Verisave They Said they would audit my merchant account, but I don't think they did, their intent is hidden Internet
I was looking for an independent consultant to review my credit card merchant account charges. I made is clear I was looking for an independent paid services to see if I am paying too much, but was not looking for a new processor. They clealy implied that most of their people stay with their curent processor and they just audit it, though never really made it clear how they make money (they dind't charge me). Anyway, I sent them my merchant statement they replied within 12 hours stating that my monthly doesn't total 75k and they somewhat implied that all is good with my charges without further details. They never told me about a 75k minimum up front, their only goal was to get my statement. I still don't know their intent, but it seems like there is some valuable information on that statement for them and nothing really for the the person who is expecting an aduit. Why never mention the 75k minimum up front? I wrote back to them asking for details of their review and did not get a reply. Stay away, something seems very fishy with this group and I don't beleive they are being forthcoming.
2 Updates & Rebuttals
Strategic
Burlingame,California,
United States
In Fairness to Verisave
#3Author of original report
Fri, November 22, 2019
They got back to me with some more details and so while I am not saying they are bad, I am just not sure how they make their money and that part is not so transparent. So I retract my reomendation to "stay away" - perhaps users should get better clarity on their intent as well as get it in writing they that they fully disclose what they will use your statement for besides audit and review it. I would delete the review, but Ripoff Report doesn't seem to allow this.
Jim
Beverly Hills,California,
United States
A Couple of Things:
#3Consumer Comment
Fri, November 22, 2019
First, I would not worry too much about your merchant account charges. The percentage rates are set by the card companies, not the merchants. Therefore, the cost of doing business is largely the same between merchants. The various types of VISA, MC, AMEX, Discover, etc... are all pretty fixed, and if you review your merchant statements, then you know what I'm talking about. The only difference is the classification as to what kind of merchant you are. For example, if you are a grocery store, you would be charged a lower percentage than say, a much small retailer selling goods or services. The primary thing that will really lower your CC merchant fees would be to make sure you are registered as PCI compliant with the merchant. Other than that, there is very little you can do to lower your percentages.
The way a company like this makes money is that if the company is able to find large discrepancies between what you are being charged, and what you should have been charged, then they will pursue the merchant for the difference and then pocket a portion of the recovery, and they can go back to the time you signed up with the merchant. However, if your charges don't amount to $75K per month, then it isn't really worth it for the company to pursue because whatever variance there may be, isn't worth their time, or yours. I would not be overly concerned with them having your statement if they happen to be a legit company.
If you are that concerned with your merchant fees, I would suggest speaking with your merchant processor to make sure your business is classified correctly, or even see if your rep can possibly change your classification so that your monthly fees are dropped into a lower rate. Having said that, I suspect the best you'd be able to do is save anywhere from 0.25%-0.50% per month. You'd do a lot better just making sure you are registered as PCI compliant. Most businesses have systems that are PCI compliant but won't get their systems registered with the merchant as such, meaning that someone like you would pay maybe $3K in fees per year you could otherwise avoid.
Best of luck to you....