I have been running a business for 40 years now and have been accepting credit cards for 25 years. We currently have been processing between 20,000.00 and $30,000.00 a month in credit card sales and recently put through $19,000.00 worth of sales in two days and had another $20,000.00 to go through in the next two days. On the third day I went to my bank and asked if they new why none of the funds had been placed into my account. They did not know. I rang First Data who is the largest credit processing company in the USA, and was told by a gentleman named Gideon Jackson that our account had been suspended because we had had an average of 5 % in chargebacks recently. I argued that we had won every single charge back and this is the norm for the industry that I represent. He then told me that I needed to send in two years of financials, current financial statements, an executed bank reference and an account update survey.
After sending all of this information to him, he said to me that First Data would be holding our $19,000.00 for 30-90 days and for me to go find a new merchant processor while they hold our funds. I said that it is illegal for you to do this, he said that I signed papers that allows us to do this. Even though we had another $20,000.00 to process and need our funds to continue operations, he refused to give us our money. I called his office on several occasions and no one would respond and I was put back through to Gideon Jackson's voice mail. THIS IS THE BIGGEST SCAM, RIPOFF AND EXTORTION THAT I HAVE EVER FACED IN 40 YEARS OF BUSINESS!!! I have a perfect credit rating and if anyone would like to contact me that have had the same problem feel free to call me on my cell # 714-404-0512.
Terry smith
Newport Coast, California
U.S.A.
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