After you receive the free audit request, you can send them this link to collect the rest of the information.

To be clear- this info is not required, but it will ensure we are not wasting time on deals that may not be able to be done due to ERP limitations, etc. As well as it will allow us to give a more accurate forecast, but the biggest reason you want this is becuse we have had audits fall apart becuse they felt we were not prepared becuse we did not know enough about them. https://www.weaudit.com/how-do-you-process/


They were not even an ISO (Independent Sales Organization) until a couple of months ago (sometime during the first half of 2024). Before that, they were not even allowed to see merchant processing services, but that did not stop them from selling it. Our guess is that they had no idea that they had to become a registered ISO. Below is a screenshot where they referred to themselves as a “processing Service,” which there is no such thing as a “processing Service”. But do acknowledge that they are just reselling FISERV.

There is nothing unique about them; they are just like all the other ISO’s for Fiserv (Formerly First Data) and should be treated just like if someone told you they are with Wells Fargo, etc., except for:

1– Forced Gateway options – just like Worldpay

Other ISOs will let merchants use whatever gateway they want, but EPX requires them to use its antiquated, outdated gateway. Thus, their interchange issues will remain as they are.

2 – Promising to raise rates

We found this on one of the audits we did – This means they can raise their Discount Rates, Auth Fees, and AVS up to 10% with the April update. Please note that these updates are every April and October! This would imply that those fees could increase up to 20% per year or double every five years.

3 – Potential wrong setup – setting up merchants as retail versus B2B Card Not Present.

Even though the bulk of Eclipse and P21 are B2B AND CARD NOT PRESENT transactions – they consider they consider their system to be a retail solution. Which creates more interchange downgrades

4 – Junk Fee # 1 Infating American Express Fees

Below, the top line shows where they are charging an Amex Direct merchant over 39 basis points for an Amex transaction. Other processors fee for this is ZERO! So, if you did have a low discount rate of 4-5 basis points, you would have to factor in the additional 39+ basis points back into that deal. This is costing this merchant over $600 a month and they have no idea! 

5 – Junk Fee # 2 Made up fee “AVS WATS Fee”

See the second arrow above. In the second line, they are charging an AVS WATS Fee. Watts fees have not been charged for well over a decade. See below – it is for long distance. Today, everything is done via the internet; no system dials a 1- 800 line, and even if it did, there are no more long-distance fees. This is just a made-up fee.

WATS (Wide Area Telephone Service) was introduced in 1961 by Bell Systems as a long-distance flat-rate plan in which businesses could obtain a dedicated line with an included number of hours of call time from specific long-distance areas. 

6 – Inflating PCI Fees

Again, see the image above – the third arrow – Charging $40 per mid / per month, a business with 20 locations would pay $800 for PCI compliance. Versus only $8.95 per mid / per month.

7 – I/C Savings adjustment

See the fourth line down from the top in the above image. They force businesses to use an antiquated payment gateway that creates many transactions to downgrade, costing businesses tens and sometimes several hundred thousand dollars in interchange downgrade fees. However, they offer to fix it on the backend before sending the file to the processing networks if the merchant agrees to let them keep 75% of the savings. Click here to read more about how that works.

8 – Other fees we found on their statements

Monthly Fees – Customer Service Fee – Average Discount Rates 20 – 33 basis points

9 – Black Rated

We rate ISO/Precsccors

Green – Some trust and are truthful most of the time

Yellow – Caution – we see more deception than than normal, but not that bad.

Red – Extrem caution – way more deception than most!

Black – ZERO trust!

We generate the largest savings.

We have all 5-star reviews.

We have ZERO BBB complaints.

We are the only one in this space that has a money-back guarantee.

We are the only one in this space that is month-to-month.

We are the only ones that don’t take a percentage of the savings.

We are the only ones that list their fees on their website.

Others in the space use third-party companies to do their audits becuse they don’t have the experience.

Only two companies in this space have experience in this industry. The weAudit C-suite has over 135+ years of executive experience for the world’s largest processor. The other company has one guy who was a sales rep for a couple of years.

Some of the largest companies in the world turn to weAudit for help in reducing their credit card processing fees.

We are the only auditing firm that specializes in credit card processing fees.

PCI is short for PCIDSS or Payment Card Industry Data Security Standards. 

All merchants must comply. 

Depending on how many transactions a merchant processes each year, they have different requirements. 

Some require questioner being submitted, while others have to get scans, etc. 

Most merchants are deemed non compliant because they never submit their documentation. Why? It’s because they have no clue what form to complete, where to even get it, or how to submit it. 

This is where we come in – we hold their hand and help them find the right form. Then we assist them in filling it out and submitting it via our PCI partner Sysnet (now called Viking Cloud). We charge $8.95 per location/MID per month. Sysnet charges around $30 a month if they buy direct. We re-sell it at cost as a courtesy to our clients. 

The big issue is this…

If a merchant gets breached, and they are non compliant – the merchant is only responsible for actual damages. 

If a merchant gets breached, and they are NOT Compliant, the processing networks will fine them way more!!! 

Again, compliance, is more about did you get your paperwork in than what you do, or how you do it. 

Discount Rate – Is the processor’s mark up on a transaction. Most of our clients pay around 5 basis points. We see most merchants pay 20 -70 basis points or more on average. This can be negotiated 

Dues & Assessments – This is the fee from the processing networks (Visa, MC, Discover and Amex) and usually runs around 13 basis points, with Amex be a little higher. These can NOT be negotiated. 

Interchange Fees – Several things determine the fee, and there about one thousand options in all.

Industry – A Hotel has different rates than a Grocery Store which is different than a Distributor, or even an Airline.

Card Type – Rewards, Non-Rewards, Regulated Debit, Non Regulated Debit, Purchasing, Corporate, Business, High Rewards cards like Signature or World Card: there are dozens of different card types. 

Network – Visa, MC, Discover, & Amex – each network has its own fees as well as rules to get those fees.

How entered – 

keyed 

Consumer cards (personal cards) have a higher interchange fee when keyed, versus swiped. 

Commercial (business cards) like Purchasing, Corporate, Business cards don’t need to be swiped to get the best rates. 

Swiped

Data Passed – The more data passed the lower the rates on Commercial (business cards) like Purchasing, Corporate, Business cards. Many Gateways only pass the minimum data, which causes the transaction to clear at a higher interchange rate as opposed to gateway that passes all of the data. 

On Commercial cards, you only need to pass the 6 basic fields to get Level II. However, a good gateway will pass over 30 fields to get the transaction to Level III – one of the lowest interchange fees. 

Very large companies (such as an Airline) can negotiate their own interchange rates. 

A Processor is a generic term that everyone uses to identify themselves in this industry. In other words, an ISO will say they are a Processor, as will a MSP etc. 

A Processor is like:

Fist Data, which has been acquired by Fiserv, a software company. 

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worldpay/vantiv, was acquired by FIS, a banking/ investing software tech company). Now (Sept 2023), FIS has just sold off Worldpay to a private equity firm. 

Advent International (a private equity group) acquired Fifth Third Processing Solutions in 2009 and renamed it Vantiv, then acquired worldpay in December of 2010. 

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Chase – Paymentech – Chase was reselling First Data, and in 2002 had a falling out, and acquired Paymentech in 2002. 

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Global – Acquires Heartland in December 2015. Heartland started back up as Beyond an ISO for Merrick Bank.

TSYS acquires Transfirst January 2016 and CYAN in 2018 

Global and TSYS merge May 2019. 

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Elavon is a joint venture with US Bank. 

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BAMS (Bank of America Merchant Services) – A joint venture between BOA and First Data. However, BOA announced this year (2019) they are looking to part ways with First Data.

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There are a couple more that are not currently listed, But the above make up about 90%, if not more, of the market.

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An ISO is an “Independent Reseller Organization). That resells merchant processing, like:

FattMerchant An ISO for Wells Fargo, they charge a flat rate versus a % for a Discount Rate.

Flagship

Solupay

Blue (owned by First Data) 

CardConnect (owned by First Data) 

Total Merchant Services 

There are about 1,000 ISO’s in America. 

An ISO is suppose to disclose who they are an ISO for at the bottom of their website. 

Most are an ISO for Wells Fargo (First Data). 

Processors have to have what’s called a sponsoring bank to play, as credit cards are owned by banks. So in order to get a seat at the table, a processor has to have a bank sponsor them. Wells Fargo is First Data’s sponsor which is why you see Wells Fargo name instead of First Data. 

MSP Merchant Service Providers

Banks other than Chase Paymentech, which is a processor and BOA (BAMS) are MSPs. They are the same thing as an ISO, except they are banks. 

However, they are still reselling this service – to find who just google – like the one below. 

I’m not sure who comerica is reselling so I can google “comerica merchant services (then just trade out vantiv or First Data etc..) to see who they have partnered with. 

Examples – 

Commerce Bank

Suntrust 

PNC 

City 

The content below this line is next to worthless information that you will most likely never discuss with anyone. If you do, rest assured, they know way more, so gracefully thank them and remind them that the conversation is about the fees, and let’s please stay on point. 

Acquire – just what it says, but it is a word (term) you will hardly ever hear used. It is who “Acquires” the transactions, or what is often times called the front end. This is who sends the transaction to the processing Networks (visa, MC, Discover, or Amex) to get an approval. 

Settlement – or what’s called the back end. This is who moves the cash. 

More times than not, it is the same Processor; but sometimes due to IT or integrations limitations, it will be split between two processors. Notw that is very rare! 

The one who issues the Credit Card, which is Bank of America in the case below. 

Unfortunately, we are a privately held company, and due not release that type of information. I also hope that you can appreciate the nature of our business. knowing everyone’s financials, we are a very tight lipped organization, that runs on a need to know basis. Our website does share what we can, but if it is not on our site, then we don’t talk about it. You might say privacy is our currency.

Usually 7-10 days depending on how backed up the auditors are.

POS = Point of Sale – usually in a retail or restaurant with face to face interaction. 

ERP = Enterprise Resource Planning – usually B2B, which can be face to face, but often times is not. 

ERP’s are most common with Smaller Manufacturers and distributors; as they are an out of the box ready to use systems for the most part. 

SAP = Systems, Applications, and Products. This is for big companies that run every aspect of their company. It is very expensive to buy, to maintain, or make changes. 

CRM = Customer Relationship Management – usually for companies selling a service versus a product. ZOHO is a CRM. 

If you notice, everything starts off with usually, as there are no everytime situations here. 

What’s important to know is if the merchant is integrated, if their ERP etc locked down to one Gateway, or if they have options. 

Also, SAP’s are not like the other systems they have ZERO limitations. They cost a lot to make program changes, but they are not limited. 

If the merchant is not integrated, we don’t care if they have a POS, ERP, etc. 

As seen on

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