27 Aug Understand Your System Before Signing!

While negotiating a new processing contract for a client we discovered that the Property Management System was not able to store pre-authorizatons. The Payment Processor agreed to provide their “Vault” for this purpose. We realized that this Processor charged a monthly fee for storing information. This meant that the client who averaged about 25,000 transactions a month they would be facing a bill of $1250 for the first month then $2500 second month and $3750 for the third month etc. etc. We contacted the Processor and finally after 2 months of discussions we were able to have the fee changed to being based on access to each entry which changed the accumulating nature of the fee. We are sure that the client working on their own would not have caught this as the Processors representatives did not understand the problem at first.