I own a small business and have been using RBS LYNK, a.k.a. RBS Worldpay to process my credit card receipts, for over 3 years. I was informed on 10/27/2009 that RBS was going to withhold 25% of my daily credit card receipts, until a "chargeback reserve fund" of $4000 was met. This change was "based in whole or in part, upon my transaction history, as well as information reviewed from Equifax."
Though my business has had only a handful of chargebacks, (customer disputed charges), while processing well over 1 million dollars in transactions in that 3 year period. Only 2 fraudulent purchases resulting in chargebacks.
Upon receipt of the NEW reserve fund policy, I phoned RBS account executive Cheryl A. Brown, asked about the change in terms of merchant agreement, requiring a "security deposit" and was informed this decision was final.
I also had the right to JUST SAY NO... Thanks! I promptly found another credit card processing company, (with substantial savings to me, by the way). I terminated my services with RBS WorldPay on 11/18/2009. Even though I ceased doing business with RBS, I was informed they would hold MY MONEY, just under $2500 for 3 months, with no interest... What a RIPOFF!
In November 2009, I filed in small claims court in the state of Florida. Due to litigation, I have been in contact with RBS lawyer Douglas Sandberg. Finally 3 months from the date I terminated business with RBS, I received the release requiring me to: Sign send back to them, then MY MONEY would be returned!
To this date, RBS WorldPay, Inc is still charging fees, debiting one of my checking accounts, and created an overdraft. Now my bank, Citizens is charging service charge fees, due to the overdraft! Ironically Citizens Bank, is a subsidiary of Royal Bank of Scotland, which is the parent company to RBS WorldPay, Inc!!!
It's bad enough the banks received TARP funds, which all taxpayers are footing the bill, at least they will be paying interest. Yet this company decided to screw me, (and maybe you), the small business owner, for an INTEREST FREE LOAN!
Best advise for small business, JUST SAY NO to RBS WORLDPAY:
1. DO NOT SIGN any contracts with any credit card processor, as the fine print allows them to do anything short of pimping your first born. You can find processors, that don't require contracts, as I have now
2. DO NOT do business with RBS LYNK, RBS Worldpay a division of Royal Bank of Scotland Group, under Citizens Financial Group, Inc dba RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
They may do the same to your business...