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Electracash / Not Disbursing Funds

1 CA, United States Review updated:
Contact information:
Phone: 562-498-6888

Electracash accepts ACH withdrawals for payment for their merchant accounts. After a period of six(6) business days, Electracash deposits payments, less fees and holdbacks, to the merchant's bank account, similar to the way credit card processors do.

On Thurs., July 23, 2009, Electracash did not make its daily deposit to our account. When I called them, they blamed it on one of their banks, which they would only name as "Bank # 3", saying that there was a dispute over funds to be transmitted by the bank. They said they hoped it would be resolved by Monday, July 27, 2009.

On Monday, when speaking to their manager, Daniel Dotsenko, we were advised that the issue was not resolved and that Electracash would be making partial payouts to its merchants out of their own reserves.

This does not sound like a good thing. This company is, for all intents and purposes, a financial company, and a funds clearinghouse. I am hoping that I receive our funds, but I am skeptical at this point.

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Comments

  • Jo
      29th of Jul, 2009
    0 Votes

    I have also contacted Electracash about the delay and have been working with one of their sales reps for several years. I was told the problem is due to an issue with one of their banks and they are working diligently to resolve the problem. Their service has been great a majority of the time and they have a dedicated, hard-working team there working overtime to resolve this issue. I will not leave just because of a minor inconvenience. I have faith in the people there and know I will get my money once this issue is resolved. These are hard-working people just like you and I and they will come through just as they always have. It's human nature to be skeptical but there are people there who very much care about what is going on and the impact it is having on their customers.

    Joselyn

  • Ju
      6th of Aug, 2009
    0 Votes

    Spoken like someone who is not really a merchant. I have no doubt that the employees who work there are hard-working. It is not their money, however, so they really don't feel the pain. And I'm not talking about the pain of dealing with disgruntled merchants. It is the merchant's money, and the merchant earned it, is entitled to it, and needs it to run their business. Spectracash's employees just have to deal with unpleasant phone calls. The merchant's employees are wondering if they will get their paychecks on time. There is nothing skeptical about facts. Fact one is that the money is not being paid out on time. It is now August 6th, and they are 3-5 business days behind on payouts. This means that their merchants are not receiving funds that were processed 9-11 business days ago.

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