Forum Moderators: buckworks
However our merchant account (no names to protect the gulity) does not seem to believe we could be achieving this success without creating problems. We have sold a lot of goods (3 times the turnover of last year) and only had 1 charge back (very small order). But our merchant account is withholding some 10% of our total turnover to secure themselves against future charge backs. We are in the travel industry.
First has anyone seen this with their merchant accounts?
I think we need to change merchant accounts. Any recommendations for account compatable with verisign. I think the list includes Paymentech, Vital, Nova, merchante solutions, Global Payment East and South.
they are basically covering their backside.
You are quite lucky, I know of companies who have had their facilities taken away when turnover suddenly increases, Banks have obviously not grasped the power of online marketing.
As long as the company who is holding the 10% is secure, then stick with them. We always looked at it as being in tha bank without any interest.
Be very careful choosing a new merchant account provider, lots of changes in the industry, brought about by Visa and MasterCard in relation to certain operators.
Shak
I do trust this merchant account to pay eventually. Just a major pain at the moment, cash flow etc in a quickly growing company. I suspose we should be very thankful for the growth and put this down to growing pains.
You thinks thats bad, we have a merchant account provider who is holding ALL our money, because we decided to stop a project for legal reasons, the amount is 6 figures and we have to wait till the 6months are up b4 we can get it back.
Same reason, "Security" in case we take the money and run, and all the clients put chargeback requests in.
Obviously forgot the fact about our 2 year trading history, 0,27% chargeback rate, and dozens of referalls for new customers.
Shak
