I had been contacted by Accredited Interchange in 2012 about change processing to them with the assurance of getting the best rates possible (all ISOs say the same). I got a quote and took a chance on using this service. After the very first month, my fees were 20% higher than my previous processor so I complained and was told an error in rates had been made.
The rates were adjusted but I didn't receive a refund for the over charge of the first month. The second month was still high so I called again and the rates hadn't been changed and again, no compensation for the overcharges. The third month the new rates kicked in, but were no better than my previous processor. I endured this for a year. I changed to Square and saved 30% from the very first month.
I was locked into a lease for the terminal and contract for the service until 9/30/2015 which paid. In September 2014, I tried to terminate the agreement and was told that it was over $1700 for early termination, so I agreed to continue paying the minimum fee of $67 but was assured that the contract would end in September 2015.
In August 2015, I contacted Accredited and faxed (as per their instructions) a request to terminated as of 9/30/2015 (even though I was told in 2014 it would end automatically.
October 2015 I was billed again, and November 2015, I was billed again plus an annual fee of $99.
On November 6th I called customer service to let them know my displeasure over this and although they acknowledged receipt of the notice, they said the account officially cancelled in October so there HAD to be a charge in November but a manager would contact me within 24 hours to correct this.
No one ever contacted me by phone, email, or mail so I called again today (November 13th). The rep I talked to explained that I never cancelled the account because they don't accept termination notices unless it's on their form letter AND since I spoke to them on November 6th, it was too late to cancel November and I would be charged again in December even though I contacted them no less than 6 times by fax or phone to terminate this contract.
I have a statement from them acknowledging that December will be final, but we'll see.
My suggestion is to NEVER use this company or any ISO that wants more than a month to month agreement. Do not lease equipment and be aware that many ISOs use First Data (WellsFargo) to process Visa/MC transactions but First Data will NOT assist you if you have issues with fraudulent or deceptive ISO practices.
Also, my experience with Square for two years has been nothing but positive. There are many "mobile" processing companies out there now that do not require contracts, have flat rate fees, and deposit to your account with 24 hours and while all ISOs promise the best rates and tell you they only make a fraction of a percentage on each transaction, keep in mind that a penny per transaction times 100's of thousands or millions to transaction daily is a lot of money.
First, they told me I was being over charged, even though my current provider had me listed as a 'low risk' merchant and that I would not be charged more than 1.7%, "guaranteed'. The sales person told me that my contract would be month to month and I could cancel for any reason, if I was unhappy or that if my rate was more than 1.7%, which includes the terminal, AMEX charges, and all fees.
That night I spoke to my current merchant provider and they mentioned that the figures Accredited Interchange had quoted me were misleading and that at my current 'low risk' rate, they were only making approx. $15 off my monthly transactions.
That same day, I emailed my sale rep for Accredited Interchange that I decided to continue on with my current merchant and that I would like to return my terminal. After never responding to my email I received a processing fee for $58 dollars. on the $0.02 the sales person had charge on my terminal. After that I emailed him again, stating that I was charged $58, that I was unhappy and that I wanted to cancel my month to month 'contract'.
He told me that I need to ship the terminal back to San Diego with a cancellation letter, which I did. That next month they then charged my account $497.
Please do not listen to their lies... They are not cheap and they will not save you money!
This salesman Thomas Cody came to see me. He told me he could save me money on my merchant services. He said since I had no charge backs I was eligible to not pay intercharge fees due to dod frank legislation He showed me this great service, so I signed up. I signed on in sept of 2016. In nov I got my statements from both accrediated intercharge and my Wellsfargo merchant services. I calculated percent increase of money accrediated intercharge was taking from me compared to my old merchant services It came to 65.9%.
Before using Accredited Interchange ask lots of questions and request something in writing before you commit. When I met with their regional manager he would not give me any documents to review. That was a red flag for me. Also, he did not follow thru with the information I requested. Another, red flag. I haven't heard back from them, assume I asked to many questions. Don't be fooled. Stick with a trusted merchant service provider.
Accredited Interchange Reviews
I had been contacted by Accredited Interchange in 2012 about change processing to them with the assurance of getting the best rates possible (all ISOs say the same). I got a quote and took a chance on using this service. After the very first month, my fees were 20% higher than my previous processor so I complained and was told an error in rates had been made.
The rates were adjusted but I didn't receive a refund for the over charge of the first month. The second month was still high so I called again and the rates hadn't been changed and again, no compensation for the overcharges. The third month the new rates kicked in, but were no better than my previous processor. I endured this for a year. I changed to Square and saved 30% from the very first month.
I was locked into a lease for the terminal and contract for the service until 9/30/2015 which paid. In September 2014, I tried to terminate the agreement and was told that it was over $1700 for early termination, so I agreed to continue paying the minimum fee of $67 but was assured that the contract would end in September 2015.
In August 2015, I contacted Accredited and faxed (as per their instructions) a request to terminated as of 9/30/2015 (even though I was told in 2014 it would end automatically.
October 2015 I was billed again, and November 2015, I was billed again plus an annual fee of $99.
On November 6th I called customer service to let them know my displeasure over this and although they acknowledged receipt of the notice, they said the account officially cancelled in October so there HAD to be a charge in November but a manager would contact me within 24 hours to correct this.
No one ever contacted me by phone, email, or mail so I called again today (November 13th). The rep I talked to explained that I never cancelled the account because they don't accept termination notices unless it's on their form letter AND since I spoke to them on November 6th, it was too late to cancel November and I would be charged again in December even though I contacted them no less than 6 times by fax or phone to terminate this contract.
I have a statement from them acknowledging that December will be final, but we'll see.
My suggestion is to NEVER use this company or any ISO that wants more than a month to month agreement. Do not lease equipment and be aware that many ISOs use First Data (WellsFargo) to process Visa/MC transactions but First Data will NOT assist you if you have issues with fraudulent or deceptive ISO practices.
Also, my experience with Square for two years has been nothing but positive. There are many "mobile" processing companies out there now that do not require contracts, have flat rate fees, and deposit to your account with 24 hours and while all ISOs promise the best rates and tell you they only make a fraction of a percentage on each transaction, keep in mind that a penny per transaction times 100's of thousands or millions to transaction daily is a lot of money.
First, they told me I was being over charged, even though my current provider had me listed as a 'low risk' merchant and that I would not be charged more than 1.7%, "guaranteed'. The sales person told me that my contract would be month to month and I could cancel for any reason, if I was unhappy or that if my rate was more than 1.7%, which includes the terminal, AMEX charges, and all fees.
That night I spoke to my current merchant provider and they mentioned that the figures Accredited Interchange had quoted me were misleading and that at my current 'low risk' rate, they were only making approx. $15 off my monthly transactions.
That same day, I emailed my sale rep for Accredited Interchange that I decided to continue on with my current merchant and that I would like to return my terminal. After never responding to my email I received a processing fee for $58 dollars. on the $0.02 the sales person had charge on my terminal. After that I emailed him again, stating that I was charged $58, that I was unhappy and that I wanted to cancel my month to month 'contract'.
He told me that I need to ship the terminal back to San Diego with a cancellation letter, which I did. That next month they then charged my account $497.
Please do not listen to their lies... They are not cheap and they will not save you money!
This salesman Thomas Cody came to see me. He told me he could save me money on my merchant services. He said since I had no charge backs I was eligible to not pay intercharge fees due to dod frank legislation He showed me this great service, so I signed up. I signed on in sept of 2016. In nov I got my statements from both accrediated intercharge and my Wellsfargo merchant services. I calculated percent increase of money accrediated intercharge was taking from me compared to my old merchant services It came to 65.9%.
Do Not Trust Accredited Interchange
Before using Accredited Interchange ask lots of questions and request something in writing before you commit. When I met with their regional manager he would not give me any documents to review. That was a red flag for me. Also, he did not follow thru with the information I requested. Another, red flag. I haven't heard back from them, assume I asked to many questions. Don't be fooled. Stick with a trusted merchant service provider.