ED Magedson – Founder
First Data Corp1307 Walt Whitman Road Melville, New York United States of America
We did everything in our control in order to prove that we are a legitimate low risk business:
First Data needed additional documents to get more information about our business and determine the appropriate hold amount. They were using these documents not to help clarify the issue but against us, their customers.
First Data minimizes the risk by holding merchant funds and at the same time maximizes its profit by collecting interest from these funds while asking merchant to pay in full all fees for their service. It looks like First Data merchant service cannot make any profit without RIPPING OFF CUSTOMERS.
They make merchants, consumers, suppliers and manufacturers hostages of their improper business practices. It would be interesting to see what their risk analysts would say if somebody put their paychecks on hold for few months
I RECOMMEND READING THEIR AGREEMENT; IT EXPLAINS HOW THEY CAN ABUSE YOUR BUSINESS.
STAY AWAY FROM THIS COMPANY. FIRST DATA IS THE WORST MERCHANT SERVICE PROVIDER WE EVER DEALT WITH.
This report was posted on Ripoff Report on 04/18/2011 08:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Data-Corp/Melville-New-York-11747/First-Data-Corp-Small-Business-Abuse-by-First-Data-Melville-New-York-719240. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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