ED Magedson – Founder
North American BancardInternet USA
North American Bancard AKA Pay Anywhere Opens account, waits for you to process and holds your money.Internet
Much like the gentleman above, I really wish I would have realized and did a little more research to find out Pay Anywhere uses this North American Bancard to officially process. I opened an account, went throught the underwriting, and had my account approved.
I processed three transactions totaling just under $1,000.00. After five business days I was told my account is under review, that it is normal and would be officially opened in a couple days (I dont understand why they would allow transactions to process if my account was not fully opened). After three more days I still received nothing and was transfered to the "risk" department, which is just a fancy name for North American Bancard. I was told my business is considered high risk (consulting) and that my account would be closed.
At this point it would have just been frustrating and a bad customer service experience; but here is where it gets unbelievable. I asked when the funds would be released to me and they told be 180 days. I told them that was completely unacceptable, and that is they are going to hold it for that long to please just refund my customers back and even though it would be embarrassing, I will just inform them I need a new form of payment (Check, or whatever). They told me that they would not release the funds to me and they would refuse to credit the customer back. There is no other way to take this other than, we are taking your (or my customer's) money and holding it for ourselves.
I can certainly understand and appreciate that merchant processors have to worry about security and reducing their own risk; but this is just an unacceptable way of doing business. They fact that they opened my account, waited several days for me to start processing transactions and then put my account under review and cancel it. Something is not right here. I am just glad that I only processed the three transactions and then decided to wait to make sure they had processed everything correctly.
I would really think twice before using them.
This report was posted on Ripoff Report on 06/26/2013 01:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/North-American-Bancard/internet/North-American-Bancard-AKA-Pay-Anywhere-Opens-account-waits-for-you-to-process-and-holds-1062313. 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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