ComplaintsforGOAT Payments

• Initial Complaint

  10/11/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  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 GOAT Payments and they continue to deny my request stating that I have ACH 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 GOAT PAYMENTS 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 GOAT PAYMENTS to release my reserve funds to my account as we are way past the 180 day hold

  

  Business response

  10/19/2022

  Hello,

  We are not holding any of your funds; the merchant processor is per their guidelines, regulations, and risk exposure. In review of your account, there appears to be trailing chargeback exposure, being the reason the processor is still holding a reserve. According to the merchant processor and chargeback timeframes, the information you have is incorrect. Though most cases are resolved within 120 days of the transaction, in some cases and although rare, it can be extended up to 540 days for services expected in the future. The processor is willing to provide a partial release, however your bank account/information needs to be updated due to return code R03 "No Account". Per the last service ticket you opened, the team reached out and provided you instructions for updating this info on 10/10/22. Please review the ticket and lets get your banking information updated so we can work to get you a partial release.

  Thank you,

  GOAT Payments

  Customer response

  10/20/2022

  
  
  I am rejecting this response because: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 Goat or 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!
  
  Regards,
  
  L*** *********
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  

  Business response

  10/25/2022

  Hello,

   

  The processor has updated their response advising they would release the funds in full, but would still need updated banking info, as the one on file is invalid. This requires a signed change form and updated voided check or bank letter. This was received yesterday, and the change was completed and the reserve funds have been released in full today. Please allow 3-5 business days for deposit, barring any holds from your banking institution.

  We wish you the best of luck with your business.

  Sincerely,

  GOAT Payments

• Initial Complaint

  12/13/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I SIGNED UP WITH GOAT PAYMENTS BACK IN MAY 2021. I HAD SEVERAL CLIENTS ENROLL IN MY ONLINE COURSE AND THEY PUT OVER $80,000 IN RESERVE AFTER CONTINUOUS FIGHT WITH THEM THEY RELEASED SOME OF THE MONEY BUT NOT ALL. THERE IS ALMOST $10,000 THAT THEY STATED THEY WOULD BE HOLDING AT LEAST 180 MORE DAYS. THEY HAVE NO REASON TO HOLD FUNDS FOR AN ENTIRE YEAR. THIS IS INSANE. I'M ASKING FOR THEM TO RELEASE MY RESERVES.

  

  Business response

  12/21/2021

  Thank you for bringing this to our attention. We have been in contact with the merchant and explained to her the reason why her funds are being held in a reserve. The merchant was in violation of her merchant agreement by processing transactions that were significantly higher than her approved limits, and were for products and services that were travel related when her account was set up for credit repair services. Per our Risk procedures and guidelines, we can hold funds for up to 180 days to monitor against chargebacks. We informed the merchant in early November we can escalate for a 90 day review assuming there are no chargebacks within that time period. We wish her and her business nothing but the best, but have communicated with her on multiple occasions the reason why funds are being held.

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