Best for
Reverse My Fees is ideal for merchants of varying sizes within the retail, restaurant, hospitality, professional services, gas station, and grocery and convenience store industries.
Specializes in
Reverse My Fees (RMF) is a reseller of merchant processing services. The company offers a service known as zero-fee processing, which effectively adds a surcharge of up to 4% onto merchants' customer's transactions. That 4% surcharge is then used to offset the merchants' interchange fees. This arrangement effectively shifts the burden of interchange fees from the merchant to their cardholding customer.
Pricing Summary
Setup Fee: $0
Monthly Fee: $5.00
Swipe Rate: 4% - Interchange Fees
Keyed-in Rate: 4% - Interchange Fees
Early Termination Fee : Undisclosed
Contract Terms:
RMF is an ISO/MSP of Total Merchant Services (TMS). The acquiring bank used by TMS is Wells Fargo Bank, N.A., Concord, CA.
The company was registered in 2016, with headquarters in Lafayette, Louisiana. The company was co-founded by Richard Suhm, the company's current CEO.
RMF was founded in 2016 by Richard Suhm and is headquartered in Lafayette, LA. The company is a reseller of merchant processing services and offers merchants the option to pass along the processing interchange fees onto their credit card customers. Although the company's name implies that merchant processing fees are somehow being 'reversed,' they are being shifted from the merchant to the consumer. Nonetheless, RMF offerings are transparent, albeit with some complexity of a relatively new product within the merchant processing industry.
RMF is a subsidiary of Electronic Exchange Systems LA. RMF is also has a dba registration as ReversePAY in the state of Florida.
RMF service allows businesses to offer a discount to customers paying with cash while applying a surcharge for credit cardholders, much to major credit card brands' chagrin. Such products within the payment processing industry have begun gathering traction and popularity among merchants as more and more 'zero payment' or 'surcharge' payment processing vendors start marketing these services.
RMF has been accredited with the Better Business Bureau (BBB) since 2018 and holds an A+ rating. There have been zero complaints against RMF in the past 36 months. There were also no complaints against RMF on any online forums. The limited customer feedback may also result from a still-growing niche that RMF operates within the payment processing industry. It may also be that the service has yet to grow and gain merchant clients.
Head Quarters
Mandeville, LA
Year Founded
2016
CEO
Richard Suhm
Employees
12
Merchant Provider Risk Tolerance
RMF is a reseller of merchant processor services of Total Merchant Services. However, the company's service is mainly to let merchants pass on interchange fees to credit cardholders.
The company can assess a maximum rate of 4% on merchants' customer's credit card transactions only to offset merchants' interchange fees.
Discloses All Important Terms
No
Public Pricing Available
No
RMF claims that the company solutions will effectively result in zero processing fees. However, zero-rate processing or surcharges are only applicable to credit card transactions and not debit cards. The company keeps a certain portion of the difference between the maximum 4% it can charge and the interchange fee it secures through TMS. Furthermore, there are additional fees RMF charges;
Swiped Rate – 4% - Interchange Fees
Keyed-in Rate – 4% - Interchange Fees
Service Fee – $5.00/month
Assurance Fee – $9.95
Loss Protection Fee – $9.95/month
Regulatory Compliance Fee – $3.50
Pricing Model
Interchange Plus
Swiped Rate
4% - Interchange Fees
Keyed-in Rate
4% - Interchange Fees
Mobile Payment Rate
Virtual Terminal Rate
4% - Interchange Fees
Monthly Fee
$5.00
Payment Gateway Fee
Undisclosed
Batch Fee
Undisclosed
Early Termination Fee
Undisclosed
PCI Compliance Fee
Undisclosed
Equipment Lease Terms
Undisclosed
Address Verification Service (AVS)
Application Fee
Account Setup Fee
$0
Gateway Setup Fee
Undisclosed
Annual Fee
Monthly Minimum
Undisclosed
Statement Fee
IMF's service is not available for merchants in states where zero-processing for paying by credit card is illegal. Zero-processing is allowed in some states with strict guidelines, merchants giving their customers and acquiring banks advance notification of their intention of adding surcharges. Furthermore, those surcharges cannot exceed 4% and are only applicable to credit card transactions.
Merchants should carefully review their specific state regulatory guidelines and the competitive impact and consumer sentiment of such a feature.
Contract Length
No Contract Required
Early Termination Fee
Undisclosed
RMF has been accredited with the BBB since 2018 and has an A+ rating assigned to it. We did not find any complaints against RMF on any online forum, and there have been no complaints against the company in the last three years on BBB.
There are no records of any lawsuits filed against the company. As noted earlier, the limited customer feedback may also result from a still-growing niche that RMF operates within the payment processing industry. It may also be that the service has yet to grow and gain merchant clients.
BBB
A+(0 complaints)
N/A
3.7 Stars / Based on the opinion of 3 people
Yelp
N/A
Total Online Reviews
Total Online Complaints
Lawsuits
None
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