Report: #552629

Complaint Review: VMS, Velocity Merchant Services - Oakbrook Illinois Internet

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Ripoff Report is Xcentric Ventures

Submitted: Mon, January 11, 2010
Updated: Mon, January 11, 2010
Reported By: Andrew — Burr Ridge Illinois United States of America

Author Not Confirmed

Why?

VMS, Velocity Merchant Services 2021 Midwest Rd Suite 302 Internet United States of America

Phone:
Web: www.getvms.com
Category: Credit Card Fraud

VMS, Velocity Merchant Services Lied about processing Rates, Internet

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Velocity Merchant Services is a Competitor of mine and they are giving my industry a bad name. I have came across multiple merchants that have been set up to take credit cards from them, and have been swindled by Velocity. The merchant is told that the rates that have been given to them are fixed rates. Well to find out what they are doing is offer rates of 1.29% but what really is happening is they are giving merchants a cost plus deal. Now what that means in our industry is that VMS is giving them rates on top of interchange. Now for people who don't know what interchange is, it's the cost of doing business in our industry. For example: The average retail (swiped)transaction is normally somewhere around 1.55% and 0.12.

Now what they(VMS) is doing the giving them a rate of 1.29% on top of interchange. So what that means is the merchant is paying somewhere close to 3%. Now in my industry it is getting very cut throut so companies are getting creative how to sell this product. But there not getting creative there being deceiving to merchants. I've been selling this product for about 8yrs now and I pride myself on selling the product correctly. I have standards and ethics on how I sell. I've been very sucessful and I provide for my family becuse of this industry. I just want business owners to be aware of whats going on. If I get out sold (that should never happen) I will take it and move on. But when a company is lying to get business it gets me mad. I hope what I put up helps someone and lets them make an educated decision. Thank you.

This report was posted on Ripoff Report on 01/11/2010 03:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/vms-velocity-merchant-services/internet/vms-velocity-merchant-services-lied-about-processing-rates-internet-552629. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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