Originally Posted by JMScore

Wouncie,

First, it's been less than eight months since our sale to Paycom; not over a year. Second, no one is "jerking you around". I assure you of this. I realize this situation is frustrating and it seems like you may not be getting the straight story, but you are. It may not seem like it but we are in much the same position as you as we're repeatedly calling, providing information, undergoing reconciliation after reconciliation, etc... and we get little more than "the situation is under review, we anticipate having more information shortly".

Contrary to what some think, IPSP's do not hold client reserves and are actually prohibited from doing so as per the banking association regulations. Client reserves are held by the merchant bank and as such they are the only ones with the power to release reserves.

When we sold our IPSP portfolio to Paycom we naturally closed our merchant account. When an account the size of that which we held is closed the bank is looking at a large number of trailing credits and chargebacks with zero sales to offset them. This is the entire point of the reserve; to absorb these trailing losses. Eight months is not an uncommon time period for a bank to hold onto reserves; it's actually quite typical.

Nothing moves quickly in the banking world...especially when it comes to their letting go of funds, but there will be releases. Please continue to be patient.

If you (or any former Jettis IPSP client) have any more questions, feel free to contact me directly.

John
[email protected]