L2003
Everett,#2Consumer Suggestion
Sun, January 12, 2014
Capital Merchant Solutions is the Indepentent Sales Organization (ISO) that sold you your merchant account -- that is who you signed up with. Authorize Net is the gateway that CMS set up for you to enter your transactions. Really - that's the relationship (see next to the last paragraph about Ty).
The ISO can outsource part or all of the work involved in maintaining and servicing your account to another processor, or even another ISO (in your case, Transfirst). CMS cannot resell or transfer your signed agreement to any other organization -- they can only outsource the work.
The $500 cancellation fee? Your signed agreement with CMS has your terms of cancellation spelled out very clearly -- if you don't want to pay the early termination fee, you have to wait the designated amount of time required to eliminate the fee.
Ty (or Tye) Bonds is not a good communicator -- and perhaps is not literate enough to understand the business and what a signed agreement specifies? So, my experience with this person are with statements being given that are obviously false according to the contracted agreement I have with CMS.
I've had a CMS merchant account for 11 years - and CMS outsourced processing to US Merchant Systems - not Transfirst as in your case. I have been trying to cancel this merchant account with CMS since 2011, and have learned a lot about who's who in the zoo. My recommendation to myself: if you think you are in the right, get a lawyer.
Bruce
Grants Pass,#3Author of original report
Sat, April 27, 2013
Transfirst actually refunded my cancellation fee after I filed this report. That was a step in the right direction for them.