I own a business and used goemerchant and ipayment to process online credit cards. For no reason ipayment froze over $10,000 of our money. They told us several stories as to why and made us do several things to get the money back, however that was a month ago and still no money.
They have given us nothing legal to show why or where the money is. They are holding it from both the customers and us collecting interest obviously. The only thing that saved us was immediately crediting some customers cards and having honest customers who repaid.
We had to close our business account to avoid them debiting even more money. According to ipayment we now have been charged hundreds and hundreds of dollars in fees. For what, we have no clue. I did find out they are backed by Chase bank (should have known)
Can someone tell me how a company can take money from a business like this and hold it? The customers have their product. Am I supposed to absorb the loss? How can a small business do that? I blame goemerchant equally since I trusted them to asign me a trustable company. They have offered no help in resolving this other than to set up a new account, yea, like we are stupid and would again trust them. Am I alone out here? Anyone else have any advice?
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