Back Unveiling Merchant Processor Overcharges/Crime Coverage

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Agastley01 Jan 25, 2024 10:55 AM

I wanted to bring up a topic that affects most businesses – merchant processor overcharges. It's a concern that often goes unnoticed, mainly because merchant processors aren't regulated by federal or state laws. This lack of oversight can lead to what some may perceive as the "theft" of clients' profits through overcharging fees that they aren't rightfully entitled to.

Has anyone here experienced or looked into crime coverage related to accumulated theft by merchant processors overcharging fees? I found a company called weAudit.com (they pay for referrals!) to conduct audits to identify overcharges and even halt ongoing ones through monthly audits. 

I'm wondering if anyone is aware of insurance carriers that may cover fees not returned to the customer for prior months or years. Has anyone pursued this type of claim?

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