Vermont Attorney General William Sorrell recently entered into a restitution agreement on behalf of the State of Vermont with Payment Systems for allegedly misrepresenting the cost of its services and failing to provide certain legally required notices.
Merchant Processing Solutions LLC, doing business as Payment Systems, allegedly failed to provide notices of the right to cancel contracts with the company and falsely advertised big-name clients like Pizza Hut, Shell and Home Depot. Additionally, it allegedly did not register with the Vermont Secretary of State which violates the Vermont Consumer Protection Act.
“The settlement shows how important it is to ensure that Vermont businesses are protected from unfair and deceptive conduct,” Sorrell said.
The company will pay $100,000 to the state of Vermont as well as make restitution.
To comply with the restitution agreement, Payment Systems agreed to comply strictly with all provisions of Vermont law, including not making savings claims unless they’re calculated with reference to the fees to be charged for all credit cards, registering with the Vermont Secretary of State before making telephone calls of a commercial nature to anyone in Vermont and other stipulations, including $169,568 in restitution to Vermont customers who paid more than one percent for processing fees.