Entrepreneurship & Small Business

MONEX GROUP Customer Service = nonexistant

  • Last Updated:
  • Sep 11th, 2016 3:27 pm
Tags:
Member
Apr 6, 2010
463 posts
49 upvotes
Toronto
openeye wrote:
Sep 26th, 2011 10:41 pm
Hi Christian,
I better thank you in advance for the good work you do here !

and if I want to receive my replacement terminal within 2 days, I have to pay $ 250 +tax,.
They left me with only one other ‘option’, to send my terminal in for repair !? - with a 3 weeks lead time !

So if you haven’t signed up for an extended warrenty (more than 30% of the lease) they can charge you $ 250.- whenever you unplug your terminal and it asks for an ‘initilisation’. - Sabotaging my business with their own software !

But now I am ready for a class action lawsuit !
Who will help ?

Hi openeye,
Thank you for your kind words, and I am sorry to hear about the problems you have.

Regarding your contract: Monex places a "automatic renewal" clause in it, you have to give them some 6 months notice if you want to cancel, and I met several merchants that had money taken from their accounts once they gave notice, so be careful. There is not such thing as automatic renewal, at least in Ontario.

Warranty: most providers will offer some sort of warranty, but you have to be aware of what you get. One of the companies I deal with has a $199 no questions asked replacement policy (24 hours) for as long as you stay with them (so in theory, 15 years from now you get a new terminal for $200 - not a bad deal). However, some providers will wave the fee sometimes - in the last 4 years I had 2 defective terminals (and one of them was a merchant mistake - his phone line splitter was defective), and for both of them the provider waved the fees, including the shipping cost. Please note that this is a very limited experience.
If it's a matter of software, most providers will fix it over the phone/net free of charge.

Class action suit: I heard several people talk about it, never actually heard anything about one that started, and I am not sure if there are any grounds for it - but you are free to try.

Good luck,
Cristian.
Newbie
Oct 5, 2011
2 posts
HIGH RIVER
Stay as far away from Monex for your processing as possible. They tell you nothing up front. They just whacked $500.00 out of my account because I hadn't used it for three months. They called it an account cancellation fee, although I hadn't cancelled the account. They won't put it back in for at least 6 months. I told them to stuff it you know where. This company need to be investigated. Just wish I knew who to send my complaints too. Now my account is cancelled and they have an extra $500.00.
Newbie
Jan 24, 2011
29 posts
10 upvotes
gasboy wrote:
Oct 6th, 2011 6:11 pm
Stay as far away from Monex for your processing as possible. They tell you nothing up front. They just whacked $500.00 out of my account because I hadn't used it for three months. They called it an account cancellation fee, although I hadn't cancelled the account. They won't put it back in for at least 6 months. I told them to stuff it you know where. This company need to be investigated. Just wish I knew who to send my complaints too. Now my account is cancelled and they have an extra $500.00.

Gasbuy, please check your inbox.
Newbie
Mar 31, 2010
30 posts
11 upvotes
Pickering
Hi Gasboy,

I saw your post and I felt it was important to respond to you. At this point you must be very careful with your accounts especially if Monex thinks that you are in the process of cancelling your service with them. Their contracts are designed to keep you trapped for YEARS. Please know that it is rare (I personally don't know of any cases) where a merchant processing with Monex got off as easy as a $500.00 cancellation fee. Perhaps they are dinging you for an "idle" account...but ,in my experience, that is not their normal cancellation fee. Most of the merchants I've worked with have been threatened with between $5,000.00 to $7,000.00...for early termination of services...(yup, that's thousands).

Monex's merchant service contract is entirely different from the equipment lease contract and is also separate from your credit processing deal through them. In Canada you must be a bank in order to be able to process credit. Monex is not able to process credit, only debit, so they must farm the credit card processing from their machines out to a real bank credit acquirer...usually Chase Paymentech (Scotiabank credit acquirer), although they have had other bank processors in the past. That means another potential termination fee depending on the terms of your 'card acceptance' agreement with the bank.

Hope this info helps

Kimberley
Newbie
Oct 5, 2011
2 posts
HIGH RIVER
I wasn't even trying to cancel my service. They just suddenly hit my account for $500.00 for what was called an inactive fee. The guy from their legal department said it was a fee to cancel the service. I am not sure how anyone with any integrity could work for that company. Moneris was processing my credit card transactions and they have put a 6 month hold on my account. However, they also suggested there would be a fee to cancel my service.
Newbie
Feb 28, 2011
47 posts
4 upvotes
I recently switched to Moneris and couldn't be happier. Outstanding company offering outstanding rates, great equipment, and awesome service. I can't praise them enough, let me know if you're looking to switch, I'll send you to the right sales guy.
Newbie
Oct 27, 2011
1 posts
PICKERING
Hi I received a phone call 2 days ago, she told me I have to pay Monex $2300.00 for account cancellation fee. And she said if i don't pay by next Monday. They will ***k
my personal credit. She said she will lower the lump some payment to $1800.00 if i co operate & pay by Monday. Needs input please
Raymond
Newbie
Jan 24, 2011
29 posts
10 upvotes
raymondh23a wrote:
Oct 28th, 2011 12:01 pm
Hi I received a phone call 2 days ago, she told me I have to pay Monex $2300.00 for account cancellation fee. And she said if i don't pay by next Monday. They will ***k
my personal credit. She said she will lower the lump some payment to $1800.00 if i co operate & pay by Monday. Needs input please
Raymond


Raymond, do not pay them. What you should do is send them a letter disputing the fee - the collections act gives you the right to protect your credit score if you send them a letter asking them to take the matter to court. let them sue you, and if you truly don't owe them anything than they won't be able to get anything out of you.

chances are they won't sue you, and if they do i doubt they will win.
Newbie
Nov 2, 2011
1 posts
WOODBRIDGE
These guys are something else. I've had a Monex terminal in my business for almost 5 years and paying a ridiculous rate. Been trying to get them to lower the rate without any luck. When I asked for a copy of the contract I found that it states a 90 month term with a $5,000 cancellation fee! What's interesting is that the contract is signed by an employee, who is not authorized to sign on the company's behalf - looking for legal advise. Told them I am not ready to proceed with cancellation yet.
Member
Apr 6, 2010
463 posts
49 upvotes
Toronto
oneguy wrote:
Nov 4th, 2011 1:47 am
These guys are something else. I've had a Monex terminal in my business for almost 5 years and paying a ridiculous rate. Been trying to get them to lower the rate without any luck. When I asked for a copy of the contract I found that it states a 90 month term with a $5,000 cancellation fee! What's interesting is that the contract is signed by an employee, who is not authorized to sign on the company's behalf - looking for legal advise. Told them I am not ready to proceed with cancellation yet.

Hi oneguy,

From what you wrote I don't think you have a valid reason to cancel, the part with some employee signing for the contract would have worked in the first week or so, but after 5 years the question "why did you accept the terminal" will definitely pop-up.
For lowering the rates, providers are not under any obligation to do that, a contract is a contract and you have to abide by it.

Pay attention to your statements, if your rates INCREASE you have the right to cancel. (or if they charge you anything that is not in the contract).

There are several other things you have to think about - for example is your terminal able to read the chip cards? and if not - how much will the update cost?
If you want, send me a private note and we can talk more about it.
Cristian.
Newbie
Nov 5, 2011
1 posts
ETOBICOKE
Hi, Guys i am looking for monex and first data victims i think we should get together and file a class action against them please if anyone is interested from Toronto GTA area please email me because i think we should teach them lesson , raza


JimDaya wrote:
Jan 15th, 2009 7:09 pm
I have read all the complaints about the monex scam.
We all have issues with this company.
I think we should all get together and file a class action.
First thing to do is to get all the facts together, make a file and write down all the issues you had/have. Second is to file a complaint to the better business bereau and then maybe get Silverman Helps to get in on the action. If people see it on National TV maybe that would help.Third is to go to the small claims court.
Post all your complaints and lets together.
Member
Apr 6, 2010
463 posts
49 upvotes
Toronto
maroraza wrote:
Nov 6th, 2011 6:30 am
Hi, Guys i am looking for monex and first data victims i think we should get together and file a class action against them please if anyone is interested from Toronto GTA area please email me because i think we should teach them lesson , raza

You might want to consider that Monex and First Data are two completely different companies.
Monex is a re-seller for Chase Paymentech.
First Data is a provider - I think the largest provider in the world, but I could be mistaken. (TD was using them for MC transactions)

And in my experience, there is nothing wrong with First Data - well, they are expensive, but that is up to the merchant...
Cristian.
Newbie
Dec 31, 2005
50 posts
I signed with the monex one month ago and the sales person with his manager told me that the only fee i need to pya is $21 plus tax and processing fees like 8C per transaction and 10C for batch closing. that is all.
and both sales person and manager swear to the god in front of me that there will be no extra fees. but when i check my bank a/c, and there is a $5.50 monthly service fees from monex.

what can i do ?
Member
Apr 6, 2010
463 posts
49 upvotes
Toronto
yao wrote:
Nov 8th, 2011 7:10 pm
I signed with the monex one month ago and the sales person with his manager told me that the only fee i need to pya is $21 plus tax and processing fees like 8C per transaction and 10C for batch closing. that is all.
and both sales person and manager swear to the god in front of me that there will be no extra fees. but when i check my bank a/c, and there is a $5.50 monthly service fees from monex.

what can i do ?

Read your contract with a lot of care. If the fee is not specified, you can tell them to remove it and continue dealing with them or you can cancel your contract. My guess is that it's there and you didn't notice it.

As always - only what's on paper counts...
Cristian.
Newbie
Dec 5, 2011
4 posts
RICHMOND
help.... i recently got charged or debit from my bank account 500 for being inactive.. after complaining to them telling them my situation they gave me 2 options....
1 continue using our services for 6 months and we will return the 500
2 PAY 10 000 DOLLARS in my case would be only 9500 because they already took 500

Talking to the legal department guy at monex name Brian Griffen was like talking to someone that wont talk back .... it was all silence when i was giving him a piece of my mind .... all he could say is... i dont have to do anything ... option one or two is all you are going to get ...

I already went to close my bank account and going to try to dispuit the 500 with the bank .
My main concerns are how do i get out of a 10000 contract and get my 500 back ..... i NEED HELP

thanks
× < >

Top