Even though our payments SOS series had been dormant for a while (we have day jobs, you know) our most recent article elicited enough of a response to usher in more examples of payment malfeasance.
The below statements come from an avid reader of our content who was kind enough to share the nonsense they were seeing.
First is TSYS.
We love this line:
Effective February 1, 2022, some merchants may see increases to their current discount rate and per item fees, which will be reflected on your merchant statement.
They don’t even pretend that there’s some underlying change to costs, or any new value they’re adding.
Just pull their balls out right on your dinner table and you’re just supposed to go on eating like everything’s normal.
Remember how we got here:
TSYS -> Global Payments.
Global Payments -> Jeff Sloan.
Jeff Sloan -> King of Fake Fees.
KOFF.
Like the kind you get from pestilence.
Jeff Sloan rockin’ it like it’s the mid-1300’s and merchants need to die by the thousands with his manifested bubonic plague.
Then we see a little side boob from Paysafe.
Roses are red.
Violets are blue.
Here are shit fees that smell like poo.
We see a 9-35 bps increase on all transactions, then to top it all off an increase of their PCI garbage fee to $70 per month.
For a merchant doing a million in annual processing volume the bps increases results in another $900-$3,500 a year.
For nothing.
One could build software, create value, and solve a problem, or they could just be a payments bro and make $3,500 a year per merchant to do less than nothing.