Experience with Paymentech

Delays in deposits?

[lgn1]

We just switched to Paymentech for CC processing. Our sales rep said that deposits should appear with 24 hours of batch closing.

Its been three days and no deposits.

I ready to call them to see if they messed up our banking info, but I did a web search on paymentech and I heard stories of deposits taking over a week, which is kind of scarry.

Anybody had experience with Paymentech and delayed deposits.

Here in Canada, we normally expect batches that close before midnight to be deposited by 8:00 AM next morning. This was our expeience with Global Payments, but they were just getting to expensive.

If deposits take over a week, the accounting is going to be a nightmare

[gabidi]

If your deposits are in USD then it could take up to 3 biz days to get it deposited. CAD deposits are usually over night.

[Corey Bryant]

"Sales rep" - that's where the problem lies. Most will tell you anything / everything to get you to sign up. That's why so many companies get a bad rep. Merchants rely on what was being told to them but do not bother reading the contract.

-Corey

[lgn1]

I also been told that many problems with Paymentech are not with Paymentech but with various ISO's that assumes the risk for some merchants who would normally not get a Merchant account.

We are dealing directly with Paymentech. The less people in the food chain the better.

Our batches are closing at 1:00 AM and my understanding is that batches must close before midnight, or else it will add another 24 hours to the deposits.

It took 3 days to get my Canadian Deposits. Looks like US is going to be 4 days plus.

Living in a country where a physical cheque cashed in Vancouver, will be taken out of your bank account in Montreal (4000 miles away) within 24 hours, 72 hours plus for a totally electronic transaction does not seem reasonable.

[slaterza]

I have used Paymentech (CHASE BANK - USA) for over 3 years and no problems. The deposits are always 3 to 4 days off - but thats not too big of a problem.