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Old 31st October 2011, 08:57 AM   #11
tobuso
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Quote:
Originally Posted by poshbabystore View Post
Hi I am a mom home based business and the exact same thing happened to me that happened to i marine business owner. I sell baby and children items in my web site at poshbabystore. and sales were higher than expected and I have to pay my designers to process customers orders. Its a mess and I insist to work and talk to William Broger to fix this. They have money on hold and wont release it to the customers i refunded because i need that money to get paid some customers have already got their product but I have yet to be paid for the orders. I am upset and frustrated. I demanded they close my account and refund customer but i got the same comments i marine did. But i am trying to work with them to get that money back into my bank so i can finish to process all those orders i have outstanding. Customers are now fussy. I hate it when companies have no transparency and think they can do whatever they want. I will give a update lets see if they will come to a compromise with me. Here to hoping!!

I didn't work with Bank of America just First Data alone in house.

Note: They did close my account but now the system is showing I am a high Risk blah blah.......
This stuff happens all the time when you are not using a processor that holds its own risk. Or one that is so big that the risk profile is very high. Call me if you need to get setup and we can go over everything. Philip 864-735-5366

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Old 13th January 2012, 03:55 PM   #12
merchant_guru
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Unfortunately, when you sign up for a Merchant Account with a bank you are really on your own. Its important to shop around and find someone you can trust who will be there for you if you encounter problems once the Merchant Account is operational.

Russ

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Old 17th January 2012, 10:37 AM   #13
tobuso
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Banks use processors like us or First Data in the case of Bank Of America. They are simply resellers of a product they do not service. This is also true of mortgages, insurance, and other products they carry but then sell off on a secondary market.

Banks simply make the sale and then package it up and sell it or they just refer the deal to the provider itself.

If you want to work directly with a provider call us

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Old 26th September 2012, 10:15 AM   #14
imarinepower
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Default An update

Googled myself and saw this article I wrote. Its now 2012, my business is closed and I'm on some sort of black list that prevents me from any merchant accounts. Its a sad story, but its a story of big business picking on the little guy. I had 25K stolen by FirstData and have never gotten a penny. Looking back on some of the post, I see that most members recommended doing business with smaller, local institutions. My advice is to beware, as most of the use FirstData as a merchant services provider.

It turns out our main issue was we failed to forecast our sales properly and, as a result, when our business flourished we were punished. There is no regulation in this industry, there is no oversight. These clowns can do what they want.

2 years later, I have troubles getting a bank account because BoA has me on some watch list. I couldn't get a merchant account if I wanted to. All the while, iMarinePower passed audits from the United States Defense Logistics Agency, won several DoD contracts and never ONCE had any chargeback issues with FirstData.

Boycott these clowns. DO NOT SIGN UP WITH THEM. Facts are facts.

Matthew E. Prude

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Old 27th September 2012, 01:47 AM   #15
Michael321
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Originally Posted by raydog View Post
I would recommend dealing with a community bank or credit union whenever you can.
Should agree with raydog..

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Old 1st October 2012, 11:51 PM   #16
Victor196
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Itís nearly impossible to correctly forecast monthly volume and average/high ticket when your business is growing. And you donít have to.

Keep track of your monthly sales and when close to the limit call processor and explain why you are looking for increase. They might increase your existing account or tell you to fill out another application with higher limits. The same applies to average/high ticket.

If you continue processing above monthly limit or run transaction larger then approved high ticket you will be violating merchant agreement and reserve account will be created (funds frozen).

Contact processor if you decide to sell different type of product or service. Make sure to contact them before making any changes, not after. They will instruct you on further actions if needed.

Also call processor to get authorization before running any suspicious transaction, even if itís smaller than high ticket and you are far away from monthly limit. If transaction is denied donít think that you lost sale, think you avoided chargeback. Ask customer for a different form of payment.

Follow these simple rules to stay out of trouble. Itís doesnít matter who you are processing with: local bank, credit union or direct processor. They all have similar agreements.

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Old 30th September 2013, 02:34 PM   #17
twhansbury
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Quote:
Originally Posted by Michael321 View Post
Should agree with raydog..
Has anyone used or explored Square?
A few service providers, bill me with them and have told me that they are happy.
Here is a review i found regarding them.
http://www.cardfellow.com/blog/squar...ew-rates-fees/

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