Ipayments web site clearly states that up to a five day hold may be placed on your funds, (they process credit card charges for merchants) before they reach the merchants bank account. To their credit - most funds arrive in 24-48 hours.
However: they are claiming a "computer glitch" and are now holding the funds from ALL their merchants (nationwide) from Tuesday the 19th of June. When contacted on Friday the 22nd, they PROMISED that payments would reach merchant accounts by Monday the 25th. Monday is here, and they merely now state that maybe tomorrow.in the mean time, They have added another day of transaction to those that they are withholding, those from the 20th. This ammounts to a HUGE WINDFALL for what is one of the nations largest processors of credit card transactions... in interrest rates. They hold everyones money for a week or so, and the interrest they make is staggering. When contacted for the second time - today the 25th of June, they were: barely apologetic. Made no promises as to when their merchants would see their own money, and had the audacity to mention that I, the merchants processed enough money that it shouldnt hurt me.
They market themselves as the processor for the small business... The little guy. How dare they try and tell me who barely sees 2% margins, that their mishap shouldnt cause me a problem. This is about IPAYMENT (Chase/JP Morgan), not me. They did nothing to assure me that my money would arrive. Offerred no compensatory remuneration (hey - what about even minimally offering to waive the transactions fees for the days that are over their stated 5 day max holding period).. Something. Anything? No. Shame on IPAYMENT. Shame on their huge mega corporation parents, Chase and JP Morgan.
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