Consumer reviews and reports on scam companies, bad products and services
CardFlex Financial Services, LLC Andrew M. Phillips, Cardflex Payment Solutions, Cardflex Merchant Services, CardFlex, Inc. Cardflex Scam, Cardflex Fr
23rd of Oct, 2011 by User520537
Along with many others, we have had our rolling reserve held by Cardflex. We had just started our online business and had signed their contract agreeing to a 10% rolling reserve. This is fairly standard from whatever merchant services provider that you can choose. Although, after just enough months for Cardflex to accrue the maximum amount of rolling reserve that they could - in our case about six months to the tune of $20,000 - they cancelled our account without warning - telling us that wells fargo went after another merchant that they were offering processing services...and based on that...we had a 'similar' risk profile so we were terminated. We were not even in the same industry as other company they had mentioned and our chargebacks were around 1%. We were given no written warning whatsoever. Also, the amount they were holding in our rolling reserve was approximately equal to our cancellation fee so that would just keep the money. After reading and doing extensive research online we've read about other people that have had this this same experience over and over again. This is a pattern that Cardflex (Andrew Phillips) is using to personally rack up a fortune. We have hired an attorney to represent us for litigation. After doing research, our attorney has determined that Cardflex is suing their former customers in order to keep the rolling reserve. Then are VERY litigious and understand that most of their clients do not have enough money to hire at attorney to go after them. Once they sue a merchant, then that puts the merchant on the defensive and it becomes much more difficult to collect the money that is legally owed. They have filed over 20 suits against their merchants! Go to google and do a quick search for "Cardflex Scam" or "Cardflex Fraud" and you will see many entires to different people that have had their rolling reserve misappropriated. We are looking for other merchants who have experienced the above mistreatment by Cardflex and are willing to sign an affidavit. We intend to sue for fraud. In addition we are planning to file a class-action lawsuit against the company so this kind of abuse cannot continue. It is unconscionable and unethical. Cardflex has displayed a continuous pattern of wrongful behavior; it is their premeditated method of operations that opens the doors for lawsuits. It is against the terms of service of ripoffreport to include an e-mail address is an online report so you will have to get in touch with us via their process. Thank you for reading and please contact us if you, or someone you know, was a victim of Cardflex Financial Services, LLC.

Post your Comment

Complaint Details

Get new code


Recently Updated Reports

1232 days ago by thestoryofdianegerrish
goldendoodle world - goldendoodle world lake ridge kennels Vulgar,...
I just came across this page a few minutes ago. I am Sandra Johnson and although this page was...
1456 days ago by freeinfofraud - Unable to withdraw funds
Bitky be Aware! Unable to withdraw money! Bitky idoes not allow you to withdraw your funds, do...
1461 days ago by ned l.
Bi Polar Bullies - Bi Polar Bullies Kennel Karen Wolfe BUYERS BEWERE OF THIS...
thank you for bringing this to my name is Karen Wolfe, i'm the owner of...
1462 days ago by ned l.
ServiceMagic ServiceMagic scams and cheats contractors...
Jason - I'm sorry to hear about your experiences with your leads recently. The leads that...

User Registration

Already a member? Log in now.
E-mail address
Get new code

User Registration

A confirmation email was sent to "".
To confirm your account, please click the link in the message.

If you don't see the email in your Inbox, please check your Spam box.

User Login

Not a member of Register now.
E-mail address
Forgot your password?
E-mail address
Loading, please wait...
Your password has been sent to the specified email address. Log in