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Post by fishstyxx on Aug 12, 2016 19:16:37 GMT
I read a post discussing processing fees and showing that the franchisee was being charged over 3%. I guess they're getting a discount. I just checked ours and we're being charged 4.5% by Fifth-Thirds, which is ridiculous.
I believe Vantiv is what 5/3 names this division. The phone number I have for them is 866.458-7280. However, when I try to call them and select option 4, it simply drops the call. I've tried multiple times with the same result.
I also tried accessing this from accessmyiq.com which is denying my login
Anyone have a good number for this group?
Additionally, am I correct that Vantiv is the credit card processing arm of 5/3, which should really change their name to 1/5.
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Post by fishstyxx on Aug 12, 2016 20:16:09 GMT
5/3 also known as Vantiv and also known in some parts of their company as Checkfree have a phone number of 877.744.5300
Unfortunately no one at that number is allowed to access your account information and they're required to transfer you to their "relationship manager", who apparently handles the snap fitness account. His name is David J Ressler and his number is 513-900-4416. Of course he didn't pick up.
Now, I don't recall ever signing anything where I agreed to pay a 4.5% fee for processing. I'd encourage everyone to check their banking statements and calculate what sort of percentage rate you're paying. I'm sure no one has agreed to pay 4.5%. If others are being charged this then we all need to go back and see how long this has been going on and I'd recommend filing a class action lawsuit against them on behalf of all of their clients, not just snap fitness clients.
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Post by Dale on Aug 15, 2016 22:22:25 GMT
fishstyxx...are you getting your monthly draft report from corporate (probably not because you only get it if you ask for it to be emailed monthly) for the monthly billing? It is pretty hard to decipher but I met with an independent company today (Heartland) and the bottom line is they could save us over $1,000 annually. That may not sound like much but it would pay for the new decline recovery ripoff fees and some of the $155 fitware monthly cost (ahhh...Checkfree the good old days of $45/mth). Vantiv is charging a higher % and they also seem to get extra from us in the "new loads" and cost per transaction. They charge a quarter per and Heartland charges a nickel.
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Post by supercool on Aug 19, 2016 18:44:27 GMT
I had a local acquaintance who does credit card processing for many local restaurants show me he could get us lower credit card processing fees...he isn't some huge company, just an independent small business owner. Yet, we're stuck with using whoever Snap dictates.
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Post by determined1 on Aug 19, 2016 22:20:01 GMT
I have to agree the fees we pay for processing are ridiculous and I haven't been able to find anyone within snap or vantiv who can explain how their fees are calculated. You can count me in for filing a class action. How many do you need to do that?
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Post by thatkidfromjersey on Aug 19, 2016 22:47:50 GMT
I don't know but I'm in as well. Do we have any franchisees that happen to be lawyers?
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