Elavon Merchant Services - NOVA Information Systems NTC merchant services, Nova Information systems, is illegally holding client unds, caused cancellation of services and refuses to refund clients out of merchant reserve. Knoxville, Tennessee

Elavon withheld without notice and without explanation; $119, 656 in customer receipts from our merchant services collections claiming it to be for a security reserve.

Elavon never provided terms under which a security reserve would be held, under what circumstances the security reserve would be released.

No signed contract with terms and conditions was ever provided by Elavon Merchant services to our firm.  There are no terms stated on which interest shall acrue on those funds in reserve.

Our company in attempting to access client funds for operations and supplier payments; complied with several verbal requests for additional information, for 3rd party financials as well as having providing a detailed and accurate forecast of anticipated monthly processing amounts. Our company disclosed fully and completely upon contract with Elavon what those services were.

Those client receipts have never been received by our company, and are owed to our suppliers for services rendered; or to clients whose services were subsequently canceled due to the funds being held in reserve.

Elavon has additionally not made these reserve funds available today for client refunds, nor have they made the merchant reserve available for client chargebacks.

We have engaged legal council regarding release of the reserve.
Elavon still refuses to release the funds or allow access to those funds for the purpose of repaying clients for canceled services or chargebacks.

Client whose services were canceled are co-mingled with clients whose services were not canceled.

Our complaint is that Elavon today, did withhold client receipts without legal cause as our firm transacted business within the disclosed terms and specifications to Elavon; and without clarification on when those funds shall be returned to clients or to our firm.

And that Elavon is now defrauding our company and our clients of their refunds and holding a merchant reserve without the responsibility of releasing them for the intended use and purpose of those funds; nor is it releasing funds for which services have been satisfactorily rendered.

Elavon has caused additional damage to our clients' through continued hold on thier funds, through necessary cancellation of services.  Elavon has caused damage to our company in legal fees and banking fees on various failed transactions and loss of revenue.