For several years, this company had a relationship with one of the larger, international payment processors. Their processor provided them with their own personal account rep and things had been humming right along.
Out of the blue, the rules changed, and the personal account rep went away. In addition, the current provider implemented a 21 day hold on the company’s receipts without warning or explanation. This is ironic as this payment provider lists “fast access to funds” as one of the attributes to consider when
evaluating potential payment processors. Over a hundred employees were relying on their weekly paycheck – a three-week hold of receipts placed an unnecessary burden on cashflow and that weekly commitment.