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OPS12
November 28, 2022
Question

Merchant Account Problems

  • November 28, 2022
  • 2 replies
  • 1 view

I had a merchant account with QuickBooks, shortly after I was verified and told "go ahead and start accepting payments" it was terminated. When I called they would not release why but are holding a payment of $3,575.00 of mine. They will not release the funds to me. I have called many times and every time same "solution", we have escalated your case, you will hear back within 2 days which I never do. The rep actually told me today that after it's escalated, if it doesn't get worked in 48 hours, it gets closed... what kind of business practice is that?! Being an accountant with a business law background, I am appalled at how this is being handled and will be reaching out to my attorney to file an official complaint.

    2 replies

    MJoy_D
    MJoy_DQuickBooks Team
    QuickBooks Team
    November 29, 2022

    We don't want you to be inconvenienced in any way, @OPS12.

     

    The payment will trigger a hold once your payment processing exceeds the dollar amount expected on your account or processed after several authorization attempts and failures.

     

    Intuit will release that payment after providing us all the requested information. You'll usually receive an email from us asking for some information about the transaction. Once we get everything from you, we can usually complete the review within two (2) business days. 

     

    I also suggest reaching back to our Payments Support team to trace this charge and verify why the transaction is still withheld. 

     

    For your reference, here are some links that you can check out about fixing the payment on hold status for deposits:

     

     

    Please let me know if you require any further help in handling your transactions. I'll be here to help in any way I can. Have a wonderful day.

    O
    OPS12Author
    November 29, 2022

    I never received an email from Quickbooks trying to verify anything, instead the account was just closed. Also I have called someone on the payments support team 4 times now which again I get the same answer "we will escalate". 

      A
      Alafia2020
      May 21, 2024

      It has been seven days, and I keep hearing the same old thing day after day. I am a professional cleaner, and I have been using QuickBooks for over five years. I am very troubled by their practices. They have become a cash cow, making money off our hard-earned money like a thief in the night. They have become the worst crooks in the industry. I HIGHLY DO NOT RECOMMEND THIS COMPANY, especially for small business owners.

      I received a transaction from a client and was charged a 3% processing fee. I suspected that this was a bit higher than normal, so I put a stop payment on the merchant fees. I later spoke with QuickBooks and learned that it was indeed their fee, so I removed the stop payment the next day. This happened on the 15th. I spoke with a representative and informed them that I had removed the stop payment and that they could go ahead and remove the funds from my account, the same account that has been on file for three years. They have been taking the merchant fees automatically. They said I would receive an email or some type of correspondence concerning this matter. I received none.

      I am very disheartened to have to put in sweat equity every day only for them to control my money, or even worse, make money off of my money while I sleep. I want to warn anybody who wants to try QuickBooks: unless you have a lot of money to give away, I do not recommend them. In my opinion, they are the biggest scam artists in town.

      Z
      ZackE_QuickBooks Team
      QuickBooks Team
      May 21, 2024

      Thanks for getting involved with this thread, Alafia2020. I appreciate your detailed information.

       

      When Intuit is unable to collect fees in relation to a QuickBooks Payments account, generally a hold will be placed on the account, disabling any funds processed through it to be deposited to your direct deposit account (DDA).

       

      To resolve this, you'll first need to lift the stop payment with your bank, then notify our Collections team. They may want evidence of this, like a bank letter, or a conference call with one of our agents to the financial institution where the stop payment was placed at. This helps Intuit confirm your bank account is now authorized moving forward for fees associated with the QuickBooks Payment account to be debited from it.

       

      After confirming this, our Collections team can work with you to lift our hold on your account and release any remaining funds that were held up during it.

       

      You can refer to our Contact Payments Support article for detailed steps on how to get in touch with the appropriate Customer Care team.

       

      If there's any questions, I'm just a post away. Have an awesome Tuesday!

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