Stephanie
Clearwater,#2Consumer Suggestion
Tue, April 19, 2005
Having your clients chargeback is a big mistake! This could cause you further problems.If your current merchant account processors sees or gets wind of what's going on trust me they will shut your account down in a new York minute.what you are going through is standard procedure in our business. I know its very frustrating but they legally have the right to hold funds for 6 months and the banks do this everyday it is standard procedure. I have seen companies go out of business over things like this so you must play your cards right.the loss prevention depts at merchant service banks hear threats and from lawyers all day so it does not bother them this is why they are not reacting to you. you must be careful they don't put you on a tmf file. If they do that you will never be able to get a merchant account again with any processor. Cooperate with them so you can put this behind you and move forward.Chances are this all happened not because they are stealing from you but because it is possible the account executive that set up your account did not complete the paperwork right. For example if he wanted to get your account approved fast he might put you are only going to do 10,000.00 per month in credit card volume with an average ticket of 5.00. anything other then what he wrote on the contracts you signed is grounds for potential fraudulent activity on your account.Get a copy of your contract faxed over showing the average ticket and monthly volume written on the app and then see did you go over this amount.If so this is why they are holding your money and they have the right to.I hope I could help out and shine some light on this for you. sorry to hear about this but my bet is its the sales reps fault I hope everything works out.