Merchant processing is a complex web of agreements and transactions involving multiple parties—merchants, payment processors, banks, and card associations. This intricate ecosystem leaves ample room for processing and accounting errors that can lead to costly disputes and litigation.
If you believe you are experiencing any processing or accounting errors, it is important you work with an attorney to hold the payment processor accountable. Contact our offices today for a free consultation.
Merchant Payment Processing and Accounting Errors
One of the key issues that often arise in merchant processing litigation is improper or erroneous billing practices. Merchants may be subjected to overbilling, hidden fees, or unexpected charges that violate the terms of their agreement with the payment process. These billing errors can stem from a variety of sources, such as faulty accounting systems, inadequate oversight, and intentional deception.
Another common point of contention is processing errors, where transactions are mishandled or improperly recorded. This can result in delayed settlements, incorrect deposit amounts, or the improper application of fees and surcharges. Merchants relying on accurate and timely processing of their payments may suffer significant financial harm when these errors occur.
Compounding the problem, merchants often find it challenging to obtain recourse when faced with these processing and accounting issues. Payment processors may be slow to investigate and resolve disputes, or they may hide behind complex contractual language to avoid accountability.
Remedies for Processing and Accounting Errors
To navigate these treacherous waters, merchants embroiled in processing and accounting disputes must be prepared to meticulously document every transaction, fee, and interaction with the payment process. This paper trail can be crucial evidence when pursuing legal action or filing complaints with the Federal Trade Commission.
Additionally, merchants should carefully review their processing agreements to understand their rights and the processor's obligations. Knowing the applicable rules and regulations can help identify potential violations and strengthen the case for redress.
Ultimately, the best defense against processing and accounting errors, besides proactive monitoring and vigilance, is the help of an experienced merchant processing litigation attorney. Sigal Law Group understands how confusing and overwhelming these suits can be. As such, they will work tirelessly to ensure you are not only fully prepared to present your argument against the payment processor but that you receive the best possible outcome for your case.
To learn more about how we can help, contact our offices today for a free consultation.
