- Report: #656685
Complaint Review: authorize.net - Internet
Reported By:
justin -
coral springs, Florida, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
authorize.net
Internet, United States of America
Phone:
888-323-4289
Web:
www.authorize.net
Categories:
Business Rating:
(0)
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Authorize.net Merchant account scam-withholds money Internet
Authorize.net and I payment is a merchant account company that process credit cards. We are a small business that went with them as new customer 60 days ago. After 156 transactions in that time period we received 3 chargebacks 2 of which were reversed in our favor. After running $6,000 on Monday and Tuesday (our 2 biggest days as a company we are an auto transport broker) They decided to freeze our funds for those 2 days claiming we are a high risk business? They made us send them 10 contracts of customers who have had their cars delivered in the past 30 days which we did yesterday. They now claim they have to call these 10 customers and make sure they received a service from us before they release the funds. Also mentioning that if one customer happens to say no they will freeze our funds for up to 6 months. It seems fishy to me that this happens after our 2 biggest days in sales and how 3 chargebacks out of 156 transactions seems like a risk? That is less than 1%? Beware if you are in the market for finding a merchant account do not use this company. After doing a little more research which im sad that we didnt do before signing up for them it seems their processor ipayment has article after article of them doing the same thing to other small business's. This may be a form of a PONZI SCHEME where they freeze funds to make other investments or pay their employees. They obviously don't care about keeping clients which would make sense if they were in the business of keeping business relationships with their client. Their representitive was actually laughing on the phone to me saying she could not do anything to expedite the 3 days it takes to call the 10 contracts we provided them. For them to do this to a small business in this economy when I employ 15 people with families, bills, and depend on paychecks every week this is a huge loss to our small company.
