Just got off one of numerous conference calls with representatives of a Processor, POS system and a Gateway. Nine months ago I found a MasterCard fee I have never seen before, over the following 4 months I worked to find the reason for the fee. We found out it was a special MasterCard fee for improper use of the approval system, then for the next 5 months worked to find what was causing it. Turns out now that the fee which amounts to 40% of the clients monthly processing fees is caused by a glitch in the POS system.
Before we setup the new system we questioned if it was up and running well in Canada. The answer was yes and with no problems. During this last call when we found out where the fault was, their representative said that our account was the only one affected, this he based on the fact that no one else has complained. My point; that could be because most people, accountants, bookkeepers and business owners just don’t understand how to read processing statements and how fees are calculated and for which transactions. The answer was silence and that they would check their other clients.
Bottom line there are literally hundreds of different fees that can be charged for debit and credit card processing, many can be avoided. Processors are currently adding fees and making up new ones, do you know if your fees have increased or if you are being charged new ones. Get the answer from people who know how to read the statements, FeeAdvocates. Contact us for a free no obligation analysis or your processing statement.