THIS company basically messed me up totally! I signed up with CHASE Paymentech because I've had several Chase credit cards through the years and have had exceptional service, and so I wanted a merchant account with Chase. I was eager to have them as my Merchant Solution. I, unfortunately, had difficulty signing up and got set up under the wrong merchant type.
Through a client sale I made $6000+ $1500. Plus I made another large couple of sales. I charged 4 large sales on the Paymentech system, and because I wasn't set up as the correct type of merchant, I got it tangled up in a 'Fraudulent Charge' Hold by Chase.
As a result of Paymentech deciding I wasn't deserving of payment, I was told that I wouldn't get the moneys deposited into my bank account. Therefore, I refunded all of my charges immediately.
However, although Paymentech refunded 3 of these charges, they took hold of one charge...a $6000 one and extracted the money out of my customer's bank account.
But if this wasn't enough, they then went directly into my own Personal Bank Account and tried to withdraw $6000 from of my PERSONAL bank account in order to refund my client. My bank didn't release it due to the large deduction. So my customer had $6000 retained by Chase withdrawn from his bank. He also had additional $6000 that I had to recharge him with another merchant service withdrawn along with $1500 for a second purchase he'd made. (I wasn't aware of the fact that Chase refused to refund him with the money on hold). Bottom line, he was charged twice for the sale...$12,000 plus the $1500, equaling $13,000 due to Chase not releasing his funds back to his card.
So as a result not only did I have to personally pay out of my bank in order for Paymentech to refund this client, but addition to this, his bank charged back the $7500 out of my bank account, because my client's bank found it suspicious that I should be charging him $6000 twice. So they went ahead and charged back his payments and I paid dearly with another $7500 loss on top of the $6000 that Paymentech held on tight to. So my bank account was reduced a full $13500 with additional credit card fees that Paymentech tacked on for charging cards through their system.
Paymentech told me they'd be holding the $6000 indefinitely and when I called my 'persona advisor', Steve, he never bothered to call me back. I had to make a connection with one of their CEO's from off of LinkedIn who finally had this missing representative, Steve pay any attention. I had previously called him 3x and was ignored.
In the end, he did help me recover the $6000 but I still am fighting with my other merchant service to recover the $7500 that they retain.
Then like salt over a wound, I received a 1099 from Chase showing $18000 in sales that look like I made $18,000. And this was reported to the IRS. Well, this company now tells me this is my problem. Steve continues to ignore me and so does the CEO so I look like I earned a ton of money I didn't.
This whole thing is a mess and this company's service is as stinky as a dead carcass, and at the end of the day no one in this service gives a hoot...
I signed up with this Chase Paymentech 6 months ago. Just signing up was a challenge in itself because their paperwork requirements remind me of 19th century. There were hidden fees and it took me another bunch of phone calls to sort that out. Finally, I opened a new business checking account and 3 weeks ago I contacted Chase Paymentech with a request to update that info. You HAVE to submit the form by FAX (!) and HAVE to send them a cancelled check. They clearly do not know that it is the 21st century out there. (American Express did all that in 2 minutes over the phone! Love them!) The worst part is that Chase Paymentech never contacts you back when there is an issue. They just sit there and wait without doing anything. I canceled my services with them.
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