James, I'm not sure how familiar you are with credit card processing. There are fees that are charged in addition to the set %. They are often referred to as "gateway" fees. And keep in mind that often these fees are variable as the business is who ends up paying for the Points associated with many credit cards these days.
In addition, be sure to complete the annual PCI compliance as this will also prevent unnecessary fees.
Steve
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Stephen MankowskiCPA
MANKOWSKI ASSOCIATES, CPA, LLC
steve@mankowski.cpa215-682-7366
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Original Message:
Sent: 08-17-2023 08:20 AM
From: James Kalaitzis
Subject: Monitoring credit card processing fees
Thanks Bob. For all others, I should have been clearer. The company claims that processors follow their fee schedule when they get a new customer (business) but over time, whether intentional or not, they start charging more than the agreed upon fees. So this company helps our business clients control their processing fees by monitoring them. Any thoughts or comments are appreciated.
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James Kalaitzis
JAMES KALAITZIS, CPA, PC
Commack NY
Original Message:
Sent: 08-16-2023 05:26 PM
From: James Kalaitzis
Subject: Monitoring credit card processing fees
At the 2019 Tax Symposium, there was a company that offered monitoring of clients' credit card processing fees. Their pitch was that our clients are being overcharged by their credit card processors. Does anyone remember the name of the company? Anyone have experience with this company or any of their competitors? Any thoughts?
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James Kalaitzis
JAMES KALAITZIS, CPA, PC
Commack NY
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