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Merchant Processor overcharging swipe fees

Steve

Well-known member
So we started looking into our rates and swipe fees in great detail today, as we back tracked all the way to our contract to make sure the rates were still the same (or better since we had wanted a rate review done and got slightly better rates a year ago), we stumbled upon this neat little fact. Our swipe fee is 10 cents/swipe. When verifying this on our statements, we found out they’re charging us 15 cents/swipe since we switched to them in December of 2013. Second location opened in January 2015. 3+ full years at our fully established location of overcharged swipe fees plus another 2+ years at our growing newer location.

Chances we get back the 5 cents/swipe for each transaction going back to day 1 of startup with them? Probably slim to none but my god, this sucks. Shame on us for not seeing it sooner, but honestly the account rep was so awful we didn’t even get our credentials to log in until after she moved on to another position.

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Shame on us for not seeing it sooner, but honestly the account rep was so awful we didn’t even get our credentials to log in until after she moved on to another position.

How much of this stuff can you keep an eye on? It’s almost endless…
 
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Shame on us for not seeing it sooner, but honestly the account rep was so awful we didn’t even get our credentials to log in until after she moved on to another position.

How much of this stuff can you keep an eye on? It’s almost endless…
Yeah that’s true, but an estimated loss of 5k on it is hard to swallow if it’s not corrected by the bank

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Wow you would think they would be honest and not pull this kind of shadiness. Now I’m gonna go and look at my statements lol. I just made the switch the vantiv they gave me a killer rate because my previous processor was getting way too expensive.

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Wow you would think they would be honest and not pull this kind of shadiness. Now I’m gonna go and look at my statements lol. I just made the switch the vantiv they gave me a killer rate because my previous processor was getting way too expensive.

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I actually contacted Vantiv this morning. 5cents per swipe. 0% transaction fees. 24.95 monthly fee. Still going to try to get better though.

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They gave me 5 cents and .05% the 25monthly if the the scans they have to perform for this new pci compliance. My previous processor was going to start charging 20/month for it too

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