Reverse My Fees (RMF) is a prominent merchant services provider in the industry, renowned for its innovative solutions catering to businesses of all sizes. The company’s primary service revolves around its unique cash discount program, designed to mitigate the burdensome cost of payment processing fees for merchants.
The following Reverse My Fees Merchant Services review will shed light upon its features, associated rates, and different customer complaints to help you make an informed decision.
Services and Features
When seen through the lens of features, RMF offers the following services. However, it’s worth noting that not all features may be available in all jurisdictions – those considering signing up should read the fine print and ensure they are aware of any restrictions on their services.
ISO Access
With Reverse My Fees, merchants gain access to a wide variety of Interchange Optimization (ISO) programs. It allows them to reduce the cost of their merchant services and obtain more competitive pricing. However, these ISO programs can be challenging to understand and navigate, which may lead to confusion and frustration for some merchants.
Cash Discounting Credit Card Services
When you sign up for Reverse My Fees, you can also take advantage of their cash-discounting credit card services. It allows merchants to offer discounts on purchases when customers pay with cash. While this can help merchants save money, it may not be ideal for businesses that don’t want to discourage using credit cards or those with an exclusively online presence.
Cash Advance Services
The company has a cash advance service to help merchants access cash quickly. However, it is essential to understand the terms and conditions of this service before taking advantage of it, as the fees associated with cash advances can be steep.
Online Payment Processing
When you sign up for Reverse My Fees, you’ll gain access to their online payment processing services. It facilitates merchants to accept payments from customers over the Internet. It also allows them to easily integrate with other eCommerce platforms and shopping carts, making it an excellent option for those who operate exclusively online. However, due to its pricing structure, this service can be costly for some businesses and has yet to receive positive reviews.
Chargeback Mitigation
Merchants using RMF will also have access to their chargeback mitigation services. It can help merchants reduce the chances of a chargeback and limit their losses if one is filed. However, some merchants may still end up experiencing losses due to a chargeback.
Point of Sale Integration
This service is an excellent way for merchants to easily accept payments in person or over the phone. It lets customers quickly and securely complete their transactions without manually entering information into a terminal. But, POS integration can be costly and is only sometimes necessary for all businesses.
Lawsuits and Fines
Any company that handles financial data needs to be reliable and trustworthy. One of the elements customers should consider when assessing a dependable merchant services provider is to look at any lawsuits or fines that have been filed against them. In the case of Reverse My Fees Merchant Services, no outstanding class-action lawsuits or FTC complaints were filed against the company.
Although this is a positive sign, it’s important to note that customer complaints should not be ignored. Suppose customers have given negative reviews for Reverse My Fees Merchant Services regarding slow deposits, high fees, or other matters of concern. In that case, they should contact the company directly and inquire about their experience. They should consider taking legal action if the complaint still needs to be resolved to the customer’s satisfaction.
After all, customers have a right to protect their interests and ensure that financial transactions are handled legally and ethically.
BBB Rating
With any merchant services provider, looking at their reputation is essential. The merchant service provider has an A+ rating on the Better Business Bureau (BBB) website. However, they have received five complaints in the past three years, thus increasing the tilt toward negative reviews. It is, therefore, essential to be aware of their reputation before signing up for a merchant services plan.
Rates and Fees
Reverse My Fees Merchant Services charge a 4% transaction rate for debit card transactions, which is slightly higher than average. It could lead to increased expenses for business owners using debit cards frequently. With the average rate for debit card transactions around 3%, the 4% fee RMF charges may be a financial burden. Merchants should weigh the potential cost of this rate against the other benefits offered by the company before signing up for the service.
Complaints
This section of the Reverse My Fees Merchant Services review will discuss customer complaints about the company.
Unexpected Closure of Accounts
One of the most common complaints against RMF is related to account closures. Many customers reported their accounts were closed without prior notification or explanation, and they needed help to obtain a full refund for unused services. In some cases, it took months to receive a full refund, and in extreme cases, customers needed help to reach customer service representatives who could provide any assistance.
Unexpected Hidden Charges
Customers also reported fees-related problems that they were surprised to find out. These fees were either hidden in the fine print of contracts or slipped into their bills without notice. In some cases, the prices were much higher than initially advertised, making it difficult for customers to calculate their actual costs.
Unresponsive Customer Support
The customer service team at RMF has been known for its poor response time and indifferent attitude toward customers’ concerns. Many customers reported that calls to their customer service representatives often went unanswered, and emails sent through the website were never responded to. This lack of responsiveness only added insult to injury, as customers continued to be charged charges without being informed.
Absence of Compliant Signage to Clients
Reverse My Fees Merchant Services has been given bad reviews for not providing customers with clear signages indicating their fee structure, payment terms, and conditions for closure. This lack of clarity causes confusion among customers, who are left to find solutions independently in case of any discrepancy.
Clients Being Ghosted After Signing Up for the Contract
Customers have also complained that RMF ghosted them after signing up for their services. Many customers reported being asked to provide information such as their bank details but have not heard from the company again. This lack of communication prevented customers from contacting the company and resolving any issues or queries and thus has resulted in getting bad reviews from the merchants.
Unethical Sales Behavior
With the reports of unethical sales behavior, Reverse My Fees Merchant Services has been in the spotlight for some time now for negative reviews. It is alleged that their sales staff employ high-pressure tactics to get customers to sign up for services even when unsure about the terms and conditions of said services. Hence, customers often need more room to negotiate and are forced into contracts they did not intend to sign.
Employee Complaints
Workplace discrimination and improper employee treatment is another common complaint against the company. Many current and former employees have reported being mistreated, including being ignored in meetings or disregarding their suggestions. Furthermore, many employees complained about inadequate salaries and lack of job security despite working long hours for the company. Hence, employees and customers have expressed dissatisfaction with how Reverse My Fees Merchant Services operates.
Unclear Penalties for Termination of Account
One of the key considerations for any business looking to sign up for a merchant services provider is the potential penalties associated with termination. Unfortunately, RMF needs to make this information easier to find on their website or in their terms and conditions documents.
Though this may be a way to safeguard themselves from excessive customer cancellation, businesses must have access to this information before they sign up. Such penalties could include an early termination or cancellation fee and should always be communicated before signing a contract.
Equipment Leasing
Reverse My Fees Merchant Services has had negative reviews regarding its equipment leasing program. Most of these are related to the initial setup fees, which can be expensive and difficult to understand. But, the problem arises due to the need for more transparency in their contract terms. They rarely explain these fees and how they will affect merchants over time.
Reverse My Fees Merchant Services Review -An Honest Conclusion
This Reverse My Fees Merchant Services review suggests that the company has been embroiled in several controversies due to its questionable customer service practices, hidden charges, and lack of communication. Furthermore, reports of unethical sales behavior and workplace discrimination only add to the negative perception many customers and employees have of the company.
As a result, customers need to read all the terms and conditions before signing up for any services offered by Reverse My Fees Merchant Services to ensure they understand what they are getting into. Potential employees should also know what to expect from the company before taking on any role with them.
