I just switched over to Costco for merchant services (credit card charges). When I spoke with the initial representative I very strongly
told her that I want to make sure that their charges are taken out monthly not daily. It's just way too confusing for bookkeeping purposes to have those charges taken out daily. I made it very clear to her that this was the one thing that was non-negotiable for me. I purchased a terminal from them, got all set up and went through my first day with them as my new merchant services. Two days later the deposit went into my bank....less their charges. Wait...what happened to the charges not being taken out daily?!
I spoke with three representatives before I got a straight answer. I was finally told that the company decided to make my contract a daily charge contract. No phone call or email to me to let me know this. Now, when you cancel service with them before two years, there is a $95 charge for canceling. I am pretty livid at this point. Alot of time has been wasted and now I'm battling to make sure I'm not charged the $95. Not that it is a huge amount of $$, it's the principle and very bad business on their part.
I highly recommend staying away from Costco for merchant services.