Another Supplier gets credit card payments put on hold.greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Maybe this is all just a coincidence....I just got off the phone with a major emergency supplies company. She needed me to send a money order for my grain mill because the bank had just halted credit card payments a few days ago. I hate to sound like GN but this is a little strange, don't you think?
-- (firstname.lastname@example.org), April 21, 1999
supplier name please.
-- a (email@example.com), April 21, 1999.
"...the bank had just halted credit card payments..."
-- LP (firstname.lastname@example.org), April 21, 1999.
"Best Prices Storable Foods" is the company. Didn't ask whick bank. Sorry, didn't think it was relevant
-- (email@example.com), April 21, 1999.
I too would like to know the name of the company and the name of the bank, but more to the point, Why didn't you name them to begin with?
Day after day we read posts with witheld info & frankly I don't get it. Now please don't take this as an attack, I'm serious about the question, and here's why:
If I wanted to diseminate information I would make a point (and have in the past) of including not only the company name, but contact person and phone number because it helps with my credibility as well as exposing the problem to the light of truth- my purpose in sharing.
So, why would you post a hearsay piece when it would have been just as easy to say "I called XYZ Company and their bank, ACB is holding their credit card purchases"?
-- Randers (Coyotecanyon@hotmail.com), April 21, 1999.
"So, why would you post a hearsay piece when it would have been just as easy to say "I called XYZ Company and their bank, ACB is holding their credit card purchases"? "
Right on. All parties involved know what is happening, there's no proprietary interest in secrecy. If your supplier told you about the problem, it is public knowledge. You have no obligation to the supplier's bank, who BTW are entitled to provide their own explanations.
-- Tom Carey (firstname.lastname@example.org), April 21, 1999.
There are lots of reasons why a bank would stop processing credit cards. Here are a few:
The business is new and credit card volume is heavier than anticipated. Business will need to ante up with a larger deposit.
Business is has had several "chargebacks". This means some customer called VISA or MASTERCARD and said, "I didnt get what I paid for" so VISA/MC fixes the customers bill and charges "back" the vendor. A very few of these once in a while may be normal, but it should be less than .05%of transactions or you'll be getting a call from the bank/processing co.
The Business has an operating loan or line of credit with this bank and they are late making a payment. This is not unusual right after a period of high sales. Growth takes capital for more reasons than I can discuss here. Banks often use all the leverage they can to get you to make the payments on time.. Why not? They should. You borrow the money, you promise to pay - so you gotta' pay on time.
Please do not assume that *everything* is related to Y2K.
-- Berry Picker (Berrypicking@yahoo.om), April 22, 1999.
berry picker, I posted this info as a backup to another thread that talked about a seemingly unusual number of emergency supply houses having problems with banks. As I remember it, they had not had these problems before. So, my first-hand experience seems to tie into what others have experienced. My thread doesn't prove anything and it wasn't intended to. Read it again...carefully this time.
-- (email@example.com), April 22, 1999.