Merchant Processing (credit card processing done by stores, websites, etc.) are most often sold by independent sales reprs (ISO's or Agents). ISO's earn a bulk of their compensations from a percentage of card processing fees, in the form of residuals.
Harbortouch (formerly United BankCard) contracts with ISO to pay these fees one month in arrears, over the past few months this time frame has slipped to 5 weeks, and as 2/9 it has extended to 7 weeks. ISO have to call and enquire about their residual payments - Harbortouch doesn't announce delays.
Calls, emails, etc to supervisors & middle managers go un-responded to. No one is ever available, so when you do get a live person, all they say is "we are waiting on senior managers to let us know when the residuals will be released..." If you can get transferred to a manager - the call goes straight to voicemail.
Harbortouch knows that ISO's don't want to switch their clients to other processors that pay their residuals on time; it results in their clients paying extra fees, and incurring transition headaches.
It is easy to understand hoe Jason Isaacman was included in the list of most successful college dropouts, he has his sales force to finance him - with our without their permission Jason Issacman Worth $50 million
Dave, Baltimore, MD
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