Mike
Scottsdale,#2Consumer Suggestion
Sun, May 25, 2008
I really feel for your frustration but your business has been flagged as high risk and all of your transactions were put in reserve. This means that Inovative's actual processor First Data is holding your funds until they feel that the customer is satisfied and disputes cannot be leveled by the cardholder. They will release your funds only when they think it is safe. For them to do this to you a couple of things had to have happened 1. You have negative credit. 2. Your business has negative reports outstanding on it. You can thank the web for this. 3. You are selling a high risk product (computers, electronics). 4. Your business Visa/MC MCC code (merchant classification code) falls into the high risk category. When you sign up for a merchant account this is how your business is listed. If you do not sell a risky product and your credit and business are all legit there may have been a mistake made when your account was setup! I have seen this happen as well. You need to be VERY careful with your new provider. Verify that your business is listed correctly on the application. Make sure that it states the type of product you sell on the application. Make sure that the application states that you are a card not present (MOTO/INTERNET) merchant because the majority of your orders are not magnetically read. Most important make sure you list your delivery delay on the application. Do not let this company give you a different business classification or let them say you are a retail majority of cards swiped) business. The reason is that since you have processed with Inovative your history will follow you!! If you are caught trying to get a new merchant account with another provider under a different classification you stand the chance of hitting what is called Match List. This is Visa and MC's blacklist and once you are on it you do not get off it as it is tracked by your personal and business info. All processors have to scrub new merchants against this list. I can tell you if you are selling electronics/computers you are in a very high risk category and that your processor may have you keep a reserve over and above what you process! This is standard in the industry because of the amount of disputes that happen on these types of sales! It is what it is. BE VERY DILIGENT ON WHAT YOU SIGN!!!
Consult The Rock
SHANGHAI,#3Consumer Comment
Thu, May 15, 2008
I initially typed in "Turbotax" and "Intuit" as I wanted to see if some negative stuff about the authors of Turbotax was posted on this thread. I have seen "quickbooks" at least twice. Is this the same Quickbooks that are advertised at the National Association of Enrolled Agents seminars? I've been to several of their seminars and they were all excellent; very much worth the price. I had a lot of questions regarding Quickbooks and wound up never buying, even though they looked good and a lot of Enrolled Agents use Quickbooks. All of that aside, I wanted to ask: are these the same "Quickbooks" that are thorough and are used by CPA's, actuaries, tax attorneys, enrolled agents, etc, as reliable resource for Federal and State tax calculations, references, and statistics? Thanks: RD