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

[Shubham Yadav]

Hahahaha. Let's see. My SBI 2 still pending

Out of 4.6 How much amount did u received till now ?

 

[SpiesCan'tCatchMe]

Damn I just read the whole thread, it's frightening to see such a huge amount getting stuck for 540 days and that too for genuine transactions. I hope all your money gets back to you asap.

 

[Bhagat Singh]

Out of 4.6 How much amount did u received till now ?

290k refunded. Rest is still stuck and can't track. Also they'll asking for several charges and threatening to file legal case and report to cibil. Once whole amount is refunded will start negotiating with them

 

[mohansekar]

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

 

[mohansekar]

Got all refunds 3 months it took to get back

 

[sekar30]

So, Finally did you get back the whole amount 4.6 lakhs to your account?

 

[Hardik672]

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.

How you get your 1 lakh refund?

 

[mohansekar]

So, Finally did you get back the whole amount 4.6 lakhs to your account?

Yes he got all refunds

 

[pothi]

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?

 

[Hardik672]

Got all refunds 3 months it took to get back

Can you please tell how will you got your money back? My 1.25 L stuck on fiserv.

 

[mohansekar]

Can you please tell how will you got your money back? My 1.25 L stuck on fiserv.

Ask customer to raise dispute

 

[Rajimangalsanam]

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

 

[Rajimangalsanam]

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 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.

 

[sxchzy]

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.

Ask your customers to raise a chargeback with your bank

 

[mohansekar]

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.

If you have guine transaction share that with them in mail they unblock it but it will take weeks

 

[mohansekar]

If you have guine transaction share that with them in mail they unblock it but it will take weeks

Else ask customer to raise chargeback it will take 90-120 days

 

[Sachin Punia]

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??

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.

 

[Sachin Punia]

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 ?

 

[Bhagat Singh]

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 ?

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.

 

[Sachin Punia]

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.

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.