Cardnet - Lloyds TSB clearing problem

Recently we have had our payments from Cardnet into our account stopped (3 days with no payments) even though we have continued to make payments every day on our chip & pin terminal.

As we put payments through on Saturday 11/09/2010 and they have not cleared yet 18/09/2010 (I have receipts) I believe this has exceeded the 3-5 working day clearance time. We spoke to the customer services who confirmed that the payment would be received by Monday 20/09/2010 by the very latest. Can I just state we have always had our payments into our account 3 working days from processing them without fail to this point, so my call was to enquire about the change which obviously caused concern.

However, after speaking again with customer services on 18/09/2010, they have informed me that a 7 day holding delay is applied onto the Chip & Pin merchant number: 540436504278961. The following agreements on each account is:

Chip & Pin merchant number: 540436504278961 – Agreement cleared into our account 3 -5 working days

Internet merchant number: 540436504321563 – Agreement held for 7 calendar days, then clear 3 – 5 working days after holding period.

Moreover this issue has occurred some weeks after internet merchant number: 540436504321563 became active and the agreement had come into effect. We have been receiving payments within the timescale above for chip & Pin merchant number: 540436504278961 whilst the agreement with internet merchant number: 540436504321563 has been active so this is inconsistent and not logical. Had this occurred at the same at which internet merchant number: 540436504321563 became live, this would have been a feasible excuse, but clearly this cannot be the case for the 7 day clearance time to be activated by mistake on the chip & pin account.

I have revised the form I signed regarding the 7 day holding period only applicable to internet merchant number: 540436504321563 of which I still have a copy. No such agreement was ever made with chip & Pin merchant number: 540436504278961.

Can anyone advise on what do do as I have £7k+ that should be in our business account now plus other money that should have cleared?? It is having a very big impact on my business?



  • jonesMUFCforever
    Enquire with other banks about card merchant accounts?
  • streetfast
    Any recommendations?
  • jonesMUFCforever
    Lloyds Tsb, Santander (ok think about that one!) Barclays Nat West HSBC or a simple Google search will give you many suggestions.
  • hippey
    hippey Posts: 849 Forumite
    There is not a lot you can do.

    There are simple reason why this can happen and you don't state if your terminal operates 'online' or if it's polled. But items taken on the 11th would not be available until the 20th anyway according to your figures....

    11th is a Saturday so they won't actually be processed until the Monday then 5 working days takes them upto the Friday close of business so a late entry on here might not show up until Monday 20th, this doesn't allow for processing problem or failed polling etc etc..

    Cardnet is a slow aquirer anyway, there are some (HSBC) that enter transaction nextday if you bank with them, and many are 2 day entries.
    These are my thoughts and no one else's, so like any public forum advice - check it out before entering into contracts or spending your hard earned cash!

    I don't know everything, however I do try to point people in the right direction but at the end of the day you can only ever help yourself!
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