Monex Toronto Ontario Review

MONEXGROUP IS AN ABSOLUTE NIGHTMARE!nnSo I own a small business outside of Toronto and in March 2016 was lookingnto migrate my credit card processing to a new provider primarily becausenGoPayment, my current processor at the time, had announced that they werenclosing their Virtual Terminal service as of the end of March. Monex wasnone of the companies that came up in my search for new processors.nnMy first contact with a Monex/ MonexGroup sales representative was with anfellow by the name of Mr. Emad Tadros on Thursday, Jan 28th, 2016. Henseemed very nice and because he knew a mutual lawyer friend of mine I feltnat the time in good hands. He promised that he would make it a seamlessntransition and have me up and processing with a new processor as soon asnpossible – at this point I was still 2 full months away from desperatelynneeding another processor so worse case scenario I still had a time tonsearch for alternatives provided things with Monex didnu2019t work out.nnWell, after a month and a half of waiting and playing email tagnback-and-forth frankly I was getting quite frustrated as well as a bitndesperate to tell the truth, as I was now only 2 weeks away until I nonlonger had credit card processing for my business. I sent a last email tonMr. Emad Tadros asking if he would be so kind as to possible give me anphone call to provide an update with respect to the virtual terminalnservice I required, and that it would be greatly appreciated u2013 but atnthat point I had already begun looking at Square and other optionsnavailable to me. I was told by Mr Emad Tadros that these things sometimesntake time.nnApril was a bust, I had to quickly sign with Square to meet my customersnpayment needs and incur a high rate as a result. Then I finally I receivednan Elavon Activation Email May 3rd, 2016 and naturally I transitioned tonthem because their rates were better. So I was told that I was okay tonprocess with another company named Elavon via Elavon (shesh, had I known Inwould have just signed up directly with Elavon?! I am a Costco member andnwould have gotten a better deal!!). Anyways a week rolls by and Inprocessed just over $3,500 Cad worth of orders with new processor Elavon,nonly to find out at the end of the week that account with them wasncanceled, this was May 11, 2016. Nearly 4 months of waiting and work for anweek of processing. But wait, things go from utterly frustrating and totalnwaste of time to an outright small business persons’ nightmare, pleasenbare with me.nnAnyways, I took the wasted time and experience as a lesson learned andnmoved on my search for a new credit card processor. I was never againncontacted by a Monex or any one of their agents.nnTo my surprise, 6 months after Monex and I parted ways (unbeknownst to menat the time) a $500 came out of my business bank account on August, 11thn, 2016 from a Money Express. I had never received a charge from a companynfrom the name u201cMoney Expressu201d prior (nor one from Monex or MonexGroup) sonI really had no clue at the time who this entity was and what where theyncharging me for – even my bank couldnu2019t put 2 and 2 together for me allnthey could tell me was Money Express’s issuing bank was RBC and that isnwas for an “inactivity fee””

not much help or to go on.nnAfter more frustration and wasted time I ended up having to go to my bank

nfilling out forms

and having the Bank Manager cancel the charge andnrefund all of my $500 taken from the account. It was then received annemail 8 days later

on August

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