Honorablebiz
ANYTOWN,#2Consumer Suggestion
Fri, June 19, 2009
I am not affiliated with the either parties but I hope these comments help others who may have a similiar issue. First, as far as I know I have never heard 24-48 hours include the weekend. There are indeed some processors who do promise 24 hour settlement. You have to batch a certain time during the day in order to receive this benifit. However, it should be understood that once the batch process takes place then you receive deposit every day. There would have to be a really good reason for most to have to have a deposit in 24 hours. If you can't manage your business with deposits within 2 days then that would put up a red flag to many processors. Second, you are selling computer equipment. Computer equipment for a lot of processors is in the moderate to high risk category. In other words, it could be because of a high level of industry chargebacks etc. that could be the reason for this. A merchant should be told this upfront, even if the processor accepts the risk without question. That way he would be a better educated merchant if and when he decides to leave. Why is this information important? Sometimes a processor will keep the deposit for longer than the 2 days in order to cover his risk. Based upon the risk there are processors that will keep the deposit even longer than a month. However,they usually tell you upfront what they are willing to do and how it is done. The fact that a processor will assume the risk doesn't mean that he will allow you to function the same way as a low risk merchant like a restaurant with a low average ticket. Last, your personal credit along with whether it is a face to face transaction will also make a difference especially if you are operating in a high risk business category.
Jimmy
Chicago,#3Consumer Comment
Mon, June 08, 2009
It is the Federal Reserve that transfers funds and is responsible for the time it takes to make a transfer of funds, not the company.
Okmom8
Broken Arrow,#4Consumer Comment
Wed, May 13, 2009
I read the complaint and the rebuttal. We own a home based construction company and were just contacted by this company this week. I was told 24-48 hrs. I assumed it meant business days, not weekends. However, batching on Friday would mean Tuesday is 2 days and business days at that unless the time you batched on Friday was after hours. Then the batch would be Monday and money should be received by Wed. at the latest. While this may be a frustration, it seems they do offer a good service with less fees than others. I will be doing my research before deciding. Appreciate the heads up and i do agree with the rebuttal (although it was a bit strong) that you need to have a buffer for the unknown in your accounts. I know it can be hard to save for a buffer but usually well worth it so you don't ever get overdraw or other fees and potentially lose business.
Stylesofny
North Plainfield,#5Consumer Comment
Sat, April 11, 2009
Anyone with half a brain knows that ACH transactions can take a few days to show in your account. 2-5 days usually! I have never had a situation where it only took 24 hours. You should also not have to bank on those funds entirely to purchase new stock for your business. You are heading on a path of self destruction. Get a credit card, line of credit, use your banks overdraft, anything. Plus you should always have a few dollars in that account to cover the unexpected things, like unethical customers that are unreasonable and want a refund. How can you do that if your account is empty?