Reverse My Fees Reviews & Complaints
UPDATE: Richard Suhm, the CEO of Reverse My Fees, has repeatedly sent us hostile communications in an attempt to suppress or change the content of this review. These actions have occurred in spite of our requests for Suhm to utilize the channels we have available for disputing content in our reviews and in spite of our original review being favorable to his company. To date, Suhm has refused to participate in the programs available to him, instead choosing to continue to threaten us if we don't acquiesce to his demands. We have assigned Reverse My Fees 2-stars based upon Mr. Suhm's aggressive behavior towards this website as well as reports we have received regarding legal threats to others.
Company Overview
Reverse My Fees is a merchant account provider and a subsidiary of Electronic Exchange Systems LA (EXS) that was registered in the state of Louisiana in June 2016. EXS LA is an ISO of Total Merchant Services and also appears to have a Florida-based DBA called ReversePAY.
Reverse My Fees Payment Processing
Reverse My Fees primarily offers zero-fee processing, which charges a business' customers a convenience fee of up to 4% in the form of a surcharge for using a credit card for payment. It then gives the proceeds from these convenience fees directly to merchants to negate the cost of interchange. However, is it possible that the merchant any only be reimbursed the actual Interchange cost while the remaining surcharge is kept by Reverse My Fees. For example if the Interchange fee is 2% but the surcharge is 3%, then the business is reimbursed 2% while Reverse My Fees keeps the remaining 1%. In effect, Reverse My Fees shift the costs of interchange fees directly to customers while profiting from the remainders of the surcharge.
For offline services, RMF provides Point of Sale integration and check support. For online services, RMF provides internet accounts, chargeback support, and various kinds of online payment processing; credit and debit cards, e-checks, ACH payments, e-wallets, and mobile payments. They also lease processing equipment and offer a cash advance program.
Cash Discount Program
Reverse My Fees offers a cash discount program that allows businesses to offset the cost of credit card processing fees by passing those fees on to customers who choose to pay with a credit card. This program is legal in all 50 states and can save businesses thousands of dollars per year in processing fees.
Equipment Leasing
Reverse My Fees provides equipment leasing options for businesses that need credit card processing equipment. They offer a range of options that can be customized to meet the needs of any business, from small start-ups to large corporations.
Chargeback Mitigation
Chargebacks can be a major headache for businesses, but Reverse My Fees offers chargeback mitigation services that can help minimize the impact of these disputes. They work with businesses to develop strategies for preventing chargebacks and offer support throughout the dispute resolution process.
Merchant Cash Advance
For businesses that need cash quickly, Reverse My Fees provides merchant cash advance services. This allows businesses to access a portion of their future credit card sales in exchange for a lump sum payment upfront. This can be a useful option for businesses that need to make a large purchase or cover unexpected expenses.
Online Payment Processing by Reverse My Fees
Reverse My Fees offers online payment processing solutions, helping businesses to easily handle ecommerce transactions. The system supports multiple payment types and provides secure and quick processing of online payments.
Mobile Payment Solutions with Reverse My Fees
For businesses seeking flexibility, Reverse My Fees offers mobile payment solutions. This service provides a secure and fast method for processing credit card transactions from a smartphone or tablet, ideal for businesses that operate outside a traditional storefront.
Security Measures in Place at Reverse My Fees
Security is a significant aspect of Reverse My Fees' operations. The company utilizes advanced encryption technologies to protect sensitive data and ensure all transactions are secure. Adherence to Payment Card Industry Data Security Standard (PCI DSS) regulations is a cornerstone of their commitment to secure processing.
Location & Ownership
Richard Suhm is the CEO and co-founder and Laura Suhm is general manager of Reverse My Fees, which is headquartered at 519 N Causeway Blvd, Mandeville, LA 70448. The BBB also lists the company at 417 N Theard St. Covington, LA 70433.
| Pros: | Cons: |
|---|---|
| Builds Trust: Through security measures | Competitive Disadvantage: May hurt sales. |
| Record Keeping: Simplifies financial tracking | Legal Uncertainty: Compliance questions persist. |
| Bigger Margins: Pass fees to customers | Customer Backlash: Potential for lost business. |
| Informed Customers: Surcharge disclosures educate | Surcharge Restrictions: Limited to credit cards. |
| Reduced Costs: Avoids processing fees | Non-Compliance Risks: Potential legal issues. |
Reverse My Fees Customer Reviews
Here's What Their Clients Say
| Total Online Complaints | <10 |
|---|---|
| Live Customer Support | Unknown |
| Most Common Complaint | N/A |
| Recent Lawsuits | No |
Public Feedback
We’ve encountered a singular negative review of Reverse My Fees, detailing an unforeseen account closure linked to low processing volume. Given Reverse My Fees’ status as a relatively new processor with multiple Doing Business As (DBA) entities and an unconventional approach, it’s plausible that it hasn’t amassed a significant user base to generate substantial public feedback. Moreover, it’s conceivable that complaints related to Reverse My Fees might have been attributed to EXS or Total Merchant Services instead. Absent concrete evidence of customer dissatisfaction, our typical inclination would be to assign Reverse My Fees an “A” rating in this category. We encourage individuals to share their experiences with Reverse My Fees in the comments below.
Legal Considerations
Reports from anonymous sources suggest that Richard Suhm and Jody Goche have issued legal threats in response to reporting on Reverse My Fees, particularly regarding alleged improper surcharging of debit card transactions. It’s worth noting that both Visa and MasterCard prohibit the surcharging of debit cards, and the legality of such surcharges varies by state. Businesses found to inadvertently surcharge debit cards could face penalties and legal repercussions, potentially jeopardizing their ability to accept card payments altogether. Business owners are urged to ensure compliance with state laws and card brand policies regarding card surcharging. Additionally, Richard Suhm has purportedly contacted this website multiple times, seeking the removal of reviews through the threat of legal action.
Legal Affairs and Regulatory Oversight
As of our investigation, there are no outstanding Reverse My Fees lawsuits or Federal Trade Commission (FTC). Dissatisfied clients seeking alternative avenues for recourse are encouraged to report it to relevant supervisory organizations.
Customer Support Channels
Reverse My Fees provides phone, email, and contact form support through its website, with operational hours from Monday to Friday, 8 AM to 8 PM.
Reverse My Fees Customer Service Number
- (888) 226-5926 – Toll-Free General Customer Service
Other Support Options
- Support contact form
- Customer service via email at [email protected]
While the support offerings have shown improvement, they may still fall short among our best credit card processors known for exceptional customer service.
Reverse My Fees Online Ratings
Here's How They Rate Online
| BBB Rating | N/A |
|---|---|
| Average Rating | N/A |
BBB Rating Analysis for Reverse My Fees
Reverse My Fees has an A+ rating from the BBB. However, there are no customer reviews on the BBB website. The company has had 1 customer complaint in the last 3 years, which was related to billing and collection issues.
Negative Feedback
Around the date of August 15, I noticed a charge on my account from Reverse My Fees, so I attempted to contact one of their agents. I didn’t receive a call or text back, so I called merchant services. They informed me that my account had been closed without my knowledge. They gave me the name of my agent, which was different from the person I had been contacting. I attempted to contact this new person, but they did not call me back. I then received a text saying that my account was closed due to not having $5000 worth of charges a month. I was not warned, and I don’t have a contract stating a minimum charge amount to stay active. My account was closed without warning or explanation. I feel this is false advertisement, and I would like a refund for the cost of the machine. – Complaint from August 23, 2022
Positive Feedback
There are no positive reviews published about Reverse My Fees on the Better Business Bureau website.
Source: Better Business Bureau
Reverse My Fees Fees, Rates & Costs
A Closer Look at The Contract
| Cancellation Penalties | Unclear |
|---|---|
| Monthly & Annual Fees | Yes |
| Processing Rates | 4% - Interchange Fees |
| Equipment Leasing | Yes |
Reverse My Fees Monthly Costs
As explained, Reverse My Fees applies a 4% charge on all credit card transactions, supplemented by a surcharge matching the interchange fees, which are then reimbursed to the business owner. This effectively reduces the business’s payment to 4% minus the interchange cost, with Reverse My Fees retaining the difference. Additionally, the company imposes several fees, including a $5 monthly service fee, a $9.95 assurance fee, a $3.50 regulatory compliance fee, and a $9.95 monthly loss protection fee. These fees, coupled with the difference between 4% and the surcharges, constitute Reverse My Fees’ profit on the account.
Other Contract Terms
Certain aspects of the Reverse My Fees contract remain undisclosed, significantly impacting a client’s expenses. These include debit transaction pricing, potential annual PCI compliance fees, the monthly minimum fee, equipment leasing terms, and the early termination fee. The company does not provide these details on its website. Furthermore, if Reverse My Fees charges 4% on debit card transactions, it stands to gain significantly as debit card interchange rates can be as low as 0.05% plus $0.21.
Surcharge Restrictions
Questions arise concerning Reverse My Fees’ compliance with card network rules, particularly Visa’s regulations on surcharging. Visa specifies limitations on surcharging, restricting it to credit cards only and capping the surcharge at the merchant discount rate or 4%, whichever is lower. The company’s fixed surcharge approach, however, may exceed these rates, potentially violating Visa’s guidelines.
Surcharge Disclosure
Proper surcharge disclosure is essential, and Reverse My Fees has a responsibility to assist clients with compliant signage as per state laws. Businesses using Reverse My Fees must inform customers of the additional 4% charge for credit card transactions, which could impact their competitiveness.
Allegations of Non-Compliance
While private correspondence alleges non-compliance by Reverse My Fees, no public complaints corroborate these claims. If accurate, these allegations could expose clients to legal risks. However, if Reverse My Fees operates within regulations, it could offer significant savings to business owners.
Score Withheld
Given the information available and the private allegations, we refrain from assigning a rating to Reverse My Fees. Future ratings will depend on verifiable client feedback. Business owners are encouraged to review our list of the best merchant accounts.
Reverse My Fees Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Employs Independent Resellers | Yes |
|---|---|
| Telemarketing | Unclear |
| Advertises Deceptive Rates | No |
| Discloses All Important Terms | No |
Zero-Fee Processing Explained
The pricing structure used by Reverse My Fees is made possible by a 2013 legal settlement between a group of business owners and the major credit card brands. This settlement granted businesses the right to charge their customers a maximum surcharge that is equal to their discount rate on any credit card transaction (with a maximum surcharge of 4%). In order to add these surcharges, businesses must notify the card networks and their acquiring bank of their intention to add surcharges at least 30 days before they start surcharging. They must also add signage disclosing the surcharges to their customers. Surcharges cannot be added to debit cards, prepaid cards, or EBT cards, and surcharges are completely outlawed at the state level in California, Maine, Florida, Kansas, Texas, New York, Massachusetts, Texas, Florida, Oklahoma, and Colorado. Visa has provided a useful FAQ on this issue here and a separate infographic here.
Look Past The Ads
At first glance, Reverse My Fees’ marketing language about “reversing” fees and “zero-cost” processing appears highly suspicious and unrealistic. In reality, these descriptions aren’t entirely accurate as nothing is really being reversed and each client’s cost is likely going to be above $0. However, the company is generally straightforward about how it prices its services and even includes portions of a sample statement on its website. Aside from the fact that it resorts to simplistic promotional language to describe its complicated pricing structure, there is no evidence that Reverse My Fees engages in deceptive or unethical marketing tactics. Normally this would compare favorably to our list of best credit card processors; however, the company’s behavior paints a different picture.
Few Complaints
Similarly, we are able to locate a few Reverse My Fees complaints that describe negative experiences with the company’s sales agents, though what is there is concerning. One such Reverse My Fees review mentions ghosting after attempting to set up a contract. There are also a few complaints filed against EXS and Total Merchant Services. Given the lack of much evidence that Reverse My Fees is engaged in unethical sales behavior, we would typically assign the company an “A” rating in this section. If you suspect, however, that the company has misrepresented the rates you are paying, then you can double-check your monthly bill with a third-party statement audit.
Our Reverse My Fees Review Summary
Our Final Thoughts
We have assigned Reverse My Fees a 2-star rating solely based upon the actions of the credit card processing company’s CEO towards this website. We originally withheld a rating for Reverse My Fees due to the company’s brief time in business, unusual pricing strategy, and lack of public client feedback. At first glance, the company’s pricing seems like an interesting option for businesses who are willing to surcharge their customers, but it also has the potential to generate some unacceptably high markups for Reverse My Fees. Business owners who wish to have a better understanding of the company’s pricing model should study the benefits and drawbacks of cash discount and zero-fee programs.
If you found this article helpful, please share it!
Tanya
I have been with Reverse My Fees for over 3 or 4 years and it is wonderful not having the burden of paying all of the processing fees. I have recommended this service to many other business owners but many of them just don’t get it and they keep paying all of them fees. My customers don’t mind paying the 4 % and understand that it is harder on the business to pay the fees for each customer. In these days and times a savings is a big help in business. My rep is Jody Gauthier and he is always courteous and kind. He answers the phone whatever time of the day or night he is needed. He has a super team that backs him up and the office ladies are magnificent. Thanks to Jody and Reverse My Fees he saved us a lot of money. My business name is Lumberjack’s Soul food in Lafayette, La. Tanya Thomas Taylor
Lynn
I am interested in using this service. Can you tell me how the fees are disclosed to the customer? There is one processor that has me ring it up on a separate register and then run the total on the credit card machine. It does not disclose the fee anywhere on the receipt on the terminal so what comes up on my register is not what they are charged. I have read the fee must be disclosed via signage and on the receipt.
John Rhett
I’ve been with RMF for 2 years now and I don’t pay any monthly fees or processing fees. My statement reads $0.00. They charge the customer 4%, which I think is reasonable considering I was paying around 6% with all the fees I was charged. My rep has been wonderful, Mike Wimberly, and is always readily available to tackle any of my issues. I have nothing lost any business and my sales are steady. The customer service is top notch and Mr Suhm is a nice guy. I recommend Reverse My Fees and would not switch to another processor. Heck, not having to pay over $1200/month is sweet!!!
Phillip CPO
Hi John, please provide the name and location of your business to authenticate your testimonial. Thank you!
Michael Wimberly
Great Review John Rhett!