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We have a Credit card merchant that we signed up with in…

Customer Question
Hi Pearl , We...

Hi Pearl , We have a Credit card merchant that we signed up with in March 2017 Bluepay ... They approved our company to process credit cards thru them .. Once we ran about the 10,000 dollars thru them .. Their risk management department cancelled our account within 10 days... They have been holding our money for over 6 months now and when we called them today they said they want to hold the funds for another 4 months .. Keep in mind, there hasn't any charge backs on the account .. My questions is how long ,legally , can they hold the funds ?

Lawyer's Assistant: What state is this in? And when did the issue begin?

California .... We got approved in March 2017 ... Started running cards within a week .. then they cancelled us almost like a scam ... I can get exact dates if neccessary

Lawyer's Assistant: Have you contacted the manufacturer?

The credit card processor yes

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The main question is how long , legally , can a credit card processor hold funds ?

Submitted: 7 months ago.Category: Business Law
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Answered in 18 minutes by:
10/2/2017
Business Lawyer: Infolawyer, Attorney replied 7 months ago
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 1,980
Experience: Experienced lawyer
Verified
Processor can only hold funds per the terms with the merchant. Normally in the event of a dispute that is standard practice but should be in the contract. if I can elaborate on anything, just ask me. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 7 months ago
Hi Infolawyer , Thank you for the quick response .. I am in the process of reviewing their contract ... From my understanding a Credit card processing company can only hold your funds for 6 months , legally .... I wanted to confirm with you to see if this was true and if you have a legal reference for this law so I can figure out what my next step isThank you
Business Lawyer: Infolawyer, Attorney replied 7 months ago
That is a contractual term period which is commonly found in the merchant processor agreements.
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Infolawyer
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Category: Business Law
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