{"id":12324,"date":"2022-04-19T06:23:02","date_gmt":"2022-04-19T11:23:02","guid":{"rendered":"https:\/\/reformingretail.com\/?p=12324"},"modified":"2022-04-19T06:23:05","modified_gmt":"2022-04-19T11:23:05","slug":"reformingretails-payment-sos-series-tsys-paysafe","status":"publish","type":"post","link":"https:\/\/reformingretail.com\/index.php\/2022\/04\/19\/reformingretails-payment-sos-series-tsys-paysafe\/","title":{"rendered":"ReformingRetail’s Payment SOS Series: TSYS, Paysafe"},"content":{"rendered":"\n

Even though our payments SOS series had been dormant for a while (we have day jobs, you know) our most recent article <\/a>elicited enough of a response to usher in more examples of payment malfeasance. <\/p>\n\n\n\n

The below statements come from an avid reader of our content who was kind enough to share the nonsense they were seeing. <\/p>\n\n\n\n

First is TSYS.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

We love this line:<\/p>\n\n\n\n

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.<\/p><\/blockquote>\n\n\n\n

They don’t even pretend that there’s some underlying change to costs, or any new value they’re adding.<\/p>\n\n\n\n

Just pull their balls out right on your dinner table and you’re just supposed to go on eating like everything’s normal.<\/p>\n\n\n\n

Remember how we got here:<\/p>\n\n\n\n

TSYS -> Global Payments.<\/p>\n\n\n\n

Global Payments -> Jeff Sloan.<\/p>\n\n\n\n

Jeff Sloan -> King of Fake Fees.<\/p>\n\n\n\n

KOFF.<\/p>\n\n\n\n

Like the kind you get from pestilence.<\/p>\n\n\n\n

Jeff Sloan rockin’ it like it’s the mid-1300’s and merchants need to die by the thousands with his manifested bubonic plague. <\/p>\n\n\n\n

Then we see a little side boob from Paysafe.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

<\/p>\n\n\n\n

Roses are red.<\/p>\n\n\n\n

Violets are blue.<\/p>\n\n\n\n

Here are shit fees that smell like poo.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

For a merchant doing a million in annual processing volume the bps increases results in another $900-$3,500 a year.<\/p>\n\n\n\n

For nothing.<\/p>\n\n\n\n

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.<\/p>\n