- Report: #1158313
Report - Rebuttal - Arbitrate
Complaint Review: Sparkpay, Square, EMS, Paypal & Stripe Are Unethical
Sparkpay, Square, EMS, Paypal & Stripe Are UnethicalNationwide USA
Sparkpay, Square, EMS, Paypal & Stripe Are Unethical Unthical Pratices by: Sparkpay, Square, EMS, Paypal & Stripe. Worldwide
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Our company has been in business for over 18 years and we noticed a disturbing trend among merchant accounts. We have conducted in-depth research and have found that many of these merchants guarantee that anyone can quickly signup and start accepting payments from buyers. We concluded that not only is this not true, but, it is yielding merchant banking companies tens of millions annually.
We have contacted over 150 small businesses who have been in business for 10 years or more. These businesses are stable and ethical with a good track record. All these businesses have used one more of the the following companies: Starkpay, Paypal, Square, Stripe, Amazon, EMS, etc... All these companies have had the same experience... they opened an account and immediately started charging hundreds or thousands of dollars, then two to six weeks later their accounts are immediately closed without explanation and their money is on hold up to 1 year?
These closed merchant accounts receive an industry letter saying the account is high risk and you'll receive your money in 6 plus months, except for Paypal who will keep your money forever. Now, Stripe, Amazon, Starkpay, Paypal, Square and virtually impossible to contact by phone. In many cases, small business owners have shipped out their products and simply lose thousands of dollars. One business owner lost $17,000 and it destroyed his small business. Paypal will not allow you to refund or have access to your money... even after you send out your products.
Solution. I'm sad to say this, you simply can't trust merchant accounts. We have done an exhausted search on good banking practices and can't recommend one honest bank. If you're a small business I recommend transitioning to a cash based business. If you're selling online, consider Postal Money Orders. It will guarantee you won't lose your money. We think these merchant companies are making hundreds of millions by parking your money for six months or more. Paypal, simply steals your money... because they are so so big. Good Luck, Angies List Specialist
This report was posted on Ripoff Report on 06/29/2014 11:23 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sparkpay-Square-EMS-Paypal-Stripe-Are-Unethical/nationwide/Sparkpay-Square-EMS-Paypal-Stripe-Are-Unethical-Unthical-Pratices-by-Sparkpay-Squa-1158313. 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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