ECheck.net provides online check cashing services to small businesses. Similar to credit card processing services.in fact, eCheck.net is owned by Authorize.net which appears to be owned by Cybersource which is owned by — big surprise — Visa.
Ten months ago eCheck and Authorize.net began charging us $10 per month for their service. About a week ago I used their eCheck service for the first time. I called in advance, talked to a rep who walked me through the process. Pretty easy. I processed a $1,500 check payment from a client. It was the final payment on their account for work we completed.
A couple of days later I received an email saying I was not "fully approved" for their service and the $1,500 was on hold for 90 days.
I called them immediately. They acknowledged that they had been collecting my $10 and they would be charging me around 2% of processing the $1,500 for the check. They said I had only been "pre-approved" for the service but not formally approved. So, they were charging me for the service, but I wasn't actually approved — nice.
They needed more information to formally approve me, but regardless of the information or the status of the account they would take the 2% and hold on to the money for 90 days... 90 days!
I talked with at least four people. No body was interested in really helping. Very unhelpful. A rather amazing they think it's okay to hold onto the money for 90 days.
Our company has two other authorize.net credit card processing accounts. We're closing one next week. It will take us another month to close the other one. What a scam.
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