from hold amount. No solution brother even from chargeback request you will only get your money after said time and even when time gets over they refund by deducting mdr charges.

They're not reducing chargeback period or anything brother. Nobody is replying. I did not sign any agreement saying they can hold my money for 540 days. Nor did they verify my business. Not my fault if their agent registered my services business as grocery store. All other merchant allow except fiserv. Merchant can buy From it's own business

 

[Bhagat Singh]

I faced similar issues @Bhagat Singh @Oppenheimer i swipe my own card on icici finserv machine then on next day they put amount on hold then i sent many mails but no one responded,even i had mailed requesting manager to mail but still nothing happened. Then after many requests they reduced my hold days to 5 months. In between i raised chargeback from my card then refund came to my account but after deducting my current account not from hold amount. No solution brother even from chargeback request you will only get your money after said time and even when time gets over they refund by deducting mdr charges.

Also 🖕 for icici fiserv. Out of 4.6 lakhs they already refunded 1 lakhs and it was deducted from hold amount not my current account.
I have club Elite account if they try to mess with my account. I'll simply close it.

 

[Bhagat Singh]

Hie, same thing happened with me, I swiped my own credit card became the sales person who sold me the POS told me I can do that. I’m also using the machine from 20 days now, and they have put my settlement on hold. I did send them my shop images and everything and I told them even if I buy something from my restaurant I pay at my restaurant. The amount is 60000. What can be done ?

I would also suggest you return the machine. They also have non usage charges of 15000+ gst if no payment accepted for 45 days. Rent of 700+ gst for Android machine if volume less than 2 lakhs.
For me it's trouble even to return machine. Agent is not initating return while customer care says return charges are 5000+ gst to 10000+gst.

 

[Bhagat Singh]

I faced similar issues @Bhagat Singh @Oppenheimer i swipe my own card on icici finserv machine then on next day they put amount on hold then i sent many mails but no one responded,even i had mailed requesting manager to mail but still nothing happened. Then after many requests they reduced my hold days to 5 months. In between i raised chargeback from my card then refund came to my account but after deducting my current account not from hold amount. No solution brother even from chargeback request you will only get your money after said time and even when time gets over they refund by deducting mdr charges.

Can you please confirm a few things. When they deducted amout from your current account. You had that much balance or not. If not than they must have made your account balance negative
Did you pay that amount if not than Did they charge interest on that negative balance.
Were you charged any chargeback fees. As in their soc it says 600rs per transaction for chargeback.