Having worked for FirstData, this is how the proce
Post# of 82690
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Posted On: 01/29/2020 10:19:31 AM
Re: kingofsting #64089
Having worked for FirstData, this is how the process should of proceeded IMO
Everyone who's FirstData's agreement was up for renewal from November 15th to the end of the month would have 30 days to comply or to terminate their agreement and find another processor ... sign an agreement with them and begin processing with their new processor. Now for those who complied, they would need to opt into the new agreement, download the software and be in compliance by December 15th. On December 15th, ACS would now prepare a bill for FirstData for all the merchants emailed in November and deliver that bill to FirstData (as close as I can tell) on January 1st or 2nd given that January 1st is a holiday. FirstData would probably have 30 days to pay ACS and then ACS would pay StrikeForce within 15 days of receiving the money. Therefore, I think we can look for the revenue for the 2nd 15 days of November during the 1st 15 days of February.
Next, we can see our first full month of December and the 2nd payment of the 15 days of November's revenue from the FirstData deal during the first 15 days of March ... and so on. And somewhere in here we will see the 2nd and 3rd processors revenue and soon DSS will be added to it too.
Everyone who's FirstData's agreement was up for renewal from November 15th to the end of the month would have 30 days to comply or to terminate their agreement and find another processor ... sign an agreement with them and begin processing with their new processor. Now for those who complied, they would need to opt into the new agreement, download the software and be in compliance by December 15th. On December 15th, ACS would now prepare a bill for FirstData for all the merchants emailed in November and deliver that bill to FirstData (as close as I can tell) on January 1st or 2nd given that January 1st is a holiday. FirstData would probably have 30 days to pay ACS and then ACS would pay StrikeForce within 15 days of receiving the money. Therefore, I think we can look for the revenue for the 2nd 15 days of November during the 1st 15 days of February.
Next, we can see our first full month of December and the 2nd payment of the 15 days of November's revenue from the FirstData deal during the first 15 days of March ... and so on. And somewhere in here we will see the 2nd and 3rd processors revenue and soon DSS will be added to it too.
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