ComplaintsforMaverick Payments

• Initial Complaint

  10/11/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  When my account was closed I had 40k in a reserve account and i was told it would be held for 180 days for any charge back or fees that came out against the account. I have now fulfilled 252 days, I have requested my reserve from Maverick Payments and they continue to deny my request stating that I have *** rejects on my account which there should not be any bc they are supposed to take any fees and charge backs from the reserve as explained to me prior to signing any documents. I have fulfilled all obligations to the account. The account has a 0 balance and no money is owed to Maverick and there are no more charge backs or fees coming in through the account because all clients are past their dispute time frame. I am asking Maverick to release my reserve funds to my account as we are way past the 180 day hold.

  

  Business response

  10/28/2022

  Business Response /* (1000, 5, 2022/10/19) */ Hello, We are able to accommodate a partial release. The bank account on file first needs to be updated as we have received *** returns due to *** "No Account" so this needs to be corrected prior to the release. Our team reached out on the 10th but hasn't heard back. The reason we can only do a partial release and not a full is due to the trailing chargeback exposure. As for chargebacks timeframes, the information you have is not correct. Most cases are resolved within 120 days of the transaction, however, in some cases it can be extended up to 540 days if services are expected in the future. Thank you. Consumer Response /* (3000, 7, 2022/10/19) */ (The consumer indicated he/she DID NOT accept the response from the business.) My account has been closed for more than 8 months 250 days to be exact, so the hold period is over. My company has no trailing chargebacks and has not had a chargeback in over 90 days. As for the statement made by your company in regard to clients being able to charge back for more than 540 days if services are expected in the future, does not apply to my company because our agreements states that we only provide service for 180 days and at this time all of my clients are over 200 days old. Therefore, my account runs no risk to the bank at this time. My company has fulfilled all responsibilities and timeframes, and $0.00 balanced owed to Maverick Payments. At this time, I'm asking for a full release of my funds to my account, your bank has no reason to hold my funds at this time. Thank You! Business Response /* (4000, 10, 2022/10/24) */ Hello, After further review, we can release all funds. However, we first need to update the bank account as your current account has had *** returns for *** (No Account/Unable to Locate Account). Please work with our team to update your bank account then we will release all funds. Alternatively, we can mail a check. Consumer Response /* (2000, 12, 2022/10/28) */ (The consumer indicated he/she ACCEPTED the response from the business.)

• Initial Complaint

  01/24/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I've been going back and forth with the business about releasing my funds from my merchant account, all they have been doing is giving me a run around and placed my merchant account in closure even though I have multiple emails and communication with them about my money! I need my funds released asap as my lawyer wants to pursue legal action!

  

  Business response

  03/24/2022

  Business Response /* (1000, 5, 2022/01/31) */ Hello, Our apologies for the negative experience you have encountered. Your account originally flagged with our risk team due to 264 transactions being processed all with the same ***. This is generally a red flag. Given the newness of the account meaning the limited history we had, the account was auto-flagged meaning it was put on a reserve hold while we review as this type of activity can be a indicator of fraud. While we were reviewing, we had then received a retro MATCH notification meaning you had a merchant account with another processor who placed you on MATCH, specifically for excessive chargebacks. We can't support merchants on MATCH which is why the account was then closed. Per our merchant agreement, funds will remain in hold to cover any trailing risks such as chargebacks that can trail in. Please follow up with us 6 months given the trailing chargeback risk is generally 180 days. Consumer Response /* (3000, 7, 2022/02/01) */ (The consumer indicated he/she DID NOT accept the response from the business.) They closed my account prior to releasing my money as I was given lot of run around before they closed out my account and promised my money to be released. Truly unprofessional company! I submitted all required documents and also there's no chargebacks so my funds have to be released as they are illegally holding it just to claim interest from the bank! Business Response /* (4000, 9, 2022/02/02) */ Hello, As mentioned, we can't release any funds. The funds were held in the first place due to signs of possible fraud which included the same *** being used to process a large amount of orders. While our risk team was reviewing this which was while the account was still on hold (which is a right we have in the merchant agreement under the reserve section), we received a notification that the business was placed on MATCH which then required us to close the account. In accordance with our merchant agreement, funds will remain in reserve for 180 days to cover the trailing chargeback exposure. Consumer Response /* (4200, 11, 2022/02/03) */ (The consumer indicated he/she DID NOT accept the response from the business.) They are illegally holding my funds meanwhile there's no fraud or chargebacks as I have explained to them numerous times and submitted all documents and even got threatened by one of their employees called *** ********** He is truly unprofessional and a ******. I have all the evidence of how poorly I was treated as a customer and will be submitting the matter to my attorney to further assist. Business Response /* (4000, 13, 2022/02/04) */ Hello, My apologies that you aren't in agreement with us and for this inconvenience. Like mentioned previously, section 6 of the merchant agreement specifies our rights to hold funds in the reserve to mitigate our risk. Given the retroMATCH listing in which your business was placed on MATCH for excessive chargebacks is a very concerning indicator we may see chargebacks. Keep in mind cardholders have 6+ months to dispute a transaction which is why the funds need to remain on hold. As previously stated, there were other concerns with the account such as numerous transactions with the same ***, etc. We would suggest your attorney review the merchant agreement you signed and to follow up with us directly. Consumer Response /* (4200, 15, 2022/02/08) */ (The consumer indicated he/she DID NOT accept the response from the business.) Will have an attorney assist further!

• Initial Complaint

  12/19/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have a merchant which I'm currently still with however I receive one or two small charge backs they took the money out of my account to cover charge back however I still have a total of ******* the company is holding! As I'm researching more and more in regards to highest merchants I'm seeing the scam a lot of small business owners out of their money and hold it just to hold it and something needs to be done about this I called they told me they will be holding the money I asked them under what grounds because they've already took the money out of the account and they also receive a signed invoice by the Customer stating the payment was authorize along with the signature of doucesign they couldn't answer me all they told me is they will be holding my money I've been having difficulties and I am struggling to keep my business open and to have a major companies hold your money under no grams it's just disturbing I'm requesting for my money to be released immediately speaking with the representatives at the company they were not kind of assisting me and I am just looking for the general manager or whoever is over the company to reach out to me and to also have the rest department to have my money released

  

  Business response

  01/04/2022

  Business Response /* (1000, 5, 2021/12/21) */ Hello, We apologize for the issues you have run into. We wanted to provide some additional information to clear this up. Section 6 of the merchant agreement clearly shows the rights we have to establish/hold funds to a reserve so we can mitigate our risk given we take all the liability. You operate in a very high risk business (credit repair) and the chargebacks are very high: from November 1 until now, there has been 15 transactions processed totaling $*********. There have already been 2 disputes totaling $********. This effectively makes the chargeback ratio 13% on count and 14% on amount which is extremely excessive. Generally chargebacks should be under 1%. The account was also just approved so for there to be this level of chargebacks is concerning, especially as they have been fraud coded. Funds will need to remain on hold due to the risk issues which is enforceable per the merchant application and agreement you signed. We apologize for any inconvenience.

• Initial Complaint

  11/20/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I've contacted support serval times to release my funds held in reserve my merchant ID is XXXXXXXXXXX , the company continuously gives me the run-around, I want all my reserve funds released immediately ! I want my reserved funds wired to the chase account connected to my account! The customer rights of 180 days have been up, I should of already received my money!

  

  Business response

  11/24/2021

  Consumer Response /* (2000, 6, 2021/11/23) */ Please Withdraw this complaint, all issues have been resolved as of today, thank you.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩