Wholesale Payments Lawsuit: What You Need to Know
If you run a business that accepts credit card payments, you may have come across the name Wholesale Payments. They offer credit card processing services to businesses, promising lower rates and better service. However, in recent years, Wholesale Payments has been the target of numerous lawsuits, raising concerns about their business practices.
What are the allegations against Wholesale Payments?
The lawsuits against Wholesale Payments allege a range of deceptive and unfair business practices, including:
- Misrepresentation of costs and fees: Several complaints claim that Wholesale Payments misled businesses about the true cost of their services, often locking them into contracts with hidden fees and charges.
- Breach of contract: Some business owners allege that Wholesale Payments changed the terms of their contracts without their consent, often increasing rates or adding new fees.
- Fraudulent sales tactics: There are reports of high-pressure sales tactics employed by Wholesale Payments representatives, including pressuring businesses to sign contracts without fully understanding the terms.
- Failure to provide promised services: Businesses claim that Wholesale Payments failed to deliver on promises of lower rates and better customer service.
What is the current status of the lawsuits?
Several lawsuits against Wholesale Payments are currently ongoing, including a class-action lawsuit filed in 2023. The outcome of these lawsuits could have significant implications for businesses that use Wholesale Payments for credit card processing.
Should you be concerned?
If you are a business owner considering using Wholesale Payments, it is crucial to be aware of the allegations against the company. You should carefully review any contracts before signing and do your own research to compare rates and fees from other providers.
Here are some resources to help you learn more:
- Class Action Lawsuit: Webb, Klase & Lemond, LLC v. Priority Payment Systems and Priority Technology Holdings, LLC (2023): http://www.greensheet.com/breakingnews.php?article_id=2633
- Wholesale Payments Review: CardFellow (2023): https://www.merchantmaverick.com/reviews/cardfellow-review/
- Strange v. Wholesale Payments Direct Inc: Justia Dockets (2023): https://www.quora.com/If-someone-doesnt-pay-what-they-owe-you-and-has-no-assets-to-seize-or-garnish-wages-from-can-you-sue-them-in-California
Ultimately, the decision of whether or not to use Wholesale Payments is up to you. However, by staying informed about the allegations against the company and doing your own research, you can make an informed decision about which credit card processing provider is right for your business.
Is Wholesale Payments still operating?
Yes, Wholesale Payments is still operating as of December 2023. However, the company has faced increasing scrutiny due to the ongoing lawsuits.
What should I do if I signed a contract with Wholesale Payments?
If you signed a contract with Wholesale Payments and have concerns about the terms or service, you should consult with an attorney. They can help you understand your rights and options.
Are there other credit card processing providers available?
Yes, there are many other credit card processing providers available, each offering different rates and features. It is important to compare options before choosing a provider.
How can I protect my business from deceptive credit card processing practices?
Do your research, read contracts carefully, and be cautious of high-pressure sales tactics. You can also consider working with a trusted advisor who can help you navigate the credit card processing landscape.
Will I be affected by the class-action lawsuit against Wholesale Payments?
If you were a customer of Wholesale Payments during the relevant time period, you may be eligible to participate in the class-action lawsuit. You can contact the attorneys involved in the lawsuit for more information.
What is the future of Wholesale Payments?
The future of Wholesale Payments remains uncertain as the lawsuits against the company continue. It is possible that the company will be forced to change its business practices or even cease operations altogether.