Entrepreneurship & Small Business

MONEX GROUP Customer Service = nonexistant

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  • Feb 7th, 2020 4:44 pm
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Newbie
Oct 29, 2008
6 posts
Interesting how so much is said, but no details.

For the sake of those not wanting to get burned, here are some questions to ask long before signing!

How long is the contract they are selling? Standard 3 or 4 years or 7!
What is the cancellation fee? $350.00 or $5,000?
What are the details on the fine print on the contract...and do you get a copy?
How fine is the print?
Are the rates they offer saddled with extra (haulage) fees?
What are the fees if any for reports? Do others charge?
What is the customer service number, try calling and see what you get!
What info is showing on the BBB website?
Type in the company name and scam in google...what shows up.
What is the real company name? If it changes every two-three years, why?
Is the company name the same as the name your cheque is made payable?
What is the warranty offered, and when do you end up paying for it?
Newbie
Jan 8, 2009
5 posts
Paymentech has charged my account for two new fees in early Jan 2009, without giving me any notice at all. They say they charged on behalf of Monex.

first fee is called Annual Membership Fee $89.95; Second fee is Monthly Admin Fee $11

I have small storefront and using Monex for interac , and Paymentech for Visa only. (no other cards, no online sales)for 3 years.

Monex's persistent rep sold me their ingenico dial POS terminal machine for $800+gst upfront 3 years ago. They also charge monthly $10.50 for service fee to maintain this machine. Plus they are charging about 10$ for debits (10c/tx), and 2% for Visa transactions. they had hooked me up with Paymentech.

When I inquired Paymentech about these new fees, They said they started charging these fees on behalf of Monex. and I should ask Monex about it.

I called Monex , they initially did not acknowlege these fees. Second day I called Paymentech again , they transferred my call to a Monex Rep on the phone. He said, they had sent notice to all merchants in Nov 2008 about these new fees. I asked him to send me same letter again by email since i didn't get one. He promised, but he didn't send. He did not say any thing else but that these are the new fees and he can't do anything about it. I said I would cancel the whole service. He said its up to you.

The 3rd day, I called again to send me the copy of the same letter in regular mail. He promised. I am still waiting.

Monex rep told me that new Admin fee is from Paymentech, and I should ask them.

Now I came to know Monex trapped me into 90 months (7.5 yrs) contract, with min. $5000(Five Thousand) penalty for early cancellation. The rep did not mention this at time of sign-up on the first page. Its the tiny print on the second page. Though no page has its own number. The first page is entitled Invoice and Services Agreement. This is a classic example of extreme extortion. They rip you after you get trapped.

I don't know what to do now? I do not enough resources to hire a lawyer. There is no complaint procedure listed on their Canadian website. Who regulates their organization anyway? Both are USA based. They have Canadian operations too.

Can someone help me plz?
[OP]
Member
Aug 17, 2005
260 posts
4 upvotes
Thanks for the info, if you didn't mention the new $89.95 fee I would have never known. I called up Paymentech and they said it was charged on behalf of Monex.
Newbie
Oct 29, 2008
6 posts
It would be great to see a reprint of this letter. What is the basis of adding an annual membership fee? And an added monthly fee...I don't think the contract I have seen provides for this addition. Maybe if there were enough merchants ( and I know there are) that want to launch a class action suit...
Newbie
Jan 8, 2009
5 posts
Finally I got their letter now. No date, No adressee , no addressor on the page.

The contents are:
Monex group, 111A Zenway Blvd, suite 31, Vaughn, ON L4H 3H9

As you are aware, your Merchant Discount Rate is largely representative of the fees levied by VISA and MasterCard. In April and Nov of of this year (2008) VISA and Mastercard increased their the cost for all Canadian merchants.

Effective Dec 1st, 2008, Monex will implement a new pricing structure that will better account for ongoing changes in the payment card industry. Your new pricing will better reflect the manner in which your business accepts and processes VISA and Mastercard transactions.

What will change:

1. Mastercard Interchanges levels and rates will change effective Nov 1st, 2008 and be reflected in your Dec statement;
2. A new Merchant Account Maintenance and Operations (MAMO) annual fee of $89.95 will be introduced and take effect on Dec1, 2008 and be reflected in your Jan 2009 statement.
3. The Merchant Monthly Statement fee will change from $10 to 11$ per month.
4. The fee for processing chargebacks will be up from $25 per item to $50 per item.

Simple ways to manage your cost:
Close batches daily and do not leave any open for longer than 3 days. Always swip/dip the card instead of entering the numbers manually.

For details of your specific changes, plz logon to your account online at monexgroup.com or call us at 1866-286-7787.

--------------------------------------------

I am not clear from this letter if this 89.95 fee will still apply if i switch to other credit card processor? keeping monex just for debit transactions?

They do not explain this. Plus I dont receive Merchant Monthly Statement form Monex. and Visa processor paymentech only emails me visa staement. ( i dont have mastercard service) . Is Paymentech charging $11 just for online statements? Before they did not charge me this fee at all for 3yrs. Monex told me on phone that this 11$ is charged by Paymentech .
Newbie
Jan 14, 2009
1 posts
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.
Newbie
Jan 20, 2009
1 posts
1 upvote
I am presently involved in a small claims court case with Monex representing myself.

I am looking for people with valid issues that are clearly documented who would be interested in working with a lawyer or with the media to address these issues that are not proper business practices/ethics with Monex.

I don't have the answers, but I think as a collective we can do something about this unpleasant situation.

Does anyone know of a lawyer or media contact who would be willing to take this project on?

Feedback welcome.
Thanks
Newbie
Jan 14, 2009
5 posts
Toronto
pacifistworld wrote: Finally I got their letter now. No date, No adressee , no addressor on the page.

The contents are:
Monex group, 111A Zenway Blvd, suite 31, Vaughn, ON L4H 3H9

As you are aware, your Merchant Discount Rate is largely representative of the fees levied by VISA and MasterCard. In April and Nov of of this year (2008) VISA and Mastercard increased their the cost for all Canadian merchants.

Effective Dec 1st, 2008, Monex will implement a new pricing structure that will better account for ongoing changes in the payment card industry. Your new pricing will better reflect the manner in which your business accepts and processes VISA and Mastercard transactions.

What will change:

1. Mastercard Interchanges levels and rates will change effective Nov 1st, 2008 and be reflected in your Dec statement;
2. A new Merchant Account Maintenance and Operations (MAMO) annual fee of $89.95 will be introduced and take effect on Dec1, 2008 and be reflected in your Jan 2009 statement.
3. The Merchant Monthly Statement fee will change from $10 to 11$ per month.
4. The fee for processing chargebacks will be up from $25 per item to $50 per item.

Simple ways to manage your cost:
Close batches daily and do not leave any open for longer than 3 days. Always swip/dip the card instead of entering the numbers manually.

For details of your specific changes, plz logon to your account online at monexgroup.com or call us at 1866-286-7787.

--------------------------------------------

I am not clear from this letter if this 89.95 fee will still apply if i switch to other credit card processor? keeping monex just for debit transactions?

They do not explain this. Plus I dont receive Merchant Monthly Statement form Monex. and Visa processor paymentech only emails me visa staement. ( i dont have mastercard service) . Is Paymentech charging $11 just for online statements? Before they did not charge me this fee at all for 3yrs. Monex told me on phone that this 11$ is charged by Paymentech .
---------
Hi - the increase of $89 is a Monnex fee - although some of the other processors have also raised fees since September using the discount rate, other fees, and the transaction rate. These increases are way out of line with the actual Visa/MC increases - just an excuse for another 'fee' that wasn't in the original deal.

For next steps i should look at the contract. If the rate is punitive [more than the cost of the terminal] its unenforceable and you can just walk away.
I would lash back with breach of contract for the new charges - dicey since there's probably a clause to say they can increase charges without substantiation. But what are they going to do ? Go to court for every $300 termination clause - bad publicity for them + these guys are essentially financial institutions dealing in Billions of dollars so this is too much trouble for them.

Pietro
Newbie
Jan 8, 2009
5 posts
Hi pietrojackson,
Thanks for your input. You got good sentences to use against them.

You may not know that termination clause puts min $5000(five thousand) penalty on the merchant if broken within 7 yr!!!, not $300, in Monex group contract that they did not tell upfront. Very cruel and cunnung rep slipped the 2nd page quietly after getting the signature on the first page, while removing the Lease paper that said 48 months with no $5000 fine anywhere. I had both papers, since I bought, not leased, the Ingenico i5300 POS terminal machine for about $900.

I called Paymentech, they said both new charges are for Monex, nothing for them. i am preparing a letter for both.

Any new ideas will be appreciated.
Newbie
Feb 13, 2009
1 posts
I too received the 89.00 fee on my statement. I talked to paymentech and they said it was a Monex charge. I talked to Monex and the guy on the phone could not really explain what it was for. I asked to have it reversed or tell me what it would cost to cancel my contract, he said he would look into it. That was 1 month ago and still no reply. Who has time to hound these people when you're trying to run a business. This is why they get away with it because no-one can be bothered enough to do anything about it. We have to pool together and launch a media campaign like Silverman helps or CBC Marketplace and or a class action lawsuit. Is anyone aware of one currently in progress?
Deal Addict
User avatar
Oct 19, 2004
1836 posts
193 upvotes
Markham
Monex is a good for nothing company that is horrible with both customer service and their hidden fees are a joke.

We bought our terminal from them (instead of renting) which was a big mistake.

When we first started our online biz, my wife and I signed up with them only to find out after several months that AMEX couldn't work with them.....even though they (Monex) had confirmed (prior to our signing with them) their POS worked with VISA/MC/AMEX :mad:

We lost quite a few sales because AMEX couldn't be processed through the terminals.....this dragged on for several months!

Eventually after too many calls regarding our ongoing issues, Monex finally admitted their POS was unable to work with AMEX -- they made us jump through hoops to prove it to them, even though AMEX techs confirmed on their side things worked.

After so many months with them, and the issue of no AMEX, we were fed up so we went to their HQ, and we escalated it to upper management (we found out it was the wife of the owner!) however she made us wait a week for our refund on the POS, and unfortunately made us pay a restocking fee even though it was their fault for the "incompatibility" and lies....we decided rather than keep losing time and money, we'd rather end our relationship with them.

Ultimately we found a great POS by the name of UNPS which did things the right way, and we've been with them for over 5 years now!

I would never ever refer another person/business to such a shady run company called MONEX again.

My RFD Feedback: 100%
My HEATWARE: 50-0= 100% Positive
My HoFo Feedback ~ Deal with confidence! 100% Positive
Member
Oct 14, 2007
205 posts
49 upvotes
Mississauga
To anyone having problems with their merchant provider (the company that processes a businesses credit / debit card sales) - Please go and speak with your bank manager, explain the situation and have "stop payment" applied to these companies that think they have the right to take advantage of small business this way.
Earlier this year I had a situation where Cardex / Pivotal Payments were withdrawing 3.75% on my 1.8% contract. After a month of frustration, I finally went to my bank manager and explained. I took copies of contract, merchant statements, a month of correspondance between Cardex, Global Payments and myself and asked that the bank issue stop payments. Make sure you find out the different names the companies operate under. For 4 months they attempted to take out thousands of dollars from my account but the stop payment wouldn't allow it.
Please talk to your bank manager. From my experience some of these companies have questionable ethics - don't let them get your money too.
Newbie
Apr 13, 2009
15 posts
toronto,canada
could you tell me how did you get rid of monex?!
1V4N wrote: Monex is a good for nothing company that is horrible with both customer service and their hidden fees are a joke.

We bought our terminal from them (instead of renting) which was a big mistake.

When we first started our online biz, my wife and I signed up with them only to find out after several months that AMEX couldn't work with them.....even though they (Monex) had confirmed (prior to our signing with them) their POS worked with VISA/MC/AMEX :mad:

We lost quite a few sales because AMEX couldn't be processed through the terminals.....this dragged on for several months!

Eventually after too many calls regarding our ongoing issues, Monex finally admitted their POS was unable to work with AMEX -- they made us jump through hoops to prove it to them, even though AMEX techs confirmed on their side things worked.

After so many months with them, and the issue of no AMEX, we were fed up so we went to their HQ, and we escalated it to upper management (we found out it was the wife of the owner!) however she made us wait a week for our refund on the POS, and unfortunately made us pay a restocking fee even though it was their fault for the "incompatibility" and lies....we decided rather than keep losing time and money, we'd rather end our relationship with them.

Ultimately we found a great POS by the name of UNPS which did things the right way, and we've been with them for over 5 years now!

I would never ever refer another person/business to such a shady run company called MONEX again.
Newbie
Oct 29, 2008
6 posts
ATM's are an easy solution. Post a sign on the ATM that it is down. When the rep comes by to fill it, tell him someone told you it wasn't working and you posted the sign. Keep doing this. Eventually they will pull the machine because theyare not making any money with it. No transactions = no profits.
If you are to load the machine, just don't.

They WILL take you to court. They will not win, because they have no agreement wth you, and as such you are not bound to the agreement. If need be, represent yourself in small claims court and you will be fine. They strong arm most because most are afraid to try.

Most importantly you need to document the attempts you have made to have them take away the machine. In court, they will need t answer to why they expect a contract to be kept, even when they didn't keep thier end of the bargain.

Prepare for any case with copies of all these comments posted, copies of the BBB on-line, as well as copies of any documents that they gacve you..usually pages are missing!
Newbie
Oct 29, 2008
6 posts
pacifistworld wrote: Hi pietrojackson,
Thanks for your input. You got good sentences to use against them.

You may not know that termination clause puts min $5000(five thousand) penalty on the merchant if broken within 7 yr!!!, not $300, in Monex group contract that they did not tell upfront. Very cruel and cunnung rep slipped the 2nd page quietly after getting the signature on the first page, while removing the Lease paper that said 48 months with no $5000 fine anywhere. I had both papers, since I bought, not leased, the Ingenico i5300 POS terminal machine for about $900.

I called Paymentech, they said both new charges are for Monex, nothing for them. i am preparing a letter for both.

Any new ideas will be appreciated.
If you did not initial the back page of the contract, the one with the small print and fee clauses, at the time of signing, or afterwards, then in court it will be impossible for them to prove you were signing the full contract. If you didn't see the back page, then you have cause to fight. Hopefully there was someone with you when you signed the front page who saw that there was no back page signed.

Yes, I am suprised that no one has had any of the newspapers, TV show and support groups as such, do a major investigation of thier poor business practices! If one (CBC?) was chosen, and a bunch of individuals all approached them, they would be sure to get great feedback and a great story.

An interview with the Juvenile Owner, and/or his family and friends who protect him, would be worth watching!

They have misrepresented themselves to so many merchants, that they would come out of the woodwork for any such investigation.

And yes, you need to stop payment with your bank to ensure that any number of different named companies don't try to take funds out of your account...

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