Scam – How Processors Lie About the Rate on their Monthly Statement!

MerchantProcessingNMScams Against MerchantsLeave a Comment

A new merchant contacted us recently about comparing our rates to his current processor. He told us the low cost plus rate he thought he was paying. He even verified it with his processor that this rate was all he was paying. When I got the statement, sure enough, there was a very low rate in plain site. However, when I delved deeper into every line of fees, I discovered another fee with a funky cryptic name. It calculated out to .25% of his sales each time. I have renamed the fee, a BS fee! This is plainly and clearly an attempt to TRICK and SCAM the merchant! It is nothing more than an extra rate on top of his other rate! How does this company live with itself? I just don’t get it. Our customers want to stay for life. It takes integrity to earn that kind of loyalty.