Jayson Gaignard felt like he’d been sucker punched. The credit card statement just didn’t add up. He was reading a massive list of transactions charged to his online ticket company, Tickets Canada, and he didn’t remember any of them.
There was a good reason why: He never authorized them. His business partner fled the country and racked up more than $120,000 in tickets on his credit card, selling them under the table and leaving Gaignard holding the bill.
Unfortunately for Gaignard, this was just the beginning of his problems.
After the theft, his company’s merchant payment processor made an inexplicable policy change that locked 100 percent of Tickets Canada’s revenue in a reserve account out of Gaignard’s reach.
Literally overnight, his cash flow evaporated. The processor explained that until they conducted a thorough review of his account (necessary because of a previous error the processor had made), Tickets Canada’s money was frozen.
Read more at ENTREPRENEUR