First Data signed me up for a 3 year contract, then they sold me $700 in software I never received, and did not need. They canceled my account 2 weeks later . Then they escrowed my $2000 in sales made from my web store, now they want me to pay all fees under the contract for 3 years + $700 in software fees that I never received and keep my $2000 of transactions for an additional 10 months.
The excuse or reason they claim for terminating our account: we sell software products internationally. They knew this when they signed us up. I really think there is more to this:
First Data is the largest credit card processor in the world. Many large companies use a Reserve Scam, to raise Capital for their companies by taking money from small vendors by simply suspending their accounts for no reason, although they will offer a lame excuse.
They refer the account holder, to the agreement they signed with them and they keep your money.
These large companies will commonly do this with lets say for example; 10,000 small accounts, Multiply it by $4000 they will hold in reserve, and a company like First Data, instantly creates a $40 Million Dollar interest free loan, for 10 months according to my agreement with First Data Card Services.
That is a lot of money. Free Money !
If you take a company like PayPal with 70 Million Accounts, you will see that 10,000 accounts is a very paltry amount.
First Data , ripped me off for 3 years of fees + $700 in Software I never received or could use + $ 2,000 in funds that were processed through them in the 10 days, they processed my transactions. All of my products were delivered, no complaints, no charge backs. Just some lame excuse to suspend my account and keep my money. If I do not keep quite, and play their game, they will destroy my credit as I have read in the Rip Off Report, by some of their other victims.
There are tons of horror stories on the internet, of these large processing companies ripping small merchants and people off. I knew of one company that was infamous for this scam, but never suspected that this practice was as wide spread and common as it is. In the last week I uncovered a wealth of information on this scam and to be honest, I did not go out of my way to find this information.
So beware, these companies will destroy you. And there is little you or I can do about it. You can't fight a Billion Dollar Entity.