I recently have been shopping for a merchant account for my online business. Unfortuantely from a past business venture with an unreliable partner, my credit was damaged. I came across an Online Data website that promtoed "Guaranteed" approval for a merchant account so I signed up.
I thought all was going good until I had to fax DL and SS card more than 3 times. Then after waiting over a week I began communicating with Susan in Underwriting. I also had to fax her more of the same paperwork. She then told me finally that everything looked great and I would receive my final approval email that day. It never came.
Now let me point out that indeed I was setup instantly however if you are not in final approval status the funds are held and if you are declined your funds are held for a min of 90 days. I was not about to charge any cards until I was completely approvaed anyway. I thought this time had come but no of course 2 days later I try calling and calling and Susan will no longer take my calls and instead I get the following email.
Online Data Corp. Has established qualification standards for the continued processing of credit cards. Our Risk Division continuously reviews the products or services being merchandised, as well as the method in which they are sold. Also evaluated are the financial responsibility of the business and the history of the financial responsibility of the principle (s).
Based on our investigation, we are sorry to advise you that your business did not meet the ongoing qualifications, and therefore, will not be eligible for continued processing of credit cards through our system.
Any funds processed through your Merchant Account will be held in a security reserve for a minimum of 90 days.
Sincerely,
Underwriting Division
Online Data Corporation
Stay away from this company. It will harm you more than help you
Trinity
Clearwater, Florida
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