While Indigo Guarantees to NEVER raise your rates, our competitors have a different strategy.
Almost without exception, non-Indigo clients experience higher rates, increased monthly fees, and climbing annual fees throughout the year.
Notification of these changes are easy to miss since they’re typically communicated once:
– In the message section of the statement
– Via email and/or physical mail or
– By directing customers to a website
This post exposes actions taken by competitors to increase their profit margins at your expense.
The results disclosed in the post represent a small fraction of methods used by competitors to increase pricing.
Your processing fees may have increased even if your processor is not mentioned. The best way to identify rate hikes is to review your processing statements in detail or read the monthly statement messages.
Our Indigo analysts also provide a free statement analysis to identify more cost-effective ways for you to accept payments.
Contact Indigo today for a free consultation of your processing account.
CardConnect –
– July 2024: Annual Compliance Fee of $149.99
Clover.com –
– March 2024: Rate increase of 0.30% ($30 for every $10,000 in processing volume)
Elavon –
– January 2024: Monthly PCI Compliance Manager fee increase to $124.99 for of non-compliant businesses
– March 2024: Annual Account Fee Increase to $129.99
Heartland –
– December 2024: Early Termination Fee (Fee required to be paid to cancel the contract before the term) has increased from $295 to $500
North American Bancard –
– April or May 2024:
– Tiered Pricing rate increase of 0.25% ($25 for every $10,000 in processing volume)
– Cost Plus Pricing rate increase between 0.025% and 0.15% ($2.50 – $15.00 for every $10,000 in processing volume)
– PCI Monthly Fee increase by $18.00 ($57 to $75) or $20 ($45 to $65) depending on plan type
– Businesses currently not incurring a PCI fee may be enrolled in the program in upcoming months. The statement message indicates the businesses will be receiving a “complimentary” upgrade to PCI plus and will have two fee options to choose from:
– PCI-Compliant Merchants: $145 up-front + $15 per month OR $27 per Month
– PCI Non-Compliant Merchants: $145 up-front + $65 per month OR $75 per Month
Toast –
– September 2024: Rate increase of 0.23%
Toast’s CFO has communicated that pricing will continue to be adjusted (raised) over time in an earnings call in 2024.
“We’re going to take pricing over time, it’s going to be an ongoing cadence of small steady changes in price……….. We’re going to start with fintech in the second half of the year. And just keep in mind, it won’t have a meaningful impact in 2024. But over time, you should see us execute against a steady cadence of price adjustments, in particular, in places where customers are out of market”
Synovus –
– Introduced a $29.95 monthly regulatory fee beginning with the December 2024 statement
