Outrageous E-Com Processing FEES!

Recently, I had two customers tell me about some of the practices of a few companies that process credit cards for Canadian E-Commerce Websites that they had dealt with previously.  If you are sleepy, then this will shock you right up!  Here are the outrageous things that they do in their fee structuring:

1  From 2.95%  to 5% credit card payment processing rates.  I saw a third customer’s statements at 5% with over $100k/mth in transactions.  That is exceptionally high volume that this business does, and to pay those rates!  He did say that he didn’t pay a monthly fee for his system though.  At those rates, they should’ve thrown in a FREE full-time employee each month!

2  Rolling reserve from 8-10%.  This means that the processing company continues to hold back 8%-10% of your entire credit card volume each month to ‘protect against risk’.  Who are they protecting?  And at 3% plus, isn’t there some protection built into this price?

3  35Cents to 55Cents per transaction!  Enough said.

4  Up to $55/mth for the system fees outside of all of this!  Ditto.

5  One of these two companies paid the business owner once a week their deposits, and the other paid bi-weekly.  I didn’t even know how to order these five points in importance?!?

For E-Commerce/ Website Processing that is simple, done properly and affordable- talk to us before going elsewhere, and wasting your valuable time.

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