Some Fucked Up Shit! - GoFuckYourself.com

MikeHawk · 02-22-2004, 06:51 PM

Getting Ripped Off!!!
Hey everyone, have worked really hard to get our systems making money over the course of almost 3 years. Why is it that our processor told us that the bank they us has to hold such a fat chunk our our money in reserve? What is truly sad is we are a small company growing and could really use that almost 100k. What is such a joke is we dont see any interest on that money, and they cant even tell us if and when they will give it back? Yeah, yeah, yeah... heard the 6 month thing...its has been longer and more money ongoing is being taken out.

So wrong, how many other sponsors with third party processors are getting this kind of harsh treatment? The really sad deal is we have never ever had a charge back issue. It was just told to us that its policy of the bank. Well we want a bank that plays fairly.

Contacted Net Billing, they said no new acconts for merchants are being opened now, what in the world is going on? The business is bigger than its ever.

Can anyone make a suggestion

thanks..
MH

MattO · 02-22-2004, 06:59 PM

What percentage are they holding in reserve? Our normal rates for our merchant accounts is 10% rolling over 6 months, which is pretty standard.

02-22-2004, 06:51 PM	#1
MikeHawk Confirmed User Join Date: Jan 2004 Location: In bed with Harley Girl....Not sleepin Posts: 6,683	Some Fucked Up Shit! Getting Ripped Off!!! Hey everyone, have worked really hard to get our systems making money over the course of almost 3 years. Why is it that our processor told us that the bank they us has to hold such a fat chunk our our money in reserve? What is truly sad is we are a small company growing and could really use that almost 100k. What is such a joke is we dont see any interest on that money, and they cant even tell us if and when they will give it back? Yeah, yeah, yeah... heard the 6 month thing...its has been longer and more money ongoing is being taken out. So wrong, how many other sponsors with third party processors are getting this kind of harsh treatment? The really sad deal is we have never ever had a charge back issue. It was just told to us that its policy of the bank. Well we want a bank that plays fairly. Contacted Net Billing, they said no new acconts for merchants are being opened now, what in the world is going on? The business is bigger than its ever. Can anyone make a suggestion thanks.. MH __________________ THE AMBUSH INTERVIEW

02-22-2004, 06:59 PM	#2
MattO The O is for Oohhh Join Date: Feb 2003 Location: AUSTIN TEJAS Posts: 10,861	What percentage are they holding in reserve? Our normal rates for our merchant accounts is 10% rolling over 6 months, which is pretty standard.