Electracash / Not Disbursing Funds
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.