- Report: #552629
Complaint Review: VMS Velocity Merchant Services - Oakbrook Illinois Internet
Reported By:
Andrew -
Burr Ridge, Illinois, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
VMS Velocity Merchant Services
2021 Midwest Rd Suite 302 Oakbrook Illinois, 60523 Internet, United States of America
Phone:
Web:
www.getvms.com
Categories:
Business Rating:
(0)
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VMS, Velocity Merchant Services Lied about processing Rates, Internet
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.
