Until now most of our coverage has been keeping the consumer on mind. However, a reader of our site shares his plight as user of ICICI Bank Credit Card Merchant Services so that his experience will will stand as a review for others opting for ICICI Bank Card Merchant Service Terminals for their SMEs.
I have a Portable Terminal of Credit Cards in my Boutique. I have been paying a rent of Rs 300 plus taxes every month for the same. When the terminal was sold to me, I was never informed that there must a minimum sale happening through the Card processing terminal. My boutique was under renovation of 3 months hence no transactions happened but I paid the rental. One day I notice that they have deducted Rs15000 + Taxes from my account in Feb 2014 as terminal recovery charges without informing me. Then they asked me to pay Advance rental of Rs 3588 + tax then they would reverse the above amount. When I agreed now they say the advance rental is Rs 10000 + Tax. They are using arm twisting and pressure tactics to extract money from merchants as well.
I have been unable to recover the amount I have paid the company. I have raised the concerned issue with the banking ombudsman of ICICI Bank asking for all my payments, advance, deposited and recoveries paid to ICICI Merchant services back along with an interest cost of 18% on the same.
Thus, anybody establishing ICICI or any other Credit Card Processing Terminal must look at the Terms & Conditions and keep a copy of the same handy for situations as above. Please read the whole document especially the literature in fine print.