Read Liz's 1 Nov 2011 post below, she gives the full story of what's happening with this you-are-being-overcharged scam. Scott, I hope you're not a shill!

received a call from a rep from visa...verified it...it's a visa office in dallas texas updating merchants on the new law that passed on october 1st 2011...

I was very leary at first. I didn't see any harm though just giving my statement for analysis. I blocked out all important info. I received another call the following day pointing out that I was currently paying retail rates for my processing. I contacted my current processor and they confirmed my rates were fixed. The new rates proposed seemed very appealing especially since the new law passed. I checked around and it is true that processing rates can now be reduced.

They called me representing saying they represent VISA AND Mastercard and told me that my current processor is overcharging my rate. They said that it should be 1.79% and asked me to look at my statement and verify the current rate for just VISA and Mastercard. I gave them the total of that fee and the total of the sales. They said just to divide that sale total by the fee total and that proves the overcharge. That isn't just the final fee if you can read the line item on your statement it shows exactly what your rate is. They told me they wanted a copy of my statement (with my merchant number blocked out) faxed to them and they would review it and call me back. I said yes. Then I called merchant card processor and asked if they have heard of VISA and Mastercard calling directly to the merchant about fee changes. They said that each company is represented separately and that VISA and Mastercard calls the processors--not the merchants. They said someone is trying to sell you their processing services. I can request a rate review every 6 months but it is not granted without my first calling them. The 972- called again asking if I faxed them my statement. I said no because they can't possibly represent to companies and the phone number is Sunrise Travel. I again asked who they represent and they said Pivitol (?) quickly. I said you process VISA and Mastercard cards and they said yes. I said I will not send you my statement because I don't need your services. Everyone claims that they can reduce your fees! Then they sell you their equipment which is where their money is made.

They are after you credit card business.  They claim their rates are the same or better.  Keep in mind that you could be under contract if you are thinking of changing.

Got a call from these people girl was a bit sassy and then tried to help.  Not got a good feeling about them.

Mary
Did you give them any info?  I gave them my merchant ID and last 4 of my social,  I have a bad feeling about this.

They just called me and I am a little nervous myself.  Think I will decline too.  Not to sure about phone solicitation.

972-407-9332 said they couldn't get our current credit card processor to reduce our rates so they wan't to switch us to a different credit card processor.  I declined.

972-407-9332 said they are Visa/MasterCard wanting a copy of our credit card statement so they can get the credit card processor to reduce the rates they charge our store to process credit cards.  I don't know whether to believe them.

hmmmmm, comes up on my caller ID but when I dial it back it says disconnected