Ipayment Inc Holding funds with no sign of releasing Internet

 This company was setup by a really great merchant services, who should have checked them out a bit better before signing with them. They set a limit for our company that didn't meet the $ we needed for one particular customer who pays all their bills via credit cards. I was told that if we did go over the limit allowed it was just a matter of going through an approval process that would take 2-5 days and then the money would be released. So when it happened the first time, we sent the required information and within 3 days we had all of our funds as promised. To prevent this from happening again, because this customer averages way more than the limit they had set we sent in our information and increased the limit. No one called to confirm the increase was or was not approved and I honestly didn't think about it after that day as I assumed it was a done deal...it was not

So one month later, same customer, same situation...and limit not where it shoudl have been and once again our funds are on hold, over 18k. After much frustation with the whole mess coming up again and my most valuable customer having to be in the middle again I tried to reason with them over the whys of why they were holding up the same customer/same situation/and why no one had called about there not being an increase like I had asked for. Nada, they were not budging and this time a week after the card was ran I got a call telling me that they were only releasing 1/2 of our funds and that we could call back in 30 days to SEE if they could approve releasing the remaining 1/2.

My customer is pissed off, the owner is beyond angry becuase that is our money and the credit card for our customer has been billed...yet they are not giving us our money.

stay away from this company! Make sure you ask your merchant service, if you use one, who they use and research them. Had I done that I would left a perfectly good merchant service had they not had another processer to use.

Processing companies may loose a lot of money due to fraud but they really need a better system in place for those of us who are trying to conduct business legimately.