ED Magedson – Founder
Flagship Merchant ServicesInternet United States of America
In Sept 2010 I switched to Flagship Merchant Services for my credit card processing because they had better rates than my current processor and got good ratings online.
I processed some smaller transactions and everything was fine. Then in Nov I got a large government job that was paid for with a government credit card. As in large I mean $8700, which in the big picture is not that large. The original transaction seemed to go through fine. Then a week later I get a call from a "Risk Management Rep" saying that the transaction was high risk and they were not going to deposit the money into my account. This was a week later now so I had already written checks on this money to pay my vendors. After a week of jumping through hoops and giving months of bank statements and other confidential business info they decided they would deposit part of the money and hold the balance for 60 days. 60 days!!! They have already charged my customer the full amount but will not deposit the money into my account.
This has put me a huge financial bind because I can't pay all my vendors now. I have been in business 37 years and have never had a charge back. This is a government P-Card and the funds can be verified. What is high risk!!
I can't talk to anyone that is helpful. Everyone is very rude and just says sorry they will not deposit my money. I really don't know what to do? This could do serious damage to my company if I don't get that money.
This report was posted on Ripoff Report on 12/08/2010 02:12 PM and is a permanent record located here: http://www.ripoffreport.com/reports/flagship-merchant-services/internet/flagship-merchant-services-will-not-release-my-money-internet-669469. 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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