The Rapid Advance Company and its reps fail to follow through on their promises, advertisements, and have not fulfilled their "funding in 10 business days. Their process has not been easy nor has it been hassle free as their web site also advertises. Their Web site states there is no need to switch your current credit card processing company, yet they hold up funding with the excuse that they need to switch your credit card processor and see A BATCH before funding can be transferred. Not at any time do they state they will start taking their cut of 35% of each day's processing even before they transfer funds that are conditional on them being entitled to a single dime of your company's credit card proceedings. Their reps never include this tad bit of information until they have already suckered your company into changing to their chosen credit card processor. They advertise that you do not need a personal guarantee nor any security to get these advances to help with your business's cash needs, yet they run the company owner's credit and require all owners to sign as personal guarantors on these advances.
After Rapid Advance has taken the owners' credit scores down, seen the company's bank and credit card processing records, and obtain funds by false pretenses, this company refuses to return phone calls, refuses to honor their contracts and hides this nice little clause in little writing that says they have the right to refuse funding on the advance purchase. After they have tied up our company's processing of credit and debit cards for over a week at this point. This does not help a company that has come to Rapid Advance for additional cash as it further limits the cash available to the company requesting an advance on their future credit card sales.
In my opinion, these actions constitute fraud as Rapid Advance trapped our company into switching credit card processing companies with the promise of advancing our company $7000.00. They got us to turn over property by false means as they have not followed through on their side, but have obtained $210.99 according to Integrity from our credit card processing proceeds.
Our company was contacted by their agent, Ryan Cooper at Steady Capital on April 26, 2009 stating they could get us $7800.00 and have us funded in 72 hours or less. He faxed us the contract, it was signed and faxed back on May 1, 2009. On May 2, 2009, this company then switched our credit processing over to their processor. Their processor processed our credit cards for 4 days, taking what was supposedly for Rapid Advance still with no transfer of the funds promised of $7800.00. Between May 3 and May 13, 2009, I personally on behalf of our company called, always receiving voice mail, 42 times to Ryan Cooper.
On May 13, 2009, I looked up Rapid Advance in the internet directly. I contacted their customer service department, explained to them what had been going on, and asking when funding would be transferred. I was transferred to Devin in their sales department. He informed me that their company did not know any thing about Steady Capital and it was not their agent, that our application had never been forwarded from Steady Capital to their company. He further told me that if I would fax him the contract that we had signed for "Steady Capital" he would see if their company could fund us for that amount.
I did as I was instructed while I was on the phone with him. He stated he would also need 4 months of our previous credit card statements as well as 2 months of our bank statements. I faxed these as well. On May 15, 2009, Devin sent us a "new contract" stating Rapid Advance agreed to buy our future credit card sales in exchange for an advance on these future sales for the amount of $7000.00. I had the owner of our company sign this contract on May 15, 2009 and faxed it back to Devin on May 15, 2009. After faxing it back, I called and spoke with Devin to make sure he had received all pages.
Additionally, I wanted to be able to verify that there was nothing else that was needed to push this through in their 10-day period of funding. I was told he had everything he needed and it should be funded by Tuesday or Wednesday. On May 19, 2009, I was called by Devin to state that everything was going great and transfer of funds should be completed by Wednesday. On Wednesday, I was called by Devin, who told me that Umaru Mansaray would be calling us to give us our new credit card processing company's information and merchant ID number so that everything could be completed and funds could be transferred to our bank account. While on the phone with Devin, Umaru called on the other line.
I let Devin go and spoke with Umaru. He gave me our information as well as connected me with the credit card processing company they had chosen for us to use, (Integrity Payment Systems, LLC) As of 2:43 pm we had their software downloaded into our machine. Our first batch with this company for Rapid advance occurred on Thursday, May 21, 2009 as we could not process any debit cards on Wednesday, May 20, 2009 and had no credit cards on that day. On Wednesday, Thursday and Friday, May 20 through May 22, 2009 we were unable to process any debits. Rapid advance reps, both Devin and Umaru, promised and guaranteed that our pin pad and machine were fully comparable and would not need to be changed, nor would our processing be effected by the process company switch. Needless to say, our processing was greatly affected when we were unable to process debit cards. I left voice messages for both Devin and Umaru on Wednesday, Thursday, and Friday without any return calls, trying to alert them to the problem with our equipment not being compatible, as well as trying to find out why no funds had been transferred to our account by Friday.
When funds still had not been transferred to our company's account on Friday, May 22, 2009. I called Rapid Advance and went straight to the operator, asking to be put through to a supervisor. At this point, my boss, the owner of our company was pretty ticked to say the least, as we had over $500.00 in credit cards that had been processed, none of which we had seen a dime of, as well as the promised $7000.00 still had not arrived. So we had $7500.00 out there some place not available to the company with pay role to meet, business expenses, and operating expenses that were due to be paid out by our company. I was instead put back through to Devin. He apologized that underwriting had held things up and that funding would not happen until Tuesday, May 26, 2009.
On Tuesday, May 26, 2009, I called back when funding had not occurred by noon as promised. I refused to speak with either Devin or Umaru and demanded to speak with their supervisor. I was connected to Earl Batchal, (unsure if this is the correct spelling of his last name). He said he would personally find out what was going on and would get the answers to our questions. That afternoon, Earl called both the owner of the company and myself individually, telling us both that he had everything he needed and that the problem was that our machine had not processed the minimal $145.00 or more per day for the previous two days. He stated he was trying to get an exception made as it was his company reps fault for the misinformation that our equipment would be compatible and our processing would not be affected, whereas it had been and was the reason the transfer of funds had not occurred. We went back and forth with Rapid advance reps for the remainder of the day, resulting in Devin calling me personally and telling me he had told us there was a minimal processing required before funds could be released. I let him know he needed to pull his phone records as he would find out that he had told us his company had needed to see A BATCH to make sure processing was going through their process company. He tried finished the conversation off with no funding would occur without a payoff letter being provided. I ask him why he had not informed us of this, nor had either Umaru or Earl. If this was needed why had all three told us that they had everything needed and had promised us 3 times now that funding was being transferred. He at that point stated he needed to do more research. I had to wait until the following morning to be able to fax this pay off letter as our business had already closed for the day when Devin informed me he needed this payoff letter, which was faxed before 10 am.
On Wednesday, May 27, 2009 we were highly angry over the situation. Earl called me and said to tell both Devin and Umaru that we were working with him now. Umarau called the office while I was out and verified the company bank account information with the company owner. He told the owner that funds were being transferred. Umaru then called me to verify the Comapny's EIN, again stating that the funding would be in our bank account before the close of business. It was not in the bank at the close of our day.
We checked things first thing this morning and once again, no funds had been sent. In addition, we were informed that we had no credit card transactions since Rapid Advance had switch us to Integrity. I started calling Rapid Advance at 8:45 am EST. I started leaving messages to everyone on the phone menu dial by menu. The only person to return my call was the company's counsel, J. Looney, only to say he would have someone get back to us. This was done when Earl called to say that he was on our side and was trying to change the underwriting department's mind as they were now denying the advance because our credit card processing was not as high as they had expected it to be for our company. Earl stated he would call us back with an update once he had gone to the underwriters after he had me fax him copies of Repair tickets that we had been paid cash by our customers after having to send them to their banks for cash because we could not process any of their debits. The total of these tickets for just the 22 of May was over $800.00.
When I had not received a update from Earl and no return calls to my voice mails, I again called Rapid Advance's counsel, J. Looney as he had instructed me to call him back if the situation was not resolved to our satisfaction. When I was put through to him, he apologized for not calling me back to make sure things had been resolved and that he had been updated that our file had been sent back to the underwriting committee that would meet tonight or tomorrow morning. He stated if I did not hear from him tonight to call him first thing tomorrow morning at around 9:30 am.
At this point, I do not believe this company is going to honor the signed contract we agreed to with them to purchase $7000.00 of our future credit card sales, nor do I believe they are going to return the funds they have already collected from our company's credit card processing.
Additionally, I do not see our company recovering or receiving any of the $500.00 of the credit card proceedings that we have batched since Wednesday, May 20, 2009. Our company made the decision to proceed with this agreement after much discussion, clarification, and review of our company's records in order to use the funds to pay off many small debts in exchange for one debt. This has not turned out as any at Rapid Advance led us to believe and in turn has put our company in a strapped position with a second week of pay roll, business and operating expenses approaching, but not follow through from Rapid Advance on their end of the deal, but richer in their pockets as they have helped fleece our company out of $500.00 dollars at this point, in turn causing hardship on our company that was trying to firm up their stability.
Goldsboro, North Carolina