Post by determined1 on Jul 22, 2016 17:37:46 GMT
This just in this morning...
At Jonas Fitness, our goal is to provide you with the service, support and information you need to effectively manage your electronic payments. During the June POS processing period (July Statement) Vantiv notified Jonas Fitness that they had conducted a POS Billing audit and became aware that they were correctly billing some, but not all of the card brand’s monthly assessment fees to Jonas Fitness POS customers. We have been told some of these charges have not been correctly passed through since January 2015 and some were never charged. During this entire time Vantiv was absorbing these fees that are supposed to be monthly card brand assessment fees that get passed to Jonas POS customers. These monthly card brand assessment fees should not be confused with interchange rates (Qualified, Mid Qualified, Non-Qualified) which have been correctly billed the entire time. Jonas Fitness has advocated for our customers and persuaded Vantiv to only go back and try to collect for June and July processing periods which you will see on your Aug POS Statement. Starting in September you will correctly see all the card brands monthly assessment fees just for current processing period.
Jonas Fitness appreciates your business and ongoing partnership.
I have run our processing fees by Wells Fargo, Bank of America and Chase. All 3 have stated they're able to provide us with lower processing fees than what we're currently being charged. (There are smaller companies willing to charge even less) In the case of Chase it's almost 30% less. Now we're being told that they need to charge us more. I ask, why should we continue to do business with these companies when it's obvious that we're not getting any sort of price break for the volume that we're generating. When we as an individual merchant are able to negotiate much lower pricing then the question is why isn't snap fitness using their numbers to make it easier on zees?
At Jonas Fitness, our goal is to provide you with the service, support and information you need to effectively manage your electronic payments. During the June POS processing period (July Statement) Vantiv notified Jonas Fitness that they had conducted a POS Billing audit and became aware that they were correctly billing some, but not all of the card brand’s monthly assessment fees to Jonas Fitness POS customers. We have been told some of these charges have not been correctly passed through since January 2015 and some were never charged. During this entire time Vantiv was absorbing these fees that are supposed to be monthly card brand assessment fees that get passed to Jonas POS customers. These monthly card brand assessment fees should not be confused with interchange rates (Qualified, Mid Qualified, Non-Qualified) which have been correctly billed the entire time. Jonas Fitness has advocated for our customers and persuaded Vantiv to only go back and try to collect for June and July processing periods which you will see on your Aug POS Statement. Starting in September you will correctly see all the card brands monthly assessment fees just for current processing period.
Jonas Fitness appreciates your business and ongoing partnership.
I have run our processing fees by Wells Fargo, Bank of America and Chase. All 3 have stated they're able to provide us with lower processing fees than what we're currently being charged. (There are smaller companies willing to charge even less) In the case of Chase it's almost 30% less. Now we're being told that they need to charge us more. I ask, why should we continue to do business with these companies when it's obvious that we're not getting any sort of price break for the volume that we're generating. When we as an individual merchant are able to negotiate much lower pricing then the question is why isn't snap fitness using their numbers to make it easier on zees?
