Ipayment Inc Merchant services, subprime scumbags DONT USE THIS COMPANY! Tennesee, Calabassas California

These guys are crooks anyone that uses these hairballs are as stupid as the company they use IPAYMENT. they use YOUR MONEY  and earn interst and fees they are nothing more thean bottom feeders. 

We sell used industrial equipment.  When I set up my account with Ipayment I was required to state an average sale amount.  As this varies from $100-$20,000 but averaged at about $1500 monthly we put in $1500. Most of our sales fell in this category with no problem.  However we had a sale of $16,905 and the company requested credit card payment.  We ran it through.  We were contacted by Ipayment that said that they needed more information before releasing the funds to us.  They made us send in bank statments etc.  which we did.  They then said they had to have the name of the authorized user of the credit card account.  We contacted the company who purchased the equipment and they said it was a corporate card and they had no designated authorized user.  We went back and forth multiple times between Ipayment and the company and finally when the company began to get suspicious of us and our need for more information. The company contacted Ipayment and the funds were designated as "good."  However Ipayment decided we did not have enough funds in our past bank statements and would not approve the transaction.  We were told to issue a refund.  3 days later I received a charge on my bank account of $490 which was the transaction fee for the $16,905 that we never received!  And they said we will also be charged a greater refund fee!!  So we have to pay close to $1000 for a transaction that almost cost us a sale, for funds we never received!  Do not do business with this company!  Avoid Ipayment at all costs!!

They hold it for a reason. It has nothing to do with the size of your business. Most of our merchant's are small business owners. There are a few reasons why it could red flag a hold on your deposit. One of course is the amount of the transaction. You might not be approved for that high of a ticket. Or you are selling something that is not related to your business. Believe me this happens a lot. No one is trying to make you look like an idiot they have this in place to prevent fraud. We are like a credit card. We loan you the money/deposit the money before it's gone through final approval with their issuing bank. Say for instant you were a crooked merchant you could have gotten 15k close your bank acct and if that transaction came back as fraud we would have to pay your customer back. It's to protect the customers. Wouldn't you want someone to red flag a sale like that if someone stole your card?? For instance. If they made you refund and ask for another payment most likely it was something you were selling unrelated to your business. I could look into your account if you want. Because if it was just a high ticket issue they would have asked you to fill out a processing limit change form.