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We are not sure what steps to take. We currently use Miva, ValueWeb (host), Authorizenet (processor) and Wells Fargo.
We thank you for your time!
Hope this helps
I would be asking your payment processor what in heck it's velocity checking was doing - taking a nap?
Alas you've been stung by an all to familiar activity - merchants have lost their processing accounts due to this kind of activity.
Without knowing the precise details it's difficult to give you any pointers on what to do to prevent this happening - sticky me and we can explore in more detail.
Overnight batching or real time auth isn't really the issue - so long as you don't submit for payment before the goods leave you you are OK with real time auth - although overnight batching may have helped you ID the problem and bin the 30,000 requests.
Get in touch and we'll see what we can do for you.
Now are all of these just transaction costs or did you also get hit with a lot of chargebacks?
You should call both companies & speak with them. Since both companies are separate, it might be difficult, but perseverance should pay off.
I think they should not make him pay for anything. I know some banks would not charge anything if this were to happen.
Anyway, I have emailed Authorizenet regarding issue. They said their engineers are trying to find the source of the activities. To answer the last question, I believe the fees are only for the transactions, not chargebacks.
Ill keep u all updated....
As a precaution, I would also switch to a different bank and processor, so they cannot unilaterially grab your funds.
If these companies don't have security measures to detect this type of thing, you don't want to be dealing with them anyways.
I actually have two merchant accounts. In this business I can't afford to lose my ability to process credit cards. it cost me about $60 more a month, but it is well worth the peace of mind.
Its also a lot cheaper than setting up a new shell company, incase you find yourself on the TMF list.