I have been using Worldpay since May 2011. For the most part, everything was going ok, until last Friday. I looked at my account and there was NO DEPOSIT. I called and was transferred to the Risk department. They said I had too many chargebacks this month, so they were going to hold around $6000 in a reserve for 30 days even though the chargebacks were already taken out of my account. He assured me no other funds would be held. I reluctantly accepted that.
After the weekend sales event I had, I ran about $25K or more in charges. I check my online statement this morning and there was nothing. I called again and they elevated my account to a secondary risk department. The lady proceeded to tell me that I always have had chargeback since starting business with them, but every single one of them was taken care of and even recharged. There were no issues and I was NEVER EVER warned about excessive chargebacks the whole time.
Now, she said they are closing my account and holding my almost $30K for 6 months. The only way I found out was because I check my accounts daily. If I didn't, they would have let me continue to charge and not pay me. I asked my wasn't I notified and she said we sent you a letter yesterday, so you should get it in a few days. So you hold my money, and can't even pick up the phone and say so? My business will go under without that cash. I have vendors to pay. It's my customer's money. What do I do at this point? Well, the first thing is I am going to warn anyone that considers this place for their credit merchant needs. They have basically put me out of business because now I can't charge cards and I can't get my money. This should be illegal. I am going to contact my lawyer and see if there is something that can be done. If not, I will make it my full time job to see that EVERYONE knows about this company.