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  • 1.  Monitoring credit card processing fees

    Bronze Most Valuable Member
    Posted 08-16-2023 05:26 PM

    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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  • 2.  RE: Monitoring credit card processing fees

    Silver Most Valuable Member
    Posted 08-17-2023 01:58 AM

    Hi James:

    i would have to look this is but if you call Kathy in the NCCPap office she can tell you the company and how to reach them. 
    bob goldfarb 



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    Robert Goldfarb CPA
    JANOVER, LLC
    Garden City NY
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  • 3.  RE: Monitoring credit card processing fees

    Bronze Most Valuable Member
    Posted 08-17-2023 08:21 AM

    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
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  • 4.  RE: Monitoring credit card processing fees

    Platinum Most Valuable Member
    Posted 08-18-2023 08:14 AM

    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.cpa
    215-682-7366
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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.