Merchant Worthy


Country United States
State Bangladesh
City Pompano Beach
Address 150 SW 12th Avenue Suite 201
Phone 800-357-0001
Website merchantworthy.com/

Merchant Worthy Reviews

  • Oct 28, 2014

My company was approved by merchantworthty.com on December 6th, 2013 for processing Visa credit cards through our company website (which was also verified before approval). We were initially told that the payout schedule would be weekly; however we stopped processing payments with merchantworthy.com on December 31st, 2013 and asked that our account be closed since we had not received our first scheduled payouts. From January - February 2014 we processed payments with Sage Processors without issue, until we sold the company in March of 2014.

From December 6th, 2013 - December 31st, 2013 our company processed and shipped out 57 different orders that totaled $3,687.13. There was no chargebacks, fraud or refunds related to our account during the time that we had it opened. The fee schedule that we agreed to and signed on December 6th, 2013 was as follows:

Discount Rate: 10.95% ($403.

74)

Reserve: 10% (Should only be held for 90 days after the account is closed | $368.71)

Transaction Fee: $0.50 ($28.50)

Direct Deposit Fee: $15.00 (Never received any deposits)

Refund Trans Fee: $3.50 ($0.00)

Chargeback Fee: $50.00 ($0.00)

NMI Monthly: $19.95 (Only had the account opened for 1 month, however we were charged $41.00)

Based off of these fees and the gross amount we processed we came to a NET amount of $3,254.89 +/- the $15 when/if they finally send the direct deposit.

As stated before, the orders and merchandise was shipped out to our customers back in December of last year and we were forced to sell the company as we could not make up for the non-payment on Merchantworthy.com's end. Since then we have been told different things as to why we have not been paid. Initially it was due to one of their other accounts being flagged for fraud so the bank held all of the funds from all of their accounts (including ours) totaling over $600,000. It was supposed to be resolved in 30 days, then 60, then 90, then 180. During this time it was extremely hard to get a straight forward response from anyone at merchantworthy.com and several emails and voice messages went un answered. It was also during this time that we were told partial release of funds had been issued from the holding bank and that everyone should be getting a partial payout - this never happened. Finally, in July we were told it would be 270 days from when the bank froze their accounts... this is when we realized we were being given the run around.

After the 270 day mark we were starting to get even more vague and incomplete answers as to how much money was actually owed to us and when it was actually going to be released. We have worked with numerous other credit card processing companies (Sage, Merchant Focus, Instabill) and have never experienced such vast incompetency before. As a credit card processing company you should know exactly how much you owe each of your accounts. Regardless of if one of the accounts they had approved for processing caused the bank to freeze the accounts of all of their merchants, the fee's and any penalties should be deducted from that account - not our account or any of the others that were not in the wrong. We never agreed to be charged or penalized for other merchant’s errors or fraudulent activity, it doesn’t work that way and using that as an excuse for not being able to give a straight forward answer is absurd. After doing the math ourselves and coming up with the total amount being held we were told that it was way off and that our gross processing was nearly half of what we have on file.

After confronting Bari Bernstein in the accounting department about the above issues we were hung up on. Its now been 300 days since we stopped processing with them and have yet to receive a single deposit or an estimate as to when we could expect one. We are hoping that this report in addition to others made at the FTC, BBB, Greater Fort Lauderdale Chamber of Commerce, Coral Springs Chamber Of Commerce, Consumer Affairs, Visa and FBI.gov will help them fix this issue and deposit the money owed to us. If we receive what is rightfully owed we have no problem reversing any negative reviews or reports made. However, we feel it is our duty to warn other unsuspecting people that may use their services of their unethical and harmful business practices if this issue is not resolved.

All processing information for each of the 57 orders has been kept on file and saved in addition to all email correspondence. All of our phone calls have been recorded and can be found on Youtube here:

https://www.youtube.com/watch?v=9O6VF3KaB-U&feature=youtu.be

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