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[Saj]

For the past 5 months i have been using Worldpay to accept Credit Card payments... but they have put a reserve of £10,000 on my account. It takes 4weeks for the payment to be processed and be added to my reserve.

1. does it take so long for the payment to be processed?
2. do i earn interest on the reserve that they hold?

i am just implementing google checkout to the website, their processing happens within the day and i can have the funds into my bank account that night. their charges are a lot less than Worldpay as well.

 

[Blush]

Why have they put a reserve on your account? I am confused

 

[streetslocal]

usually when there is a high risk or exsessive charebacks!!

 

[Saj]

The reserve is for security purposes...

just in case the worse was to happen... we go bankrupt or somthing.

 

[Steve2507]

£10K does sound excessive, what do you sell, have you had a business go under or have you had loads of chargebacks?

Also what is your average order value, £10K seems high, but if your average order is £500 then £10K is only 20 orders.

 

[gibby]

I take it you dont have a separate IMA?

If you did the funds would be passed straight to your bank.
Worth considering.

I know streamline work very well with world pay

G

 

[Saj]

I have a furniture website designersofas4u.co.uk

the sales range from £59 - £3000 it just depends.

IMA??? sorry i don't know what that means?

We tried streamline but they declined because of a default on my file from university days.

 

[Steve2507]

If you are selling items valued at £3k then there's the reson for the £10k reserve.

Look at it from Worldpays point of view you could have a number of dodgy orders for £3k each, you get the money but then go under,. WP is then out of pocket. It makes good business sense for WP to protect themselves.

Sorry but I am with (God I'm loathe to say this) WP on this one.

 

[gibby]

IMA means Internet Merchant Account which is what streamline have declined you for.
If you have one the funds go direct into your account

shop around for one as it will save you the delay with money

G

 

[Steve2507]

If you have one the funds go direct into your account

Not always, they can still put a reserve on the account or hold the funds for x number of days. It is down to the bank.