VMS Velosity Merchant Services We shut our business down due to hardship and VMS told us that we have to continue paying our minimum plus the fee for the monthly report and also quarterly fees for the remaining months until our 3 y, Internet
I purchased a business and since the previous owner had VMS, we also continued to use VMS for our credit card transactions. On the first page of the contract, in large prints, it was written "NO CANCELLATION FEES" which made me feel comfortable signing a contract with them. After two years in this business, we had to shut the business down due to hardship. I called VMS to inform them that we will no longer need their service.
Surprisingly, and by extremely rude employees including their manager, I was told that they don't care if I was forced to shut my business down, I'm still responsible to not only pay the monthly minimum charge of $35, but also the extra $5 for monthly report and also the $40 quarterly report fees until the end of my three year contract with them.
When I asked them about the big "NO CANCELLATION FEES" on their contract, they faxed me the contract that I signed via fax, saying that on the second page of the contract, somewhere in the middle, with extremely little font, it explains that "if VMS cannot match a lower rate offered by another company, costumer can cancel the contract at no cost, otherwise if the costumer cancels the contract for any other reason, there will be a $495.00 cancellation fee."
This company is nothing but a group of thieves who act extremely nice when they want to get your business, but unbelievably unprofessional and rude after the contract is signed.