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After a few days passed, he checked with his Bank, and money still hadn't arrived. He again called Credit Card Company, was told that information requested was never received, and they were canceling his account, which they did. He then called his customers and sure enough, their accounts were charged for amount of merchandise he delivered.
Now - plot sickens. He is out $334.95 for referral fee and set up fee no matter what happens. In reading "fine print" company can hold his money for 180 days. Will he get his money then? Maybe - if company is still in business . In meantime, his money is most likely in an interest bearing account, and company will walk away with interest plus his $295. At end of waiting period, if they pay him charges they are withholding, company has acted properly as far as law is concerned.
Sounds like small potatoes until you multiply this by several thousand people. Now, AG will probably not get involved if they return money 6 months from now - they did nothing illegal, and they cancelled his account for cause.
Will they get a bad rep - sure - and people will stop doing business with them. But as this article is being written, this particular sales agent is now operating under a different name, and spamming new suckers.
Now pay attention - First, ignore email spams you get from people promising to process credit cards on your behalf. They are simply independant sales agents, and cannot bind actual company to anything, no matter what they promise.
Second, do a little homework - how long has company been around? Can you get contact information from some of their clients who are using their service? Are these real people or simply shills working for company?
Third, and most important, read fine print - better yet, have your lawyer review contract.
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