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Originally Posted by King Adam
I apprecaite the help. But their response was bad. Why are you able to tell me how it works but their customer service tells me to look at my contract. If they would have replied to my email with what you said ... no problem.
Second .... so you never get your reserve back from them untill you terminate your contract. They just keep a savings account with my money in at based on a % of my sales each month.
How come CCBill just takes their % and you get it back 6 months later? Why doesn't Paycom give you back your money? Whay do they hold all of it? They have to be making shit loads on the interest on everyones money they hold.
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Hi Adam,
to keep the math simple, let's say you are processing with ccbill with a monthly gross of $10K and let's say ccbill take 5% as a reserve each month. Over 6 months, ccbill will hold $3K of your money and at anytime during your association with them, they will hold at minimum $2.5K of your money as reserve. Example: If in month 7 you get $500, this is replenished with $500 is reserve fees FOR month 7. So realistically, you should always have a reserve of $3K with ccbill.
Paycom does this too but not on a rolling basis. They take $3K over the course of 6 months (or however long it takes to meet your contractual reserve) and then they stop charging you your reserve and keep the $3K.
Just because ccbill give you $500 back every month does not mean they have not invested your $3K since this is the money they have that belongs to you at any given time. It isn't any different from what paycom does, except maybe the ccbill method makes you "feel" like you're getting something back
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