It all started out so well. I needed a merchant to process credit cards and Propay seemed to be the ideal solution - ok fees, low yearly fee, acceptance of all credit cards. So I signed up and started processing. It was bliss.
It was not until I tried to transfer the money to my bank account that I found out the bad news... Somewhere in the agreement forms it was mentioned that all funds processed will be held for 180 days - that's right SIX months, until they can be released. I tried to fight it but told myself "your mistake for not reading the small prints." So I waited the 6 months...
Come the 6months I tried again to transfer the money... Still can't. I called the customer service and get told "oh, sorry you can't. You need to build up a reserve of $3000.00" At this point I was aggravated and frustrated. Mind you, my account balance with Propay was (IS, the money is still with them at the moment I write this article) more than $3500.00 I point that out. To which I get "Oh sorry, they must have not taken the reserve out..."
So I said fine, "I would like to close my account."
-Sorry we can't until you transfer all your money.
Crazy, huh?
I will have to call them and battle to get my money, money that they have held for more than 6 months, money with which they probably made a big chunk of profit... Money that a small starting business could have used.
To sum up
- know what you're getting yourself into if you consider Propay
- read everything
- stay away from Propay
Lu,
[email protected]
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