The nature of our business, edimestore is retail sales of electronics through drop shipping sources. Basically someone buys something, it gets processed by ecommerce exchange, we purchase the item from our supplier after the transaction settles and then we ship the item. Usually the next day or two after a transaction settles we have our money transfered to our bank account.
On April 25, 2008 a company based in Texas purchased a Cisco networking switch from us for $2936 in total. As usual, on the 26th ecommerce exchange processed the transaction and it settled successfully. Because of this we purchased the switch from our supplier and shipped it to the customer. We made a profit of about $200 on the sale.
Unknown to me, our money was never transferred into our bank account... I checked out Bank of America checking balance on 5/8/2008 to see if a refund had ever been processed for a customer and I discovered we were about $900 overdrawn. We made a sale of $550 that day and the transaction settled. Only after looking over our statement did I realize ecommerce exchange had never deposited our money.
I called ecommerce exchange on Friday 5/9/2008 and was transfered to the risk department who told me that because my average transaction size was about $300, the funds were on hold until I could produce an invoice. I promptly faxed the invoice 2 times within 1 hour of speaking to a person named Anthony at ecommerce exchange.
Now it is Wednesday 5/14/2008 and we have yet to receive the $2936 or the $550 from 5/8/2008 that settled. Our Bank account is now $1400 overdrawn, and we have lost double our $200 profit on the sale in the form of about $400 in overdraft fees.
eCommerce Exchange has not called me since Friday to state that there was any issue.
I do not have the funds to cover the overdraft amount as all my money is tied up for the purchase of our new home, and to cover costs of our second Child which is due in the next month.
I left a voicemail with the person I spoke to on Friday named Anthony and told him we needed all of our money which is being held tommorrow, and that we demand that they pay our overdraft fees.
What are we to do? Will we ever get our money? We tried to explain to Bank Of America our issues and they refused to waive any overdraft fees and demanded we bring our account up to date. I am unable to do it and because of ecommerce Exchange I fear we may be out of business soon.