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Vantiv/WorldPay, check your statements

sparrowspizza said:
I have not contacted them yet. But I stopped keying in the cvv code 2 or 3 months ago just to save time. During that time my rates have went from 3% to 5%. I am just wandering if the 2 are related.

Also one guy had 6 separate credit card purchases, that his mom reported as fraud. I just went to him and got cash. I wonder if that had something to do with my rates going up
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I don’t have an option to key in CVV and my rates are anywhere from 2.4-3.1 depending on the month.

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sparrowspizza said:
Also one guy had 6 separate credit card purchases, that his mom reported as fraud. I just went to him and got cash. I wonder if that had something to do with my rates going up
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Reported as fraud will get chargebacks added to your account, this is probably responsible for your spike in fees

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I have since left Vantiv/ WorldPay / Mercury. They by far are the most unethical company, they raised our rates slowl,y and then added the fees for womply and for the biz shield bullshit. When I complained they can only give you a maxium credit of 300 and I didn’t even get that. What I did get was 18 chargebacks in over a 6month period . Some I lost just because they sent me the notice that for me to dispute after the date when I had to get the suppporting documentation. I actually got the notice and the closure of the chargeback on the same day . I have had maybe 12 in 15 years, can’t be sure it is related but awfully suspicious especially since I have not had any since leaving. I know I sound like a crazy man because the charge back would have to originate with my customer but the sudden uptick and the way they notified me after the point that I could no longer dispute it was really unethical.
 
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Just got my January statement and effective rate was 2.68%. Better, but not quite as low as the 2.4-2.5% I was getting before. Going to call and complain. Will keep you posted.
 
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Haven’t got my statement yet but they sent me an email informing me theyre are removing the $79.50 biannual fee from now on also a $10 reduction on the omniassure program.
Everything thing else stayed the same
 
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2.8% for one location. Other location was 3%. Higher than it was initially for both locations but I’ve fought it about as well as I can, sure if I had an extra 40 hours a week I could probably get them down 2.5 but I don’t, they know we don’t, so they fix some things and make you call in for others and see how long you’re willing to torture yourself calling back in and getting yet another rep to explain everything to only to have them transfer you elsewhere and play hold Russian roulette with you.

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ok guys I want to make sure I am understanding your figures

so if I run say 13,500 in C/C I should only be paying 2.3-2.4 % which is roughly $317 in fees for the month

Now don’t laugh I have a small shop
 
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ok guys I want to make sure I am understanding your figures

so if I run say 13,500 in C/C I should only be paying 2.3-2.4 % which is roughly $317 in fees for the month

Now don’t laugh I have a small shop
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Not necessarily. Mostly depends on the rep who will sign you up. If for example on a store that makes $130,000 the fee is 2.3%, the rep’s commission would be around $150!!! Now, if you drop that amount by 10, then the rep would be getting a commission of around $15 out of the deal. For some, it doesn’t worth the trouble of making only $15 and that’s why in many cases shops with lower sales have higher rates.
You might be lucky though and get a rep who will be willing to sign you up with the lowest rate possible.
It’s all about the negotiation…
 
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Not necessarily. Mostly depends on the rep who will sign you up. If for example on a store that makes $130,000 the fee is 2.3%, the rep’s commission would be around $150!!! Now, if you drop that amount by 10, then the rep would be getting a commission of around $15 out of the deal. For some, it doesn’t worth the trouble of making only $15 and that’s why in many cases shops with lower sales have higher rates.
You might be lucky though and get a rep who will be willing to sign you up with the lowest rate possible.
It’s all about the negotiation…
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Thanks Steve will get on this 1st thing Monday
 
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Hey Fatboy I made 14.400 last month. I paid $494 in fees. So I guess I am around 3.5%. What are you paying?
 
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Statement came in today
2.67% effective rate
There was an annual $89 fee
And a processor per item fee for visa for $24
 
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Gunner said:
Justa heads-up…

https://durangoherald.com/articles/271343-major-durango-employer-worldpay-purchased-by-fis
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I just renegotiated (2nd time in 4 months) I guess we’ll see how the change to FIS goes. But I will say, Steve L reviewed my rates and gave me detailed info as to what to negotiate and what couldn’t be done, he also opened my eyes to the fact that no other processor is going to beat the rates we are currently getting, even with all of these crappy annual fees they’re adding

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Both locations today, 2.68 and 2.88 effective rate. Much happier

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Jan 2.68, feb 2.63, mar 2.68, apr 2.65. Not quite the 2.4-2.5 I was getting before, but close enough to make me give up complaining lol.
 
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