Warning If You Use Bank of America For Credit Card Processing

If you use Bank of America as your credit card processor, take a look at your statements. We had clients with them who were at only 4 basis points (.04%), and they recently took them to over 40 basis points (.40%), which is over a 1000% increase or ten times what they were paying. They went on to say they were justified because that was the market rate! We have clients paying anywhere from 1 to 5 basis points with other processors, so how do they come up with 40 basis points as the market rate?

Now, to be clear, this is just the “Discount Rate”. They can also play games by inflating interchange fees and sneaking in many other junk fees. So please don’t get hyper-focused on the “Discount Rate”.

Also, they will offer you a low Discount Rate with a 3-year contract that has all kinds of hidden clauses that can cost tens of thousands of dollars should you want to break the agreement after they raise rates or play some other type of billing game.

They know what we all know – businesses have so many things to watch for and try to navigate that they spend more time doing everything but growing their business. I know that as managing partner of weAudit.com I spend way more time dealing with things that have nothing to do with our core services. This allows processors and banks to attack businesses and try everything they can to sneak things past them.

This is where we come in. We audit credit card processing fees and keep the processors at bay. When I speak, I am often asked, “Who is my favorite processor?” The reply is always the same: I hate them all equally. That’s partly me being funny and partly true! If you have seen what I have seen, you would understand. I have seen businesses get overbilled by over $10 million a year. Even small companies are overbilled tens of thousands of dollars.

You can fight with BOA or whatever processor you want to work with, or let us help you. We have a 100% money-back guarantee. If you don’t love the results, we give you back every penny you paid us and send you on your merry way. Think about that: we can do everything we promised and more, and you can still take advantage of the money-back guarantee. We have a 99% retention rate with no contracts. Our clients stay with us because they love us, not because we force them to.

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