I own a small business and have been using RBS LYNK, a.K.A. RBS Worldpay to process my credit card receipts, over 3 years. I was informed on 10/27 that RBS was going to withhold 25% of my daily credit card receipts, until a "chargeback reserve fund" of $4000 was met. This change was "based in whole or in part, upon my transaction history, as well as information reviewed from Equifax." Though my business has had only a handful of chargebacks, (customer disputed charges), while processing well over 1 million dollars in transactions in that 3 year period. Only 2 fraudulent purchases resulting in chargebacks.
Upon receipt of the reserve fund policy, I phoned RBS account executive Cheryl A. Brown, asked about the change in terms of merchant agreement, requiring a "security deposit" and was informed this decision was final. Though according to "the contract", that had the right to do so. I also had the right to JUST SAY NO... THANKS! I promptly found another credit card processing company, (with substantial savings to me, by the way). I terminated my services with RBS Worldpay on 11/18. Even though I ceased doing business with RBS, I was informed they would hold MY MONEY for 3 months, with no interest... RIPOFF!
To this date, I still have not been provided any accounting of the deductions that were made from my merchant account, so the amount taken is approximate. RBS has also deducted $195 from my account for early termination of "contract, even though I have "cause" to terminate contract. I guess they don't like the word NO... THANKS!
In November I filed in small claims court in the state of Florida. Due to litigation, I have been in contact with RBS lawyer Douglas Sandberg. On 1/28 he advised they would release "the funds" upon signing a release of liability for RBS and proof of me dismissing the case. Mr. Sandberg indicated on that date, he would "get me a release document to sign within the next 24 hours." That was more than 2 weeks ago!!! Ironically today, 1 day over 3 months to the date of my terminating the services of RBS, I received the release requiring me to: Sign send back to them, then MY MONEY would be returned! I still have not received proper accounting of the deductions TAKEN from my merchant account. I am currently reviewing the agreement put forth by RBS, and also collecting data on the "damages" my company suffered from loss of the operating capitol I incurred at a critical time in my retail year...
It's bad enough the banks received TARP funds, which all taxpayers are footing the bill, at least they will be paying interest. Yet this company decided to screw me, (and maybe you), the small business owner, for an INTEREST FREE LOAN!
Best advise for small business, JUST SAY NO to RBS WORLDPAY:
1. DO NOT SIGN any contracts with credit card processors, as the fine print allows them to do anything short of pimping your first born. You can find processors, that don't require contracts, as I did, now.
2. DO NOT do business with RBS LYNK, RBS Worldpay a division of Royal Bank of Scotland Group, under Citizens Financial Group, Inc dba RBS Citizens, N.A. And Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New
Jersey, New York, Pennsylvania, Rhode Island and Vermont. They may do the same to your business...
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