Central Payment Co., a California-based company providing transaction processing services, recently reached an $84 million settlement in a class action lawsuit related to misrepresented and improperly added fees for its card-processing services.
This article explores the details of the lawsuit, the terms of the settlement, and introduces Verifee as a valuable resource for companies seeking assistance in negotiating fees and identifying fraudulent practices. Verifee specializes in payment analysis, brokerage, and negotiation, helping businesses reduce transaction-related expenses without the need to change payment processors, hardware, or software.
The class action lawsuit against Central Payment Co. alleged that the company misrepresented and improperly added fees for its card-processing services. Customers who were assessed TSSNF and PCI noncompliance fees, experienced increased credit card discount rates, or had their transactions shifted to higher-cost tiers were eligible to participate in the settlement. Although Central Payment denies any wrongdoing, it opted to settle the claims made against it through an $84 million settlement fund.
Verifee offers expert payment analysis, brokerage, and negotiation services to help companies navigate the complex landscape of transaction-related expenses. By analyzing a business’s systems, processes, and overall payment costs, Verifee identifies opportunities for cost reduction. They then leverage their industry expertise to compare processors, banks, and service providers, securing the best rates, services, and technologies tailored to meet a company’s specific needs.
Working with Verifee offers businesses several advantages. First, their detailed analysis breaks down fees, providing actionable recommendations to directly impact the bottom line. Verifee can negotiate and implement these recommendations without requiring companies to change their existing service providers, payment processors, or POS systems. Through their services, businesses can reduce transaction-related expenses while maintaining operational continuity.
The Central Payment Co. settlement highlights the importance of addressing improper fees in the payment processing industry. As companies strive to protect their financial interests, working with payment experts like Verifee can be instrumental in navigating this complex landscape. By providing payment analysis, brokerage, and negotiation services, Verifee empowers businesses to reduce transaction-related expenses without the need for extensive changes. As payment fraud continues to pose risks, the expertise and guidance of Verifee can help companies identify and mitigate fraudulent fees, ensuring secure and cost-effective payment processing operations.
