Velocity Merchant Services is a Competitor of mine and they are giving my industry a bad name. I have came across multiple merchants that have been set up to take credit cards from them, and have been swindled by Velocity. The merchant is told that the rates that have been given to them are fixed rates. Well to find out what they are doing is offer rates of 1.29% but what really is happening is they are giving merchants a cost plus deal. Now what that means in our industry is that VMS is giving them rates on top of interchange. Now for people who don't know what interchange is, it's the cost of doing business in our industry. For example: The average retail (swiped) transaction is normally somewhere around 1.55% and 0.12.
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