Paycom Reserves - Can Anyone Explain How It Works?

[King Adam]

I just don't really get it. I've been processing with them for years and I'm pretty sure I've never gotten back any of my reserves.

Can someone please explain how Paycom reserves work? When you get your money back? How long they keep it? And so on .....

Thanks

[KingK7]

Dont they just add them to your payout after 6 months?
I have honestly never checked into it either, except for that settlement thing a few years back, where I got parts of it.

[WarChild]

I think it's a 6 month rolling reserve. Reserves held this month will be paid to you in 6 months etc.

[King Adam]

Originally Posted by WarChild

I think it's a 6 month rolling reserve. Reserves held this month will be paid to you in 6 months etc.

If thats the case. then they owe money a good chunk of change. I haven't gotten anything.

On my ccbill check, it shows the reserve they are taking but also shows me the holdback I'm getting back.

[King Adam]

And, I just finally got an email back from Paycom about this. Guess what their response was ...?

.... go read your contract.

Great support and help. Makes me love paycom even more.

[d00t]

you probably had no reserves if you've been with them for a while

[artman]

Originally Posted by d00t

you probably had no reserves if you've been with them for a while

that doesn't even make sense unless he stopped processing

[tony286]

Originally Posted by King Adam

And, I just finally got an email back from Paycom about this. Guess what their response was ...?

.... go read your contract.

Great support and help. Makes me love paycom even more.

the kings of customer serivce lol

[RazorSharpe]

The reason they asked you to look at your contract is becuase that is where it will state what your flat reserve or percentage of income reserve fee is.

The will take the reserve from each month's processing till the contract fund is reached and then stop taking a reserve. Basically, if you contract states your reserve will be $20000 then you get charged 5% or whatever per month till this reserve fund is reached and then they stop taking it out of your account.

I believe this reserve is kept for 6 months AFTER you terminate your contract with them.

...

[RazorSharpe]

Originally Posted by tony404

the kings of customer serivce lol

You're being a tad harsh don't you think? What is wrong with them asking him to read his contract? Are you telling me you enter into contracts with companies without reading it and then get your knickers in a twist when said company, that has contracts with thousands of other webmasters like yourself, asks you to read your contract?

Sometimes people expect so much spoon feeding it is laughable!

...

[tony286]

Originally Posted by RazorSharpe

You're being a tad harsh don't you think? What is wrong with them asking him to read his contract? Are you telling me you enter into contracts with companies without reading it and then get your knickers in a twist when said company, that has contracts with thousands of other webmasters like yourself, asks you to read your contract?

Sometimes people expect so much spoon feeding it is laughable!

...

not really customer services job is to help the customer,not to tell him to look at his contract. If someone worked for me and did that I would fire them.

[RazorSharpe]

Originally Posted by tony404

not really customer services job is to help the customer,not to tell him to look at his contract. If someone worked for me and did that I would fire them.

That would be the job of his account rep, and with this being a Sunday, I don't think that is who he spoke to. Why should customer services be privvy to each individual webmaster's account and it's details anyway? I have a great relationship with my account rep and have, over the years, been very pleased with the attention and support he affords me. I'm in the UK and he calls me every couple of months to find out if I'm pleased or if he can do anything for me etc. If that is what you call bad customer support, then you must have some very high standards.

As far as I can tell, Paycom has a technical support staff available 24/7 to help with "technical" issues and each webmaster has one of several account reps who handle their accounts. You want details of your contract, call an account rep during normal business hours or find your contract. Knowing specifics of your contract, especially one as important as a reserve, is your responsibility and should have been something this webmaster looked into years ago (or whenever he setup his Paycom account). Don't cry foul for failing your own basic responsibilities; that is even more laughable.

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[Zprogramz]

It blows me away how clueless some of you are as to what happens to your money. Shouldn't you have known about the reserves before you actually started processing with them?

Z

[RazorSharpe]

Originally Posted by Zprogramz

It blows me away how clueless some of you are as to what happens to your money. Shouldn't you have known about the reserves before you actually started processing with them?

Z

My point exactly!

...

[tony286]

Originally Posted by RazorSharpe

That would be the job of his account rep, and with this being a Sunday, I don't think that is who he spoke to. Why should customer services be privvy to each individual webmaster's account and it's details anyway? I have a great relationship with my account rep and have, over the years, been very pleased with the attention and support he affords me. I'm in the UK and he calls me every couple of months to find out if I'm pleased or if he can do anything for me etc. If that is what you call bad customer support, then you must have some very high standards.

As far as I can tell, Paycom has a technical support staff available 24/7 to help with "technical" issues and each webmaster has one of several account reps who handle their accounts. You want details of your contract, call an account rep during normal business hours or find your contract. Knowing specifics of your contract, especially one as important as a reserve, is your responsibility and should have been something this webmaster looked into years ago (or whenever he setup his Paycom account). Don't cry foul for failing your own basic responsibilities; that is even more laughable.

...

No the proper response from them would of been we will forward this email to your account rep .They will get back to you on Monday. I have very high standards when people are getting a good chunk of the money I make. Also maybe because I was trained by the best in customer service, I learned without the customer we are nothing.

[RazorSharpe]

They get their money to provide a processing service which paycom do very well. I think asking King Adam to read his contract was the most prudent thing the CS rep could have done. It is important he knows the specifics of a contract HE signed. What part of this don't you understand?

...

[Sly]

Originally Posted by RazorSharpe

They get their money to provide a processing service which paycom do very well. I think asking King Adam to read his contract was the most prudent thing the CS rep could have done. It is important he knows the specifics of a contract HE signed. What part of this don't you understand?

...

What Tony is saying is they should have been a little nicer and maybe a little more informative. If somebody emailed me asking when they will be billed next and I replied "read the website", I would have a pissed off customer, even though it isn't exactly my responsibility to deal with billing issues.

A proper response would be something like "The amount of money held in reserve is dependent on your original contract with PayCom. Please check Section 3 of Article 2 in your contract for the exact amount." And then they could have went on to describe how the reserve system works, just like you have above.

That is customer service.

[RazorSharpe]

Originally Posted by Sly

What Tony is saying is they should have been a little nicer and maybe a little more informative. If somebody emailed me asking when they will be billed next and I replied "read the website", I would have a pissed off customer, even though it isn't exactly my responsibility to deal with billing issues.

A proper response would be something like "The amount of money held in reserve is dependent on your original contract with PayCom. Please check Section 3 of Article 2 in your contract for the exact amount." And then they could have went on to describe how the reserve system works, just like you have above.

That is customer service.

Hi Sly,

I didn't fail to understand what tony was getting at but I am not in a position to comment on King Adam's conversation with the CS rep. On many an occasion, I have said something to an individual that has been embelished when the individual has attempted to re-enact the conversation ... a bit like chinese whispers, if you know what I mean.

All I am trying to get across is that it is of the utmost importance to know your contract, especially considering that we can, at most, have about 3 or 4 processing contracts (we aren't spoiled for choice). Paycom on the other hand has to contend with thousands of contracts with several variances which leave us in the best position to know the specifics of our own contract.

I am a firm believer in good customer service and I also know, from first hand experience, that Paycom offers this in spades!

...

[King Adam]

Originally Posted by RazorSharpe

The reason they asked you to look at your contract is becuase that is where it will state what your flat reserve or percentage of income reserve fee is.

The will take the reserve from each month's processing till the contract fund is reached and then stop taking a reserve. Basically, if you contract states your reserve will be $20000 then you get charged 5% or whatever per month till this reserve fund is reached and then they stop taking it out of your account.

I believe this reserve is kept for 6 months AFTER you terminate your contract with them.

...

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.

[King Adam]

Originally Posted by tony404

not really customer services job is to help the customer,not to tell him to look at his contract. If someone worked for me and did that I would fire them.

Tony ... I feel the same. Razor made a nice post up their explaining how it works. Why didn't the person in customer service for Paycom tell me that. To tell me to read my contract isn't much service.

[SmokeyTheBear]

Originally Posted by RazorSharpe

They get their money to provide a processing service which paycom do very well. I think asking King Adam to read his contract was the most prudent thing the CS rep could have done. It is important he knows the specifics of a contract HE signed. What part of this don't you understand?

...

bwahah thats the most idiotic thing i have heard all day.. customer service reps are there to help you no matter how trivial the question. If the cs rep had explained it and he hadnt understood its fine to let him know the contract has the details on it..but to just tell him flat out "im not going to answer that because its in your contract" is foolish..

[SmokeyTheBear]

Originally Posted by King Adam

Tony ... I feel the same. Razor made a nice post up their explaining how it works. Why didn't the person in customer service for Paycom tell me that. To tell me to read my contract isn't much service.

[VIPimp]

Call your paycom rep in the morning.

[John Marco]

Works like this:

Reserves are accumulated into reserve account until they reach 1 month worth of your average monthly processing volume (i.e. if your avg is $50k/mo they are accumulated until there is $50k in reserve)

Your reserves are returned 18 months after your last transaction

[RazorSharpe]

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.

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

...

[SmokeyTheBear]

Originally Posted by RazorSharpe

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

...

now thats what i call an answer I think thats what he wanted paycom to tell him

[RazorSharpe]

Originally Posted by SmokeyTheBear

bwahah thats the most idiotic thing i have heard all day.. customer service reps are there to help you no matter how trivial the question. If the cs rep had explained it and he hadnt understood its fine to let him know the contract has the details on it..but to just tell him flat out "im not going to answer that because its in your contract" is foolish..

You obviously don't bother to read every post in a thread, which is possibly the most idiotic thing you DO everyday.

I am not commenting on what was or was not said my the CS rep because I was not privy to the conversation. I am simply stating that being told to look at your contract isn't the worst thing to have happen. He NEEDS to know what his contract says.

...

[cams2chat]

The person who told you to check your contract was right and probably has no access themselves. I process via Safshop and CCBill and doing the paperwork with Paycom this week.

Based on my current volume the % offered was lower then their site states and the holdback different. I really dont think there is an answer save check your contract.

[avalanche]

We were informed by some CS reps that they refer customers to the contract mostly because the contracts have changed over the years and different people have different terms. So if they gave you an answer they could add fuel to the fire and make the situation worse.

[King Adam]

Originally Posted by RazorSharpe

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

...

THANK YOU ... completely understand. Now don't you think that a customer service rep should know this information. I can't be the only person around that didn't have a full grasp of how the reserve was handled.

[s9ann0]

how it worked for me was I stopped processing with them and bitched and whined to jeff thaler @ paycom.net for about 2 years and they eventually wired me!

[RazorSharpe]

Originally Posted by King Adam

THANK YOU ... completely understand. Now don't you think that a customer service rep should know this information. I can't be the only person around that didn't have a full grasp of how the reserve was handled.

Glad I could help KA and I do realise that this could have been made much simpler via a FAQ on their site perhaps.

...

[Busty]

When she shut down the original busty amateurs site, Paycom had a significant amount of reserves in holding due to our processing amounts each month. They paid it all back but they do not start till 6 months after the last transaction, that does not necessarily mean a sale. Credits and chargebacks are also transactions, so in essence it added about another 3 months after we stopped taking joins.

I rarely handle any money questions by e-mail since you are dealing with someone in customer service that is dealing with thousands of other webmasters. If you have a question about your money then call them, they are really helpful and will get you all the answers.

G

Bouchaine when you coming to San Diego and when you going to send some traffic to http://www.busty-amateurs-is-back.com/ I would love to have you on board.

[Major (Tom)]

last i was told they didnt hold reserves, they just paid 3 weeks behind.

duke

[V_RocKs]

He is stating that he is too fucking lazy or dumb to understand the contract.

[SmokeyTheBear]

Originally Posted by RazorSharpe

You obviously don't bother to read every post in a thread, which is possibly the most idiotic thing you DO everyday.

I am not commenting on what was or was not said my the CS rep because I was not privy to the conversation. I am simply stating that being told to look at your contract isn't the worst thing to have happen. He NEEDS to know what his contract says.

...

i read every post top to bottom that i post in or i state it in my post so go fuck yourself ,

It seems not only didnt YOU read the entire thread you seem to have forgotten what YOU wrote.

You weren't commenting on the CS ? hmm take a look at your second post before you go around insulting people fuckface..

gee i'm sure nobody ever thought to look in the contract how fucking helpfull. , Your first post was rude , your second post was helpfull , take it , leave it or go fuck yourself i could care less, but dont try to bullshit me unless your ognna at least bullshit yourself first

Rudeness gets you nothing but enemies..

[GigoloMason]

Originally Posted by tony404

not really customer services job is to help the customer,not to tell him to look at his contract. If someone worked for me and did that I would fire them.

It is kinda your responsibility to understand the agreements that you enter into, not the other party's, and this is a purely contractual issue not a legitamate techincal issue that should really be dealt with by customer service.

[RazorSharpe]

Originally Posted by SmokeyTheBear

i read every post top to bottom that i post in or i state it in my post so go fuck yourself ,

It seems not only didnt YOU read the entire thread you seem to have forgotten what YOU wrote.

You weren't commenting on the CS ? hmm take a look at your second post before you go around insulting people fuckface..

gee i'm sure nobody ever thought to look in the contract how fucking helpfull. , Your first post was rude , your second post was helpfull , take it , leave it or go fuck yourself i could care less, but dont try to bullshit me unless your ognna at least bullshit yourself first

Rudeness gets you nothing but enemies..

For someone who seems so smart, you do sometimes talk out your arse. Just a refresher on my "first post" which you apparently thought was rude.

The reason they asked you to look at your contract is becuase that is where it will state what your flat reserve or percentage of income reserve fee is.

The will take the reserve from each month's processing till the contract fund is reached and then stop taking a reserve. Basically, if you contract states your reserve will be $20000 then you get charged 5% or whatever per month till this reserve fund is reached and then they stop taking it out of your account.

I believe this reserve is kept for 6 months AFTER you terminate your contract with them.

...

Where exactly was I rude in that post? Let's move over and on to my second post:
You're being a tad harsh don't you think? What is wrong with them asking him to read his contract? Are you telling me you enter into contracts with companies without reading it and then get your knickers in a twist when said company, that has contracts with thousands of other webmasters like yourself, asks you to read your contract?

Sometimes people expect so much spoon feeding it is laughable!

...

That was my second post, which again, I don't find rude or insulting. You obviously have a reading comprehension problem to go along with your vile and cruddy disposition.

If me pointing out your "idiotic" behaviour got your feathers all ruffled, then let's not forget where this all started:

bwahah thats the most idiotic thing i have heard all day.. customer service reps are there to help you no matter how trivial the question. If the cs rep had explained it and he hadnt understood its fine to let him know the contract has the details on it..but to just tell him flat out "im not going to answer that because its in your contract" is foolish..

and that was said AFTER, yes, AFTER, I had already stated this:

I didn't fail to understand what tony was getting at but I am not in a position to comment on King Adam's conversation with the CS rep. On many an occasion, I have said something to an individual that has been embelished when the individual has attempted to re-enact the conversation ... a bit like chinese whispers, if you know what I mean.

Also, and this brings your reading comprehension skills to the fore again, I did not say, "I am not commenting on CS" - I did however say, "I am not commenting on what was or was not said my the CS rep because I was not privy to the conversation."

There is a big difference in the two statements if you ask me.

It's okay if you didn't read the entire thread, and it's okay to admit you may have made a mistake in understanding what was being said even if you did read the entire thread. Honestly, this isn't a jailable offence and even if it was, I wouldn't turn you in.

Sorry to have disappointed you if you were expecting me to come back with "Smokey you're a pissant two sided billard ball" or "Fuck you, you're an arsehole that can't read" or "Fucking crikey, you're just about the stupidest fuck I've met all year".

I couldn't bring myself to say stuff like that because, for one, I do believe that there is a genuinely intelligent before behind that potty mouth of yours and secondly, it was just as easy to hold your hand and take you through the thread.

Have a nice day Smokey!

[SmokeyTheBear]

Originally Posted by RazorSharpe

blah blah blah

That about sums it up..
Your comprehension sucks. You know exactly what i meant but still choose to piss around about something obvious like " customer service should help people not be rude" a concept you obviously also dont follow.


Try reading your drivel again and blow smoke up someone else's ass. I guess i know where you stand anyways.

[SmokeyTheBear]

maybe i have been awake too long. theres no need to get all pissy thats all i was saying

[SmokeyTheBear]

ok perhaps you have a point , i re-read the thread and i come off like a dick so.. , but i still stand by my originial points,, you answered his questions the way his customer service rep should have.. thats my only point.. thats not being "spoon fed" thats what customer service is for..

[RazorSharpe]

Originally Posted by SmokeyTheBear

That about sums it up..
Your comprehension sucks. You know exactly what i meant but still choose to piss around about something obvious like " customer service should help people not be rude" a concept you obviously also dont follow.


Try reading your drivel again and blow smoke up someone else's ass. I guess i know where you stand anyways.

Hi again Smokey! I wasn't trying to blow smoke up anyones arse to be totally honest. Neither am I trying to make light of any short comings in the Paycom CS department, if these short comings do exist. I don't know what was said or how it was said but I do know that the initial poster should be aware of what his contract details are. By his own admission he has been processing with them for years and I feel strongly that each and everyone of us should look long and hard at any piece of paper before we put our names to it. That was MY point.

I did admittedly think you were being an arse with your post about me making an idiotic statement especially when I had already highlighted the fact that my intention was not to delve into what was or was not said by the CS rep. Could I have addressed your post differently? Yes. Did I? No. Am I sorry I antagonised you with my reply to your post? No.

I think we've both come away knowing a little bit more about ourselves and each other. It was never my intention to insult anyone when i first replied to this thread but I was too easily (for my own liking) baited by your reply to my post. That is something I will work on; I've been a little edgy and snappy the last few weeks! Mind you, I am not saying you were right - I'm just saying I could have handled your response better. I too stand by everything I have said; the individual SHOULD know the contract he/she has entered into. Failing to do this irresponsible.

Go get some sleep. Hopefully I've bored you enough to at the very least induce that.

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