Quote:
Originally Posted by robwod
It's my understanding that a 6 month reserve is typical of merchant accounts -- or used to be. Thus, when a working relationship with a merchant account provider is terminated, I would think it's a reasonable expectation that the reserve is paid out in 6 months from the date of termination.
typical of a standard 6-month reserve as Verotel is acting as your merchant provider since you are not doing the volume to open one yourself. But if you did, you would still need to comply with the rules and regulations and be subject to the reserve.
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I just have this burning feeling to comment on 2 things:
First, any reserve held by a gateway is not the norm. Only in adult is it and it is a cash grab because people in adult don't fight it.
Second, "since you are not doing the volume to open one yourself" is an industry wide lie. It is 100% bullshit and it is about time people realize it.
My comments have nothing to do with this incident. And it appears to no longer be an issue.