Our client was approached by a processing company that verbally quoted savings of $6,000 annually on processing. Our clients can reach out to us to evaluate quotes. Therefore, our client reached out to us to evaluate the quote and speak with the processing company and validate the promised savings.
We requested the processing company send us a breakdown of rates and fees to validate the savings. The company provided a savings quote (that showed savings) using an average volume and processing rate, but did not include detail on all of the rates and fees.
We followed up again to obtain a detailed breakdown of the rates and fees. The processing company responded that they would not send a savings quote with this detail because a mistake had been made in their savings quote. They stated the quoted savings could not be achieved due to a mistake in industry classification.