|FastEcom **PM ONLINE ** Ran off With over 26,000 USD's in Funds When I Quit Processing Credit Cards Through Them Nashua, New Hampshire |
|29th of Apr, 2011 by User446065 |
|I needed a credit card processing solution and was introduced to Forrest Milkowski and Judy his partner by Marc Howard at MerchantWorthy.Com. BTW Marc is a Stand up guy and I still work with him to this day and recommend anyone looking for a merchant account to speak with Marc.|
FastEcom does what is known as Credit Card Factoring. If you are unable to get a merchant account because your business is determined high risk or perhaps an adult business then FastECom lets you process your credit cards through there merchant account charging a 10.5% transaction fee and a 10-15% Reserve. Marc set Forrest up with a Merchant account under his company PM ONLINE for me to use to process my credit card transactions. Everything was going fine until funding was delayed countless times . Each time we were give a BS excuse (Database Being Updated etc. ) Who switches servers and updates there database which merchant rely on to process there transactions (In Our Case almost 100k per month) during business hours in the middle of the week. Well FastECom does because they pay out 1 week in the rear only after you enter the tracking information for each transaction. They locked us out from being able to update the tracking so we emailed them an Excel file which was very tedious to compile and time consuming however we were not paid for the weeks batch until 2 weeks later. Keep in mind we are buying inventory, paying for shipping, advertising costs etc on a daily basis and did not receive one dollar of revenue for 14 days. We were then told due to our business type the bank thought we were doing a great job and they needed to hold a 15% reserve instead of the agreed upon 10%. At this point 30% of every dollar coming in the door was being garnished off the top. We were told by Forrest our money is safe and being held by Visa/MC and not him personally. Well we found out from Marc whom setup the merchant account for Forrest we were processing with that the reserve was only 5% and was never raised. Forrest told us he had a new merchant account to move us too because of the high 15% reserve so we agreed. This was just a way for him to cut Marc out of his weekly commissions on our processing volume since he made the introduction . Once we were moved over to the new account the bank began to hold funds which resulted in 3 more funding delays before we were fed up. We instructed Forrest that we would be looking at other options and they sent me an email saying the bank was holding that weeks payout due to my drop in processing volume. They continued to say the bank need to see higher volume etc. This was of course not true banks do not pressure merchants in to taking sales they do not have the product for fulfillment. We quit processing for about a week and waited for our payout the following week however I was then told that he would not be able to fund me the final 6k batch even though he was holding over 25,000 in Reserves in his business account not the VISA/MC Escrow account he informed me they were being held in. He said soon as I started processing with him again he would give me my money. I told him he had to be CRAZY and that I would never process another dollar through him again. He attempted to use the 26k in Reserves and Final batch of 6k which is over 30k as leverage to maintain me as a client. He was making 6-10k a month off our account and was desperate to keep us. Now we receive no reply to our emails etc. Anyone that has processed with FastECom, PM Online etc. in the past or is currently processing please contact me and I will provide you with detailed correspondence and statements which could very likely indicate they are running a PONZI. We have currently exhausted all options and are filing suit against PM ONLINE, FASTECOM in Nevada Federal Court. He is attempting to hide behind an offshore company however he operates his entire business in NH and uses US Merchant Account and Bank Accounts. We also are looking into filing a criminal complaint soon as we receive documentation from 2 other former merchant whom have been through the same situation. We already have an excellent law firm specializing in Bank Card law and welcome other to join our suit. Please feel free to contact be by Email if you are current merchant and if you are thinking of using FastECom RUN ! All current merchants are at Risk because we will be alerting several banks they process with that they are factoring which will likely result in there merchant accounts being terminated. Call MARC at MERCHANTWORTHY.COM if you need a credit card processing solution that is only used by you and not a group merchants.
I have just been scammed by PM ONLINE. I am a UK resident. They have taken money from my account without my permission.
What do you suggest I do ?
|Same thing just happened to me, £97 from my account for teeth whitener!! Any suggestions?|
|Dear sirs, i have also been scammed by PM ONLINE, They have taken 3 payments from my account one for £50.11 one for £43.35 and the last one for £95.88. All i applied for was a free sample of teeth whitener. Unfortunately i only noticed when the last one came off. I am honestly sick to the stomach at these people who think they have the right to do this.I just hope i can reclaim this money back. Any help from anyone else who has been scammed will be most appreciated. [email protected]|
|Fast E Com rip me off around 10, 000.00 US Dollars plus our 10% rolling reserve, Its been more than 2 years and I have not heard anything from them. I have all the emails when they stated how much the owned me and all the reports from the backoffice regarding the sales and the amount owned to us. The worst thing is that those crocks ask for the tracking number (delivered) and then they pay. WE NEED TO STOP THEM ONCE AND FOR ALL.. IF ANYBODY NEEDS ANY INFORMATION REGARDING THEM MY CONTACT EMAIL IS [email protected]|
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