| Group ISO |
| Group ISO Mike Segura ,Owner, Stole Money from Genesis Vacations Inc Irvine, California |
| 5th of Dec, 2010 by User462908 |
Group ISO (Mike Segura Owner) Agreed to terms on a high risk account with my Company Genesis Vacations Inc. The terms were very clear in the beginning. The average ticket sale price would be: 1500-3000 All other contract statements including the average sale when reviewing a high risk account was taken into consideration and agreed supposedly after Group ISO did their due diligence called UNDER WRITING.
Additionally, it became apparent after running approximately 138,000.00 dollars with only two charge backs that Group ISO just wanted to gain money in reserves and freeze monies owed to Genesis Vacations Inc. above and beyond the reserve monies.
The reserve Genesis agreed to would be 15% of all transactions ran. Group ISO for no reason what so ever froze all monies owed to Genesis Vacations Inc. for no reason other then to say:"Because We Can" this is a direct Quote from Mike Segura.
Genesis was under the allotted charge back percentage, Genesis was under the average ticket amount, Genesis was in good standing with Group ISO. Group ISO froze all our working capital and all of our clients money and left Genesis to explain that to our clients. All because they said: "WE CAN"! So not only did Group ISO hurt Genesis they also hurt hundreds of our clients because they said: "WE CAN"!
Months afterwards with no charge backs Group ISO still would not release reserve funds and or above reserve funds when they had no right in doing so. Eight months later Group ISO still has Genesis money and still are holding the money prisoner. After further investigation we suspect Group ISO is fraudulently agreeing to High Risk accounts just to get the reserve and freeze above reserve monies and use those monies for their own purposes; Like lending the money out and making percentages off reserve monies and clients monies.
Furthermore, Ladies and gentlemen this is fraud, at its best and the deceptive practices Group ISO used by not under writing our account up front and acting as though they did the under writing after we ran 138,000.00 is a big lie. They knew what they were doing and somebody needs to expose them and make them pay, in a class action suit.
I am getting the Attorney Generals office of California involved in this case and will expose them thieves if it is the last thing I do.
I ASK IF ANYONE HAS HAD THE SAME EXPERIENCE WITH GROUP ISO TO PLEASE CONTACT ME AT THE FOLLOWING:
@HOTMAIL.COM 954-540-9759
THANKS!
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| My company was recently terminated by Group ISO because of "a change in the industry." We have a .006% charge back rate, had recently had our monthly limit upped to 125k per month, our reserve requirements removed, and had been approved for an AMEX account. Group ISO told us, point blank, that the termination had NOTHING to do with us and our statements back up the fact that we are a great merchant who takes great care of our clients. None the less, they are still illegally holding 16 thousand dollars of our money. I could understand holding an amount equal to our total charge back amount for the last year (which would be $325.00 versus the $650, 000.00 we ran win them), but 16K is tantamount to theft; not only of the money, but of the damages we are incurring as a result of the hit to our working capital. I won't go so far as to call them outright thieves, but I will say that you should be extremely cautious about ever doing business with them. They have very poor communication and are extremely inflexible in their favor in all decisions. Unfortunately, because of their, I believe, illegal inflexibility in this decision, I am looking at possible attorney general and legal action against them. |
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