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Author
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Topic: Switching credit card processing: Watch out for sneaky charges
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Mike Blakesley
Film God
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Posts: 12767
From: Forsyth, Montana
Registered: Jun 99
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posted 11-12-2012 12:25 PM
I learned an expensive lesson today and wanted to pass this information along to make sure this doesn't happen to others.
We switched our credit card processing from Mercury Pay to Vantiv, due to the cost savings with the Vantiv program. (Mercury Pay has a variety of monthly charges like a $14.95 "statement fee" that you can't get out of, among others.) I was never told about any fees or "problems" with switching, in fact I asked the Vantiv representative if I needed to call Mercury Pay to get it done. They said no, they would take care of everything behind the scenes. We also use RTS for point-of-sale, and when I called them to make the change they also said everything would pretty much happen by itself.
Today I got a statement from Mercury Pay saying they had debited our account for the monthly "minimums" of $58.35, even though we had had no processing with them for the month. I called them about it, and they said it was non-refundable because we hadn't informed them of the change 30 days prior to making the change. They then told me there is a $295 charge for closing our account with them, also because we didn't give them the 30 days notice. This is ridiculous but I don't see any way out of it since we did sign the contract. (I am embarrassed that I didn't notice that fee in our contract but somehow I missed it....who reads all that fine print anyway?)
I just wanted to pass on notice of these potential charges, and let people that there might be "requirements" to close their previous service. Vantiv has worked out very well for us so far but it's going to cost us almost a year's worth of savings to make up for these charges. This is the first time we've ever switched processors but I'll sure know what to watch for the next time.
No wonder these credit card companies have such a bad rep.
Also I am highly recommending that if you have a choice, stay away from Mercury Pay. They are efficient, but their monthly charges are outlandish.
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