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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    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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  2. Steve

    Steve Active Member

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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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  3. Pizza_rookie

    Pizza_rookie New Member

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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.
     
  4. sparrowspizza

    sparrowspizza Member

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    Anyone use Sterling payment technologies?
     
  5. Mondo

    Mondo Active Member

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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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  6. December

    December Active Member

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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
     
  7. Steve

    Steve Active Member

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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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  8. The Fat Boy

    The Fat Boy Active Member

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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
     
  9. Steve.L

    Steve.L Active Member

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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...
     
  10. The Fat Boy

    The Fat Boy Active Member

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    Thanks Steve will get on this 1st thing Monday
     
  11. sparrowspizza

    sparrowspizza Member

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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?
     
  12. The Fat Boy

    The Fat Boy Active Member

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    I am paying around 3.3 or 3.5%
     
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  13. December

    December Active Member

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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
     
  14. Gunner

    Gunner New Member

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  15. Steve

    Steve Active Member

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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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  16. December

    December Active Member

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    Statement came in today
    2.30%
     
  17. sparrowspizza

    sparrowspizza Member

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    Mine was 4.5%