ED Magedson – Founder
WePay Inc.380 Portage ave Palo Alto , California USA
WePay Inc. AKA The Corporation Trust Company Scam, Fradulant business practices. Palo Alto California
I was with wepay for 4 days. Transactions moved appropriately and we processed approximately $1,000 in transactions with them. After the first days we noticed the "reserve" Which means that once you reach a $500 limit they will hold everything after that for 7 days. We meet and exceed that mark daily. Not initially a problem but then they began to review the account. I provided personal information, business reviews, tax information, acreddidations etc. During the review process they continued to accept payments from my website but placed them all on a "Pending" status. Then at the end of the business day, conveniently, they closed my account supposedly refunding my clients and holding onto $256 dollars. Classifying my business as a "high risk" They made their money off of me and thats that. So I am filing formal complaints with the better business Bureau. here: http://www.bbb.org/sanjose/business-reviews/payment-processing-service/wepay-in-palo-alto-ca-1000002832/file-a-complaint I will also be filing civil litigation against this fraudulent company. In case anyone else wants business information or would be interested in a class action: Entity Name: WEPAY, INC. Entity Number: C3258629 Date Filed: 11/06/2009 Status: ACTIVE Jurisdiction: DELAWARE Entity Address: 380 PORTAGE AVENUE Entity City, State, Zip: PALO ALTO CA 94306 Agent for Service of Process: BILL CLERICO Agent Address: 380 PORTAGE AVENUE Agent City, State, Zip: PALO ALTO CA 94306 Please note, they are a Delaware entity doing business in California. Many known scam companies operate the same way. Stay way from wepay. Delaware Registration information can be found here: https://delecorp.delaware.gov/tin/controller The CEO's LinkedIn page is here: http://www.linkedin.com/in/billclerico
This report was posted on Ripoff Report on 06/27/2013 05:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/WePay-Inc-/Palo-Alto-California-94306/WePay-Inc-AKA-The-Corporation-Trust-Company-Scam-Fradulant-business-practices-Palo-A-1062686. 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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