I wouldn't recommend this company to any small business owner to process your credit cards. What they don't tell you is that if you have a high volume of charges in a month... (over $10,000) the bank that handles their money (ipayment) will do a risk assessment and unless you carry a balance of over $1o, oooo in your account for 3 months or more they will decline your deposit and make you refund it back to your customer. Now it gets better. Central payment will then charge you the 3% fee anyway on the charge and charge you 3% for the return.in my case I had a charge for a large order that came to $26,000 and it went through my card machine no problem. Several days later, instead of seeing a nice deposit in my bank account I get a call from ipayment telling me that unless I can prove I carry a minimum of $10,000 or more in my checking account for the last 3 months,
They would not be giving me my money and I would have to reverse the charges. The reasoning is that if there is a chargeback in the next 6 months they have to make sure I had the money to return to the customer. I have never had a return in the 3 years I used centralpayment so I don't think I was a high risk for a return. 3 days after I did a return for $26,000 I get a charge on my bank account for $1,560! You are reading that right...$1,560.00 Centralpayment felt they deserved almost a couple of thousand dollars for doing nothing except for taking my customers charge, holding it for a week and then ordering me to give it back. After the fee was charged to me I called centralpayment to see if they could waive the charges because I didn't get any money from this transaction. I was told they could give me $200 back and would only take $1,360 instead. Wow! Aren't they awesome!
Needles to say, I have cancelled my service with them and I have a new one with my local bank... Who could not believe what was done to me by centralpayment. If I now run into a problem with a large order my bank will work with me ot make sure everything goes a lot smoother. I switched my service from my bank to centralpaymnet strictly because I was convinced by a salesman they were cheaper. (And they were) but the $30 or so I saved every month was wiped out in one big theft by centralpayment policy. I just wanted to give my 2 cents on what I had happen to me. I am just a small t-shirt printing business who found out the hard way that big banks always win. I would have loved to have heard centralpayment say we understand what happened and we would be happy to return the charges to you. (Now that would be great customer service) Oh well. Live and learn I guess.