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  • Report: #798312

Complaint Review: Payments Systems Corp

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  • Submitted: Tue, November 15, 2011
  • Updated: Wed, November 30, 2011

  • Reported By: Small Business Owner — Park City Kansas United States of America
Payments Systems Corp
PO Box 71409 Nationwide United States of America

Payments Systems Corp Merchant Processing Solutions dba Payments Systems Corp Credit Card Processing Fraud Alert Attacking Small Business Owners Los Angeles, Nationwide

*Consumer Suggestion: I can help

*Author of original report: Payment Systems Corp dba Payment Systems is Fraudulet, Misleading and attacking small businesses

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I am a very busy small business owner. I allowed Joylyn Duffy from Payment Systems Corp to come in and look to see if they could save me money on my credit card processing. That was my first mistake.

In all their information and talking to me they delibrately did not compare apples to apples. She took advantage of my lack of knowledge of the credit card industry as well.

I asked how much it was to cancel my previous service and she "called" them. It was only $299 andshe would reimburse me for it. That was fine for the processor....

1. However, she delibrately did not tell me that I could not get out of my equipment lease. At the time, I was unaware that I was signed into an existing 48 month lease that I can not get out of. That is industry wide, by the way. By the time I realized that, it was too late to get out of the new 48 month lease on equipment she had me sign. So I am stuck with 2 sets of equipment with lease payments on both. Something she did figure into the calculations.

2. When comparing my savings, she compared her $59 a month lease to my current $37.50 a month lease. She delibrately did not compare the actual cost of $68.95 for her lease to my current actual cost of $37.50 for my lease. ($59 plus fees and taxes) AND the equipment she leased me is out dated.

3. In all the comparisons I was told Visa/MC fees were 1% plus a 9 cent transaction fee. She even did comparisons for my breakeven on debit cards using 1% plus a 9 cent transaction fee. After a couple months of statements that seemed to be double charging the 9 cents. I finally got a hold of someone and was informed that there was also a 9 cent authorization fee. So, in actuality she should of been comparing 1% plus a 9 cent transaction fee AND a 9 cent authorization fee. I was told I should of read the contract.

4. My 1% she promised was also not accurate. She was comparing my current 1.69% to her 1%. Problem is her 1% was a lie too. My 1.69% was after interchange fees and her 1% was before interchange fees. Again she lied in her comparisons. I effect my credit card fees are drastically higher.

5. Whenever I tried to call customer service I would always get the run around. Sometimes, they would take a message and promise to call back within an hour or 24 hours. Never happened! Never once got a call back from them.

6. I decided to go back to my 1st processor and just eat the 68.95 lease payment so that I do not have to deal with this dishonest company. I called and actually got to talk to someone, surprise, surprise. Only to be told that I would have to pay over $1500 to cancel my processing with them.

Needless to say, be very aware of this fraudulet company.

This report was posted on Ripoff Report on 11/15/2011 01:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/Payments-Systems-Corp/nationwide/Payments-Systems-Corp-Merchant-Processing-Solutions-dba-Payments-Systems-Corp-Credit-Card-798312. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

I can help

AUTHOR: tiffanyg@centurybankcard.com - (United States of America)

With regard to your rates...what happens is a company will come in and tell you I can give you a qualfied rate of 1%.  This is indeed is 1% over either their cost or actual interchange.  1% is 100 basis points over cost.  Interchange is actual cost that Visa/MC/DS charges every processor in America.   Some processors like us use the Interchange/Cost-Plus plan.  In this case, you would pay actual cost plus profit.  It seems that you are paying cost plus 1% and that's way too much.

Given the new Durbin Amendment that went into effect 10/1/11, the cost of debit went from 1.05% to 0.05%.  So, if you have a business that has an average ticket of under $200, most people probably pay with a debit card.  You don't have to take pin-based debit transactions to qualify for this rate.  This 0.05% rate applies to all banks with over $10,000,000 in assets.  Banks with less than $10M in assets will charge between 0.35% to 0.95%.  Our profit margin is 0.15% over cost.  This means that we profit $1.50 per $1,000 that you process.  We also give referral rewards and NO contracts or monthly minimums.

You need to talk with someone that will consult you and not take advantage of you.  If you are ever quoted a "rate" again, run the other way.  A rate is just that.  It's a combination of cost + profit that always benefits the processor.  Because, unless you know cost you won't know if it's a good deal or not.  I'm here to tell you that a rate is NEVER a good deal.

When you choose to do business with anyone, check out the rip off report.  It's a tool that I always use.

I wish you luck.
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#2 Author of original report

Payment Systems Corp dba Payment Systems is Fraudulet, Misleading and attacking small businesses

AUTHOR: Small Business Owner - (United States of America)

I am a very busy small business owner. I allowed Joylyn Duffy from Payment Systems Corp to come in and look to see if they could save me money on my credit card processing. That was my first mistake. In all their information and talking to me they delibrately did not compare apples to apples. She took advantage of my lack of knowledge of the credit card industry as well. I asked how much it was to cancel my previous service and she "called" them. It was only $299 andshe would reimburse me for it. That was fine for the processor.... 1. However, she delibrately did not tell me that I could not get out of my equipment lease. At the time, I was unaware that I was signed into an existing 48 month lease that I can not get out of. That is industry wide, by the way. By the time I realized that, it was too late to get out of the new 48 month lease on equipment she had me sign. So I am stuck with 2 sets of equipment with lease payments on both. Something she did figure into the calculations. 2. When comparing my savings, she compared her $59 a month lease to my current $37.50 a month lease. She delibrately did not compare the actual cost of $68.95 for her lease to my current actual cost of $37.50 for my lease. ($59 plus fees and taxes) AND the equipment she leased me is out dated. 3. In all the comparisons I was told Visa/MC fees were 1% plus a 9 cent transaction fee. She even did comparisons for my breakeven on debit cards using 1% plus a 9 cent transaction fee. After a couple months of statements that seemed to be double charging the 9 cents. I finally got a hold of someone and was informed that there was also a 9 cent authorization fee. So, in actuality she should of been comparing 1% plus a 9 cent transaction fee AND a 9 cent authorization fee. I was told I should of read the contract. 4. My 1% she promised was also not accurate. She was comparing my current 1.69% to her 1%. Problem is her 1% was a lie too. My 1.69% was after interchange fees and her 1% was before interchange fees. Again she lied in her comparisons. I effect my credit card fees are drastically higher. 5. Whenever I tried to call customer service I would always get the run around. Sometimes, they would take a message and promise to call back within an hour or 24 hours. Never happened! Never once got a call back from them. 6. I decided to go back to my 1st processor and just eat the 68.95 lease payment so that I do not have to deal with this dishonest company. I called and actually got to talk to someone, surprise, surprise. Only to be told that I would have to pay over $1500 to cancel my processing with them. Needless to say, be very aware of this fraudulet company.
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