Web Transaction Services (WTS) whats the deal?
 

So, I have been getting a payout from them on a fairly regular bases for the last 8 years, but noticed that I had not received one in awhile. I was told by them that they are no longer sending out checks and that I had close to 700 in my account waiting on wire transfer information. So I provided the information to them immediately after receive this...

"We are writing regarding your ACH Processing Application and Service Agreement between WTS and Gerco, Inc. dated 10.29.04. This letter shall serve as formal written notice of termination, effective immediately, of the Agreement and all payment-processing services for your company, pursuant to Section 8.

Gerco, Inc. processing services with WTS have been terminated, effective, 4.3.12. If there are any questions regarding this decision, please don?t hesitate to contact us directly at 512-263-3011."

So, suddenly after 8 years they just terminate out of the blue. What about the money I have sitting there? Just wanted to share this as a heads up to anyone else using them.

Of course, there is no contact at the number provided, no operator, and the person who is suppose to be my account rep extension is going straight to voice mail. I smell another Ibill...

Email from them right before this....

"I'm working with accounting to see when the last check was sent and what's going on in that end. We are no longer mailing paper checks, so when you fill out the new agreement, you'll need to select another payout method. I'll let you know as soon as I hear from accounting. Let me know if you have any questions with the paperwork.

Thank you,
Christie"

"Hi Cory. My name is Jill Parodi from the WTS Accounting Department. I have your balance as $612.00. Your payment has been on hold because we are not sending paper checks any more. Christie Lazzara sent your new contract and within that contract you can provide your banking information. As soon as that is returned I will be more than happy to get your account set up send your funds. Until then your account will remain on hold.

If you have any more questions, please let me know.

Thank you,
Jill Parodi
Accounting Department"

Then another payout period...

"Payout Calculation for Gerco, Inc. -- GERCO
from 03/16/2012 to 03/31/2012

Total Check (ACH) Sales
0.00 Originations
90.00 Gross Settlements
0.00 Collections
0.00 Processing Fee
0.00 Late Returns
0.00 Refunds
0.00 Hold-Back
4.50 Reserve
0.00 Reserve Repayment
0.00 Special Credits
85.50 Check Net Payout

85.50 Subtotal Payout for GERCO

85.50 Adjusted Total Payout"

Then the termination letter...

So are they going to stop processing the checks abouve, or keep processing them and just keeping the cash for themselves,

And again what about the 85.50+612= 697.50 owed to me currently? (plus the reservers)

pop goes the weasel.

Seems they just terminated their agreement based on what it stated and they wanted changed. Now they are going to go forward with you under a new agreement. Once you provide them with information they will wire your cash or ACH it into your account.

I don't know, I emailed them and have not gotten a response to that question. Looks to be as if they have just terminated the account and thats it.

This was the entire email....

"
Hi Cory,

Please see the attached Termination Notice.

Thank you,
Christie
"

Nothing about it being a termination to move forward under the new agreement etc...

If what you say is the case, I'll know in a bit. I've been burned by at least 4 billers in the past so this would be of no surprise.

That was my first thought as well.

Nope they just to pulled the account...

Email from them

"Hi Cory,

Due to the low volume and subsequent return risk Gerco, Inc. poses, WTS terminated the agreement and will hold the balance of the account as a reserve for a minimum of 180 days from termination or from the last return received on behalf of Gerco, Inc.

Thank you,
Christie"

In 8 years I've not had a single return, and the "low volume" is due to the fact that wts is not even currently setup on my site to receive new transactions, which I had specifically ask them to reset it up in prior emails with them. SO in 180 days I'll supposedly get a wire from them to finalize the account, kind of like ibill stock options I'm thinking...

And no mention as to them terminating the actual current transactions they process... I guess they will continue to just keep billing them and keeping the cash.

Also, as far as risk... My current ccbill chargeback ratio is 1.3% for the year.