I had been contacted by Accredited Interchange in 2012 about change processing to them with the assurance of getting the best rates possible (all ISOs say the same). I got a quote and took a chance on using this service. After the very first month, my fees were 20% higher than my previous processor so I complained and was told an error in rates had been made. | The rates were adjusted but I didn’t receive a refund for the over charge of the first month. The second month was still high so I called again and the rates hadn’t been changed and again, no compensation for the overcharges. The third month the new rates kicked in, but were no better than my previous processor. I endured this for a year. I changed to Square and saved 30% from the very first month. | I was locked into a lease for the terminal and contract for the service until 9/30/2015 which paid. In September 2014, I tried to terminate the agreement and was told that it was over $1700 for early termination, so I agreed to continue paying the minimum fee of $67 but was assured that the contract would end in September 2015. | In August 2015, I contacted Accredited and faxed (as per their instructions) a request to terminated as of 9/30/2015 (even though I was told in 2014 it would end automatically. | October 2015 I was billed again, and November 2015, I was billed again plus an annual fee of $99. | On November 6th I called customer service to let them know my displeasure over this and although they acknowledged receipt of the notice, they said the account officially cancelled in October so there HAD to be a charge in November but a manager would contact me within 24 hours to correct this. | No one ever contacted me by phone, email, or mail so I called again today (November 13th). The rep I talked to explained that I never cancelled the account because they don’t accept termination notices unless it’s on their form letter AND since I spoke to them on November 6th, it was too late to cancel November and I would be charged again in December even though I contacted them no less than 6 times by fax or phone to terminate this contract. | I have a statement from them acknowledging that December will be final, but we’ll see. | My suggestion is to NEVER use this company or any ISO that wants more than a month to month agreement. Do not lease equipment and be aware that many ISOs use First Data (WellsFargo) to process Visa/MC transactions but First Data will NOT assist you if you have issues with fraudulent or deceptive ISO practices. | Also, my experience with Square for two years has been nothing but positive. There are many “mobile” processing companies out there now that do not require contracts, have flat rate fees, and deposit to your account with 24 hours and while all ISOs promise the best rates and tell you they only make a fraction of a percentage on each transaction, keep in mind that a penny per transaction times 100’s of thousands or millions to transaction daily is a lot of money.
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