Short Review on August 19, 2016

Best company i ever represented .i work wth a couple of more proccesor and they did not kept thier promises to the customer.I am so happy a found Chi Payments Systems.oh I have been with this company almost a whole year.
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ID
#903796 Review #903796 is a subjective opinion of poster.
Location
Bellevue, Washington
Reason of review
Good quality

Chi Payment Systems misrepresents residual commissions to agents

I was completely a novice to the credit card processing industry. I was excited about the prospect of earning a "robust" residual income. The promise of an 80% lifetime residual commission at my advanced age (67) was exciting. I was told by my agent manager that the industry was very competitive and that there were a lot of unethical agents out there. I have since come to the conclusion that it's NOT the agents that are unethical, but the companies they represent that are the real culprits. Being new, I only promised what the company suggested. On my first sale, I didn't even know how to fill out the merchant agreement correctly. My manager emailed me a sample agreement to show me where the rates and necessary language should go. In the comments section, he had written in "next day funding" ... Great, this was new to me and a great closing tool. However, after the customer was accepted and the so-called "smooth" transition was started, the customer angrily phoned me to complain that not only was he NOT getting his next day funding, he was getting his monies 3 days later! I interceded on behalf of the merchant and was told next day funding would have to be at 3:00 p.m. pacific time, which didn't work for a pizza house where most of his business happened after 4 p.m. I was able to at least get him 2 day funding, which is at least what he originally had. But, because the customer felt cheated, he no longer felt comfortable to refer me to 8 additional merchant owner friends. But the worst part came when it was time for me to receive my 80% residual which was to be paid to me at the end of the merchant's 2nd month of processing. My 80% residual amounted to only $4.95. What? I was then told it was on a portion of the monthly processing profit. The profit was about $60. The next month I received NO residual payment. When I questioned my manager, I was told I didn't qualify for a residual on that account because I had sold him at rates below their "standard" transaction fees. What? ... I only sold him at the rates the company suggested in their "Rate Analysis" of the merchant's statement. Of course, they never mentioned beforehand that if I did make this sale I wouldn't qualify for my 80% of almost nothing. They obviously don't care if the agent stays, they got the sale and will continue to make their monthly profit for as long as the merchant stays with them. I've also discovered from viewing these merchant statements that many processing companies are overcharging on fees, double charging in some cases and charging fees hidden in the small print that reputable companies don't have such as: a start-up fee, a renewal fee, etc., etc. in fact, the processors that offer "free" terminals are recovering those costs with hidden fees and overcharges. The industry is a nightmare! Chi Payment Systems states that they don't condone ANY unethical actions by their agents on their website ... The only unethical actions they condone is how the treat their agents. ... Agents beware!
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7 comments
#1269751

Yes, I agreed with you. Same thing happened to me too.

I refer them 3 actives account. Never got any residual income. I was told that I will get 80%. I was new to this type of industry too.

Chi payment make it sound like I'm going to get my 80% nice and easy. I work so hard to bring them a merchant.

At the end no benefit. BEWARE OF LIE LIE LIE.

#1122708

Yes,they talk down to you like ur a ***,my residual went from 38.dollars my second month to .42 cents,lol

#1112152

I am an account executive working for them and it's not the company at fault. It is your lack of experience and discretion.

Clearly you are unable to operate in an ambiguous environment and make deals happen meanwhile keep your merchants happy in a profitable manner. Don't go crying like a baby for your lack of industry experience.

#1081297

The residual is not what they promised.

#1081295

This company is a rip off! they do not pay anyway they can and hope you just go away!

Got a friend waiting to get paid why Chipayments is still making money. Very unprofessional, try Heartland at least they are up front.

#1133632
@PissedConsumer1081295

yea I found chi independent agent ad not sure if I'll get the sign on bonus of 9,000 call came from Michigan area is that yours

#1045446

Thank you so much. As a single parent I was going to try the agent position but bills can't get paid correctly with fluctuating income. Thanks again

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ID
#656051 Review #656051 is a subjective opinion of poster.
Location
Los Angeles, California
Reason of review
Problems with payment

About

Chi Payment Systems Privacy Policy
To read more: http://www.chipaymentsystems.com/privacy.php
Summary

Chi Payment Systems is a company offering small and medium sized businesses to process payments easily. Chi’s customers have a chance to accept American Express, Visa, Discover, and MasterCard credit cards for their products sold. Potential clients willing to join Chi’s payment platform can apply online. Possessing a strong sense of ethics, associates at Chi Payment Systems receive a comprehensive training prior to joining the team of merchant’s professionals. Chi Payment Systems is a Better Business Bureau accredited company with its head office in Thousand Oaks, California.

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Chi Payment Systems is ranked 40 out of 2285 in Financial Services category

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