I have a merchant account with Tangarine who uses Elavon for processing. I am in the accounting field so our rates are supposed to be lower due to very few chargebacks in the industry. Suddenly I am being charged up to 4.2% from Elavon and am told that it is because of the type of cards that I am accepting. I was never told that I need to look at whether or not my client's cards are point cards and that these ones would have a higher rate charged for them. Apparently Elavon can raise the rates whenever they choose, and they choose to do so on a regular basis.
On top of that, Tangarine has put through several unathorized charges on my account for paper that I did not order from them, for compliance fees even though my machine will no longer be compliant within the next two years and I'll be stuck still paying for it despite that I won't be able to use it anymore - no one told me this when I signed up. And worst of all, SOMEONE FROM WITHIN TANGARINE has set up another bank account under the name TANGARINE CBP in which they are FRAUDULENTLY TAKING MONEY FROM TANGARINE'S CLIENTS AND DEPOSITING INTO THEIR BANK ACCOUNT. This I found out when I started disputing all of the charges that Tangarine was putting through my account and a Tangarine employee called to tell me that some of the charges were actually fraudulent. Now, in order to stop the charges I have to change bank accounts (because the bank won't stop them if the name is similar to Tangarine's legitmate name - Tangarine MSP) and drop Tangarine as my payment processor, risking that they will sue me for not fulfilling my end of the contract even though staying with them will mean risking even more and larger fraudulent charges on an ongoing basis. It has been 4 months so far that I have seen fraudulent charges go through my account, not being able to do anything about it.
In my opinion, both of these companies are fraudulent, and are not worth the risk - sign up with your bank, the stated rates may be higher but in the long run you'll pay less because they won't suddenly jump the fees up without prior notice.
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