PFC Payment Solutions Tony Runestad Senior Account Executive Fraud, Bad Leases, Mis Representation of Processing Greeley, Colorado

I remember this merchant well....

Initially, this merchant was disqualified because of High Risk, but she continued to inquire about other possibilities to get approved.  I explained that we do have a few options to try and work with several different platforms that will run high risk accounts, but it would take some doing.  This was one place where she could have gone another direction, but her request was to submit her application to the secondary platforms.  After another set of DQ's, I explained to Linda that the only bank willing to work with her would need a reserve, and her funds would be delayed upwards of 10 days.  This was another point where she could have decided to go somewhere else, but her unhappiness with her processor at the time was to a point where she wanted out. 

She agreed to get the reserve and sign the letter.  Several weeks later when the merchant was able to obtain the reserve amount (an amount we negotiated and worked down from the banks original number), the merchant had to physically give me the check, and sign off on the Delay Letter (there is no mistaking the Delay Letter if anyone has ever seen one).  This was another stop where ample time was allowed for her to find an alternative, but she went ahead with us - fully aware funds would be delayed and the terms of her reserve being released.

There were no surprises regarding her setup, she was informed of all the terms and signed off on all the paperwork.  She was so happy with the new pricing and that we were able to finally get her approved that she processed with us for nearly 2 years. 

Please note that PFC does NOT hold the reserve mentioned.  That money is held by the High Risk Bin Bank that requested the money and approved her, not the processing company.  If any comments were warranted, that dissatisfaction should be aimed at the bank. 

I find it extremely unprofessional that a high risk merchant who we went to bat for, now has presumably found another processor, and buried the company (and me) who helped her out of an undesirable spot.  I can only hope that she works her way out of being considered high risk, understands what she is signing going forward, and wont have to change processing allegiance again. 

The funds were released after talking with the processor.  We did communicate that the lease documentation is between the merchant and their leasing company.  It is a separate contract.  The merchant made a choice to quit processing with us rather than her other processor. See email below from our processor as to why the funds were held.
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Below is the email from our processor:
 
I was initially able to speak with Linda at the business (she is not the signer) and requested a copy of documentation that she stated she had on file pertaining to the initial funds held on the account.  Linda did not send over the documentation and I made several additional attempts to contact her as well as the signer on the account in order to discuss their requested release of those funds as well as the additional processing account that they were running transactions through as well.  I was finally able to speak with Linda again and she confirmed that she was intentionally splitting the volume between these two accounts.  I advised that it was a violation of her processing account with us to be doing this and that she would either need to close this account or the related account.  She then requested that we terminate the account.  I did advise that I would need either a faxed termination request from the signer or to speak with him directly.  I did not receive any response to the voicemails left at the contact phone number or a letter that was sent which advised that this account would be closed and funds would be held if I did not receive any response by 10/8/10.  Please feel free to contact me if you have any further questions.  Thank you.
 
Sincerely,
 
Kristin Walsh
Analyst, Security/Risk Management
First Data Merchant Services
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Please let me know if you have any further questions regarding this account.  I can be reached at 877-775-0075 ext. 4257
 
Take care,
 
Kate Hartline
Director of Customer Service
 
Payment Solutions
4065 St Cloud Drive
Loveland, Colorado 80538
Tel: 877-775-0075 Ext 4257| Fax: 866-636-9261
khartline@paymentsolutionsdirect.com