Quote:
Originally Posted by cjhmdm
Tomas, since you're back and are responding to these issues again, could you please address the following?
1. Rates doubled overnight without any notification whatsoever. Granted, the fees are still lower than the competitors, and I'm not complaining about the fees themselves, but the sudden increase with no notification is an issue for me.
2. Some new 5% holding apparently due to some new policies from Mastercard. But then, we're also being told that the 5% hold back is being used to fund redpass.com, which is umm... stealing? Or is it borrowing without permission since we're getting it back? Point is, it feels more like a loan than a hold back, and they're not paying us interest on said loan. No matter how you look at it, using our funds to pay fund their project is a big no no.
(copy/pasted because I'm lazy)
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1. Rates was not doubled over night. A postal "snail"-mail was sent out to all merchants in December (to the principal address).
2. The 5% is from new policies, yes. It is also regulated in all agreements. I have NEVER stated that it is to fund redpass, however it happends because with redpass, the cawen/zombaio portfolio too large to run without reserves. What happens is the Cawen (the new processing company) became a legal financial institution and does now have full principal memberships with MasterCard for issuing and acquiring. So the 5% reserve is for the Cawen portfolio (where zombaio is a part), again, not to fund redpass.
It's not a loan, its not steeling, its a reserve. You have that with all other direct merchant accounts or ipsp's. We need to be able to adopt changes, the HR processing is not what it was a few years ago.