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Merchant Source Incorporated

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Reviews Merchant Source Incorporated

Merchant Source Incorporated Reviews (6)

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

I ask that they fax you a copy of my signed application it is a 1 page document and on it it clearly states in bold bigger than text that they will not pull a hard credit report which is what they did against my wishes.  to prove me wrong all they need do is send a copy of application to you which they have my permission to do to see which of us is wrong .again I have asked for my file back with all documents and no one there will come to the phone nor return my emails or phone calls, I am told that sarin the person who took the application is in a meetingwas in a accidentwas undergoing surgury, and then in a meeting again and no manager is available to speak with  [redacted]
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Our fee was fully disclosed to the merchant on the funding documents. I am sorry that this matter was not brought to managements attention sooner. We spoke with [redacted] today and agreed to refund him $1650.00 which was acceptable. Payment was sent today via [redacted] and the merchant will see the refund...

in his bank account on Tuesday, August **, 2015. We value [redacted] as a good client and glad that we have resolved this matter. George G[redacted], President

Review: We have been trying to get a loan from Merchant Source. After filling out an application and giving them four months of bank statements, they said that they would be able to tell us about what kind of a loan they could give us, but they kept on needing more financial information - first it was six months, then nine months, then a year of bank statements. They still will not tell us if they can give us a loan, what interest rate it would be at, or how much that loan might be for. We are worried about the privacy of our financial information, and disappointed in their service.Desired Settlement: We would like them to stop contacting us, destroy any copies that they have of our bank statements, and insure that their action will not effect our credit ratings.

Business

Response:

Dear [redacted]:

This letter is a response to your letter dated October **, 2013.

We received a merchant cash advance application from RAL Property Services/[redacted] on September **, 2013. The merchant was approved for funding provided that he submit stipulations which was required by the lender. This included bank statements, corporate documents and other pertinent information. It took over four weeks for the merchant to provide this information. Upon review of the documentation, the lender made a decision to revise the approval amount and the merchant was disappointed.

We have instructed the sales representative to cease contact with the merchant and all printed files have been shredded. Keep in mind we do maintain stored files in our computer data base through a secured server due to compliance reasons. We do not share this information with any other parties other than the lender which also maintains the same policy.

Ifyou need any further information, please do not hesitate to contact me.

Review: We felt very dissatisfied with the hidden fee. In tiny, barely legible type, at the end of a phone number with no spacing to separate the fee from the number, was "6%". There was no explanation on the contract about what the 6% referred to; it was made to look like a misprint at the end of a phone number. The woman we dealt with on the phone called herself "[redacted]", and made many false claims, never mentioning the hidden fee. $400 was taken from our account before the money was ever deposited, then $900 more (attributed to the hidden fee) was taken after the money was deposited ($15,000 was borrowed, to pay back at $225 a day).Desired Settlement: We would like for the hidden fee to be evident on the contract, and since it was hidden in such a strange way on our own contract, we would like for the $900 (which was taken as 6%) to be returned to us.

Business

Response:

We have reviewed the complaint with the sales representative involved. The fee is clearly stated on documents that the merchant signed and was disclosed to [redacted]. Merchant Source wants to make sure its merchants are completely satisfied so we will issue a refund in the amount of $900.00 via [redacted] to the merchants business bank account. The refund will be processed today.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

I have been on the phone and called repeatedly by Ernie A[redacted] to get me to fill out an application for working capital. It has been weeks and weeks he has called bothering me to fill it out. I asked many questions about the loan process and he just told me what I wanted to hear. I expressed that I have done these types of loans before and do not want any form of Working Capital if it has to do with my Merchant account. He said again and again and again and again over and over we have other options we can definitely help you. I expressed my dismay. He again told me no problem for long term loan. Over and over I expressed my disbelief that it would be possible to do such a loan long term. After many many calls I finally said OK and filled it out. He said there will no problem getting this money for you. After 1.5 days I get a call from the auditor stating we only do short term loans period. So they wasted my time for the whole thing. I told them it would not be a good fit before and should have said just stop calling me. So I am not stating they were rude mean in any way. They were all professional about it just could not help me. I think Ernie is very nice just too eager to get $ for the company.

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Description: FACTORING SERVICE, LOANS, FINANCIAL SERVICES, BUSINESS SERVICES (GENERAL)

Address: 110 Jericho Tpke, Suite 212, Floral Park, New York, United States, 11001-2019

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