B
boudoir
Guest
What is the name of your state? California
Hi, I recently received a cash advance loan for my business. How it works is that they have given me $4000 and they take a percentage out of my credit card transactions to repay the loan.
For the last few months after receiving this loan, I have had nothing but nightmares with the credit card processor they have assigned me to use to repay the loan. The processor continually takes money out of my business account, but has problems putting it in to the account. This, as you can imagine has cost me a great deal of anguish because I get charged huge fees from my bank for being overdrawn, vendors aren't getting paid...resulting in more fees, and it's ruining my reputation and jeopardizing my business.
The first time money was taken out and not put back in, they said it was a "technical glitch" and released the funds a week later. However, this didn't resolve the fact that I had over $500 in fees from the bank and vendors. When I asked them what they intended to do about it, they said it's not their policy to refund fees.
This week, they have managed to take over $900 out of my account and not put any of the transactions I have processed into my account.
I have also contacted the company that issued me the loan and they seem unable or unwilling to help with the situation. Telling me that this processor is the only one they have a relationship with. I've even tried to use another processor because I can't run my business this way, but then, I'm in breech of contract with the loan company, right? At least that's what they tell me.
I guess I would like to know what my rights are here? I wish I could pay this company off in full and be done with it, but I don't have the money...I used it expand my business. If I use another processor am I'm in breech of contract? Do I have any grounds to sue for the money I've lost in fees, bounced checks, etc? And if so, who is to blame? The loan company or the credit card processor?
Please help...I feel trapped.
Hi, I recently received a cash advance loan for my business. How it works is that they have given me $4000 and they take a percentage out of my credit card transactions to repay the loan.
For the last few months after receiving this loan, I have had nothing but nightmares with the credit card processor they have assigned me to use to repay the loan. The processor continually takes money out of my business account, but has problems putting it in to the account. This, as you can imagine has cost me a great deal of anguish because I get charged huge fees from my bank for being overdrawn, vendors aren't getting paid...resulting in more fees, and it's ruining my reputation and jeopardizing my business.
The first time money was taken out and not put back in, they said it was a "technical glitch" and released the funds a week later. However, this didn't resolve the fact that I had over $500 in fees from the bank and vendors. When I asked them what they intended to do about it, they said it's not their policy to refund fees.
This week, they have managed to take over $900 out of my account and not put any of the transactions I have processed into my account.
I have also contacted the company that issued me the loan and they seem unable or unwilling to help with the situation. Telling me that this processor is the only one they have a relationship with. I've even tried to use another processor because I can't run my business this way, but then, I'm in breech of contract with the loan company, right? At least that's what they tell me.
I guess I would like to know what my rights are here? I wish I could pay this company off in full and be done with it, but I don't have the money...I used it expand my business. If I use another processor am I'm in breech of contract? Do I have any grounds to sue for the money I've lost in fees, bounced checks, etc? And if so, who is to blame? The loan company or the credit card processor?
Please help...I feel trapped.