- Report: #913904
Report - Rebuttal - Arbitrate
Complaint Review: Yellowstone Capital
Yellowstone Capital160 Pearl St. 5th Floor Internet United States of America
Yellowstone Capital Refused to pay commission due on renewal contract Internet
*General Comment: Build Your Business With A Firm Worthy of Your Business
*REBUTTAL Owner of company: Managing Partner
in question for which it received a commission pursuant to an ISO
agreement. Subsequently, Dimension funded
another transaction pursuant to the same ISO.
Dimension tracks the maturity dates of all its merchant
accounts in order to pursue possible renewals.
When following up with the first account, we found that the account had
already renewed directly with Yellowstone approximately
30 days prior. We asked the account to
forward a copy of the executed documents which they did. The renewal was for $250,000. According to Schedule A of the ISO agreement this would generate a commission of $12,500.
I contacted Isaac Stern, the president of Yellowstone
and he asked that I forward a copy of our ISO agreement which I did. After receipt of same he emailed back that he wanted a fully executed agreement. The one I forwarded was sent
to us by Yellowstone and signed only by Dimension. Yellowstone did not return a
countersigned copy of the ISO to Dimension, (which Mr. Stern obviously knew)
however, Yellowstone had previously funded two transactions without a countersigned ISO.
After, I made a final demand for payment; I received an email from Yellowstones in house counsel
stating that their position was that no payment of the commission would be
forthcoming unless Dimension could produce a fully executed ISO. (In other
words, the one they refused to countersign.) Further discussions continued with Isaac Stern
and David Glass. Mr Glass called me on July 11th after Mr. Stern failed to respond to two more emails I had sent and stated that there would be no commission paid to Dimension. End of story.
This report was posted on Ripoff Report on 07/18/2012 11:59 AM and is a permanent record located here: http://www.ripoffreport.com/r/Yellowstone-Capital/internet/Yellowstone-Capital-Refused-to-pay-commission-due-on-renewal-contract-Internet-913904. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
strict standards for business conduct.