I want to share an incident that has really got my blood boiling. I am the president of a small business. In an effort to save a few dollars we selected Square.com to process our companies credit cards. Everything was going well for the first
3 months then out of the blue they held back two of our customers CC payment.
We noticed that they noted on the e-statement that the funds would be delayed for 30 days due to the amount. Then a credit card chargeback occurred, Square.com then debited our bank account for the cost of the chargeback without any authorization from us. We went immediately to our bank and notified them about what happened, they reversed the debit informing us that Square.com had no right to debit without our authorization. To make matters worse they were still holding our funds that were more than triple the cost of the chargeback. If they had their way they would have had our funds on hold and the chargeback amount. We were told that we would have to submit documents concerning the chargeback and we did numerous times to a catchall e-mail account. Finally after 15 days they acknowledged that we sent the documents. The documents support our claim that the customer never sent back the product in question yet was expecting a full refund. I am a patient person and was understanding about the chargeback, all I wanted them to do was deposit our money minus the chargeback cost and once that was resolved expect the funds to be handled properly.
The problem; there is no contact person to discuss the situation, their listed phone number has someone answering in a well versed dialogue. Their reply is, no supervisor or manager is available you must contact us through e-mail. Okay then why don't you answer the e-mail, I don't know that is handled in another department is the reply. To date they our funds held hostage and despite the fact that our e-account says the funds our available no one at Square.com will reply via e-mail or phone. My last conversation with their customer help line ended with them saying that we had to contact them via e-mail to get a response, this is futile.
So Mr. Jack Dorsey founder of Square.com (worth 1.1 billion dollars per Forbes) is using our money for his needs and to boot not paying any interest on our funds that has been held hostage for 35 days. Just doesn't seem right that someone can hold money back with no consequences.