Discount Retail Store Services or DRSS, based in Las Vegas, Nevada, markets itself as a turnkey solution for individuals who want to open a dollar store. Also known as Dollar Store Services, the company promotes that it can provide 100% financing to qualified applicants. We’ve received complaints that DRSS misled numerous clients into signing up with Seed Capital under the guise that they’ll receive conventional financing and lines of credit.
In actuality, Seed Capital simply signs them up for tens of thousands of dollars worth of high-interest credit cards. The end result, they allege, is severe damage to personal credit scores and spiraling debt leading to bankruptcy.
(UnhappyFranchisee.Com) Dollar Store Services, also known as DRSS Discount Retail Store Services, is one of many companies we’ve heard of that allegedly gains the trust of its clients, then works with Seed Capital to turn the would-be business owner’s sterling credit history into a payday for DRSS and Seed Capital, and financial devastation for the trusting client.
Have you had experience with Seed Capital and/or DRSS Discount Retail Store Services?
Would you recommend either company to a close friend or relative? Please share your opinion below.
Navy Veteran Claims He Lost Everything Due to Seed Capital and DRSS
Commenter I Hate Scammers shared this story this past summer:
I am a 12 year United States Navy veteran, and I had the dream of owning a business…
Discount Retail Store Services (DRSS) definitely ruined that positive perspective of entrepreneurship for me and many others. I started working with DRSS when I was a contractor in Afghanistan in 2013 and was totally preyed on because of my credit score “760”. They make money off good hard working citizens who reached a point of their lives where they have money in the bank and possess excellent credit.
You have to have at least a FICO score of 730 to even do business with DRSS. I was misled and lied to in order to fulfill somebody’s financial greed. I was informed that they did everything in-house and had great relationships with different financial intuitions for me to get funding. They said to me “we work for you and we are on your side” , but actually they were destroying me from within .
I was told that they would get me a business loan and even help establish my business credit. With their “in and out” mentality I was passed down to the finance department and then passed to Seed Capital. I was informed by “the professionals” that Seed Capital would be securing funding for me, but I had to pay Seed Capital $4,000 to start the process. I was misguided to believe I was getting a business loan and lines of business credit.
After I started working with Seed Capital they started to apply for 10 different credit cards. So when I asked why so many, I was told it was for working capital. I thought that was very strange, but maybe it was good to have that on reserve. After being rushed to find a location to secure, I was still waiting to hear something about the actual business loan . There was no business loan, the credit cards were your loan. There was no business lines of credit, it was all personal credit.
I had already signed a lease for the building and felt deliberately misled to continue. It felt tremendously irresponsible, and that was not a typical practice of a person with a 760 credit score. I asked DRSS what would this do to my credit and was told it would drop about 30 points. My credit score dropped to a 520. If I would have known about this I would have never agreed to this mismanaging of funds.
When my store opened my credit was so exhausted I could not get any type of loan for working capital. There wasn’t any “REAL” support from DRSS. They put me so much in debt before I even open there was no chance for true success. I struggled for 6 months and had to close my store for good. Later I had to file bankruptcy because of the tremendous hole I was thrown into.
I lost everything I worked for my whole life in 6 months. There are 50 people all over the country who have done business with DRSS and we all share the same story. Meanwhile DRSS is laughing on their way to the bank.
What do you think? Please give others the benefit of your experience and help them make more informed decisions by leaving a comment below.
ARE YOU FAMILIAR WITH SEED CAPITAL AND/OR DRSS DISCOUNT RETAIL STORE SERVICES? DO YOU THINK THEY ARE LEGIT… OR ARE WORKING TOGETHER TO PREY ON TRUSTING INDIVIDUALS?
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TAGS: Seed Capital, Seed Capital Complaints, Dollar Store Services, Discount Retail Store Services, DRSS, JWI Wholesale, Dollar Store Services complaints, DRSS complaints, JWI Wholesale complaints, Dollar Store franchise, open a dollar store, own a dollar store, Jim Saia, James Wichert, J.D. Gray, John LaFronz, unhappy franchisee