INTRODUCTION: I am a silversmith (Mokume, Photo-Etched,
Hollowware,Forging, Fabrication) and not a jeweler like most of you.
I have lurked for
7 months and you are all great. I have learned a lot of valuable
from all of you Orchidians. Maybe I can help some of
you with this subject. First let me say that I agree with most of
the comments made by Daniel Spirer and Jim Binnion–good sound
advice.
After over 20 years as a government banking regulator I believe I
can offer some help with this problem. You do have several options.
Some are long, time consuming and probably will not produce the
results you are seeking— mainly some help. Most third party
merchants merely contract for services through a credit card
processor (Mapp, Global, Nova, others). Rarely is Visa,
MasterCard, Discover, Amex directly involved with third party
merchants. There is generally a clearing bank hidden somewhere in
the process. Most banks have an agreement with the above listed
credit card companies stating that you cannot cancel their charges
(debits to your account for clearing fees) for a spcified length of
time. Those are generally Ok but it is those third party invisible
fees that run processing charges up (per item, help, batch closing,
etc). The third party merchant does not have that direct agreement
with your bank thereby putting that merchant at risk. Your solution
may be as simple as directing your bank to stop any direct debits to
your account by said merchant. Your bank may argue that the
agreement with the companies is binding even though a third party is
involved. For those of you that have fraud involved got to your
bank and ask for an officer (Vice President or Higher). Do not talk
to the Cashier or person in charge of merchant accounts because you
will get nowhere.
If that merchant is depositing the daily clearings in a bank before
transferring to your account you have this option. Find out the
name of the bank and call them–if that fails write a complaint letter
to the respective regulatory agency for the bank (FDIC, OCC, State).
What is the monthly fee charged by the merchant clearing services if
you process zero dollars? If there is no charge then just switch
services. Some charge a $10.00 statement fee whether you process or
not. Pay the monthly fee until the contract runs and in the meantime
get another service. We have enough headaches without this
aggravation.
I have one comment about David’s post concerning rates. The bank is
getting BD percent or more of the charges you are paying and will
negotiate the rate not the processing fees.
Jim Binnion and David Spirer said it well–if you do not know what is
out there or what to look for–or the deal is simply too good —then
go to your bank. I will be glad to answer any questions I can off
line. Personally, I use processe through Nova direct. They have
great service–always fix my problems–24/7, a bit pricey but worth
it. Usual disclaimer, not associated with–just a satisfied
customer.
Earl
Castle Rock, Colorado Eepsilverwrks@AOL.com