How Does Global & Others Get Away With This?
The truth about hidden fees and how to protect your business
It's Not Illegal... But It's Definitely Unethical
Believe it or not, Global & others isn't doing anything illegal here.
It's completely unethical and could potentially be in violation of the merchant agreement (I haven't dug that deep into the contract yet). But not illegal.
They get away with this because they're preying on your ignorance.
Why You Don't Notice
They're hoping that merchants aren't exactly sure what any of these fees mean and that you assume they're mandatory.
These statements are incredibly difficult to read, especially to the untrained eye. There are hundreds of line items, plus abbreviated industry terms throughout, making it really hard to tell which fees are legitimate and which ones are bogus.
If you say nothing, they'll just keep charging you as much as they want.
How to Make Sure You're Not Being Ripped Off
Step 1: Learn to Read Your Statements
The first thing you need to do is learn how to read your statements.
Step 2: Check Your Bank Statements
The second thing is to look at your last three bank statements.
Calculate Your Effective Rate
- ⚠️If it's higher than 3% or 4%, then there's a good chance you're overpaying.
- 🚨If it's 5% or higher, then you're definitely getting ripped off.
Even if your Global rate is low today, it could skyrocket in the future. So you need to continue monitoring your statements every month and compare them to previous statements to identify any new fees, increases, or inconsistencies.
The Easiest Way to Protect Yourself
Work with a merchant consultant who knows what to look for.
Here at Electronic Payments, we can audit your statements for free and let you know if Global is giving you a fair rate. If we identify any overages or cost savings opportunities, we can negotiate directly with Global on your behalf to lower your rate and obtain any refunds you're owed.
Plus, we'll continue monitoring your statements every month to ensure Global upholds their end of the agreement and doesn't try to sneak in any other hidden fees.