Merchants also need to beware of cards issued by Accountnow. They took my customers payment for the purchase of item we manufactured & shipped to them only to have Accountnow 2 months later issue a chargeback to our merchant account. They kept both the customers funds and reclaimed their payment to us so they made out on both ends of the deal. We issued what they called an 'unauthorized transaction' to their customer as the transaction was captured 3 days past the 7 day right to cancel an issued approval. No issuing bank in our almost 20 years on the internet ever used this loop hole to reverse charges on our merchant account as it takes 2 weeks to manufacture product and we have never settled payment before then. However Accountnow has figured out a way to take their cardholders money and the reverse the charges paid to the merchant and keep the funds from both ends.
I can see this being valid chargeback if the card holder initiated it as "unauthorized" but they didn't or if the "unauthorized funds" are returned to the card holder. Accountnow initiates these chargebacks on their behalf, does not notify the cardholder of their action to reverse payment sent to the merchant, and then keeps the funds from both parties. This is a completely fraudulent way to conduct business and complaints will be filed with the BBB, consumer affairs and the FTC. Nancy Janeliunas, Owner of Janeliunas Jewelry
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