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First Data, Paymentech, Card Service Complaint - Avoid - Credit Card Processing

Review by FirstDataSucks on 2008-05-12
Do a search on Paymentech Sucks or Avoid First Data and you will see plenty of articles on how this corporation needs to be regulated or shut down. I am one of the many customers who were faultly told mis information saying it is okay for me to process as much by as I like and then getting shut down because my business boomed and I was too successful for my own good. So they closed my account, demanded that over night I come up with over $75 000 to be place in reserved. When I said I would go elsewhere, they quickly went into my bank account and took everything in it.

My advice to everyone, avoid this company and if you are planning to close your account, set up another bank account and quickly withdraw your money before they get their hands on it.
Comments:3 Replies - Latest reply on 2008-05-14
Posted by madconsumer on 2008-05-13:
was the fee for their services? it seems there is more to this story than we are getting.
Posted by old fart on 2008-05-14:
What kind of business is this and how did you utilize this company's service...???
Posted by Anonymous on 2008-05-14:
This post makes perfect sense. First Data has bought up all the smaller payment processors so they are the 800lb gorilla now. They take what they want when they want it. They are not regulated by any government agency so they can do just about whatever they want now.

To the OP, in your contract you put down how much your average ticket and monthly volume would be. If you went over that without working with them then yes they will cut you off and demand security. That does not make it right but they can do it based on the very small print in the agreement.

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