Vantiv/WorldPay, check your statements

Discussion in 'The Think Tank' started by Steve, Dec 10, 2018.

  1. Steve

    Steve Active Member

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    Vantiv/WorldPay users,

    I, with another think tanker, have found our CC bills being higher lately. As high as 3.9%! I've done some initial digging and found a few strange charges in the "Other Fees" section. There is a $79.50 charge for a regulatory compliance fee and also an $11.11 charge for minimum bill adjustment. These two charges end up over $90 total. At 3 cents a swipe and 0% above interchange, my surcharges are only around $15-20 a month but I fear WorldPay is tacking on these extra costs and hiding them as what look like interchange but really it isn't.

    Anyone else noticing higher Vantiv bills/strange charges?

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  2. December

    December Active Member

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    Steve, about 2 months ago I checked my statements about $90 higher. I called talked to them there were some bizshield programs they enrolled me in. Got those removed. The $79 fee sounds like an American Express yearly fee they say is to keep rates competitive (bs)
    Anyway I watch my statements like a hawk and got it back down to 2.4% without much effort.
    I make sure to get paper statements bc their member portal is a pain for me all the time
    Im still figuring out the minimum bill adjustment theyve been charging me since day one. It ranges from $10-17 every month
     
  3. Steve

    Steve Active Member

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    See this is what I'm thinking, they're adding stuff in and removing it for the people who complain about it. Thanks for the input! The $79 we're getting charged every month, I'm not sure when that even started

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  4. Mondo

    Mondo Active Member

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    Wow thanks for bringing this to my attention! I just went over my statements. My effective rate had been around 2.4-2.5% since I started with vantiv around summer last year. Then Sep. Oct. Nov. are all around 3.2-3.3%. I’m calling first thing in the morning to see what the deal is I’m not happy.
     
  5. Steve.L

    Steve.L Active Member

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    The rate increase is something that is happening with all processing companies.
    To make sure you keep your rates low, you'll have to pay attention monthly so you catch on quickly when this happens.
    In most cases. the low rates you have negotiated for, they don't last for more than 6 months, if that.
    Even if the actual rates don't change, they usually add other fees like the ones mentioned above and that's how you end up paying much more.
    Do yourselves a favor, check your statements monthly and if you see anything that doesn't feel right, complain about it to have it either adjusted or removed.
     
  6. December

    December Active Member

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    Statement came in todAy.
    $79.50 compliance fee.
    Effective rate 2.73%
    Going to call later
     
  7. Steve

    Steve Active Member

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    I plan on calling tomorrow. Please let me know how it goes

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  8. Steve

    Steve Active Member

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    How'd it go Mondo?

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  9. Mondo

    Mondo Active Member

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    The guy looked my statements over and said nothing jumped out at him. They're going to take a closer look at get back to me so we will see...
     
  10. Steve

    Steve Active Member

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    I've heard the we'll get back to you game before with them. I wouldn't wait too long to hear back. I'll let you know how I do tomorrow with them as well

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  11. December

    December Active Member

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    Just got off the phone, from what I was told (severe accent) its a semi annual fee ( dont know what their definition of semi annual is) but its to cover some ‘k’ form. Again it was really hard to understand the woman on the phone, she was going to transfer me to explain it in more detail but I was needed to help make orders at that moment so ill try again tomorrow
     
  12. Steve

    Steve Active Member

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    Good to know, I am going to look back at my previous statements to see if it is on October, September, etc.

    Please post your results tomorrow too. We can all fight this together

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  13. Steve

    Steve Active Member

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    Here's a link to this K form thing

    https://www.vantiv.com/info/1099-k

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  14. 314

    314 Active Member

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    Went round and round with them and now am getting good rates. 2.3% on an overall statement last month
     
  15. Steve

    Steve Active Member

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    How'd you go about that? Combatting the "other fees"? Did you get them to take off the $79.50 charge?

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  16. 314

    314 Active Member

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    Yes - no bloat! Talking to another company I learned about all the fat they randomly added. The key is finding the right person to talk to fix it for you. Hilary Carlson is the person who FINALLY went to bat for my cause.
     
  17. Steve

    Steve Active Member

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    Thank you!

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  18. Steve

    Steve Active Member

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    Make sure you log into your account to view your statements and click on the "Messages" on the far left side. Here's some messages they posted in there, but to my knowledge never communicated in a letter or anything like that:


    July Portal Message


    Due to the complexities of the payments industry and systems that support your processing, we must periodically review our pricing structure. Effective September 1, 2018, you will be assessed an annual fee of $99 each year in September.

    May Portal Message


    OYou have been enrolled in a free trial of Vantiv BizShield, a third party data intelligence tool designed to protect your online reputation and grow your business. Vantiv BizShield's 24/7 monitoring software helps protect your business from critical activity like negative online reviews and incorrect business listings, and delivers real-time alerts directly into your email inbox. Your free trial is effective 6/1/2018 to 6/30/2018. If you don’t opt out before 7/15/2018, you will automatically be charged $19.99 for July, and you will be charged for each subsequent month until you opt out. You may opt out of this service at any time by calling 800.846.4472. Vantiv has partnered with Womply, an industry leader in business analytics, to provide Vantiv BizShield. Use of Vantiv BizShield is subject to Womply's terms and conditions, available at Womply.com/terms.

    June Portal Message


    An additional processor added fee of up to 0.8% will be applied to non-qualified transactions beginning in August 2018. This fee will be included in the surcharge section of your statement and calculated by multiplying the rate by the applicable transaction volume.

    September Portal Message


    Effective November 2018, you will be assessed a semi-annual Regulatory Compliance Fee of up to $79.50. This fee will be assessed each year in May and November.
     
  19. brad randall

    brad randall Active Member

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    Cancelled my accounts with Worldpay. Switched to Heartland. For just one account, the final invoice (maybe) from Worldpay was for $194.85, that's a month of Fees and Adjustments with zero transactions processed.
     
  20. Steve

    Steve Active Member

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    You just did this now? Or was this before? I've heard bad stories about heartland as well. I almost think it's just having to play the game with these people constantly, doesn't matter who it's through anymore

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