ED Magedson – Founder
Priority payment solutionsPo BOX 246 Alpharetta, Select State/Province USA
Priority payment solutions Priority Payment SystemsPhone: 1800 935 5961 Priority Payment Systems, deceptive, without notice, Alpharetta Georgia
Without our knowledge increase reserve by 2.5x and could not tell us why or even tell us that was what happened until we got help from our accountant.
Priority payment solutions created a cash flow by arbitrarily increasing reserve by $75,000 and holding 20% of our sales after we had already met the requested reserve limit. Our sales representative Nick Korthals attempted to help but in the end blame was passed around and we eventually chose to close our account as they would not assure us in writing that this gross breach of trust would not happen again. We found a better rate with no reserves. Priority payment systems are now charging us $495 for early termination fee when they broke good faith by increasing reserves when we had no chargebacks and nothing changed in our monthly use of services.
We spent many hours trying to figure out where an extra $50,000 went out of our account since we had already me the agreed upon reserves.
We would like to have our reserves refunded and early termination fee $495 waived. They would not put in writing that they would not take more out of our account for reserves or release our reserves after we proved that 3 other processors would give us better rates and would not ask for a reserve.
This report was posted on Ripoff Report on 10/02/2013 12:13 PM and is a permanent record located here: http://www.ripoffreport.com/reports/priority-payment-solutions/alpharetta-select-stateprovince-30009/priority-payment-solutions-priority-payment-systemsphone-1800-935-5961-priority-payment-1088951. 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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