Quote:
Originally Posted by Konda
Processors/Acquirers always seem to be thinking they can get away with not paying out the remaining balance and/or holdback after an account is closed down for whatever reason (cb's, compliance issues, etc). Had it happen multiple times in the past 15 years and lost several 100K.
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No argument there...thats been my whole crusade to try and shed light on how often and easy this is done to people in business by those in the middle!
hypothetically he would be fucked if all of his overhead was tied up in that 40,000 k that the middle men are holding.
Fortunately he sounds as if he can take this hit and keep on dealing, but many get hit by the middle men and it actually destroys and ruins their business while the middle men get away scott free with impunity to do it with another client account at some future point.
They have too much rules and regs for us to follow but little to no way to hold them accountable other than GFY message boards when exhibit their desperate middlemen behavior.....this must be corrected.
It is only getting worse by the day, and I think many many many more mom and pops websites will shut down before any big named middle men...and you can take that to the pseudo bank!