PAYCOM OVERCHARGING .xx% ??????
 

Hi. People who process with paycom.. do this:

1. Log into financal reports (https://www.epochsystems.com/secure/financial.cgi)
2. Go to the payments section, select company, then click continue
3. Use the pre-selected dates and click Create Report
4. Pick any random date
5. Note the Net Sales amount (Write it down)
6. Click the total fees hyperlink
7. Divide the processing fee by the net sales amount

I bet it is a few tenths of a percentage higher than your fee.

For instance.. 12.67% instead of 12.5%, 15.33%, 15.74%, etc, etc.. And plus, it's different every period!

I could be a unique case, which is why I wanted to ask here. I find it peculiar that a company that has the programming capacity to write complicated processing software hasn't the ability to simply multiply the net sales amount by a set variable (e.g. 12.5%) .. I understand that there should be some degree of disparity due to the fact that dollars only have two decimal places, but that should only be say .0x% difference every time, not .70!

Think about it, if they overcharge everyone .6%, that is a lot of money. Processing just $1,000,000 per day, that is an extra $60,000 for them!

So.. I just wanted to do a random survey to see if this is the case for everyone else as well? If so, maybe something a little shady going on :)

** NOTE - I just noticed that one week they charged me less than they were supposed to by .03% ** - so maybe there is a reason it fluctuates? I don't think it can be because of credits/chargebacks, since they are deducted before fees are calculated. **

Are you sure you have taken everything into account? Credits, chargebacks, etc? If you are using net after all that's come out, you won't get the same number as you would off the gross.

Their fee is based on NET sales, NOT gross sales.

The formula is:

pf = processing fee
rsv = reserve
cb = charge back fees
misc = miscellaneous

gross sales - chargebacks/credits = net sales
net sales - [netsales(pf+rsv)+cb+misc] = payout

Chargebacks and credits are deducted before the fees are calculated..

... donnie, I´d be very carefull with such accusations ... and follow kimmy´s advice.

Overheard at Paycom:

"omg, Donnie the Gangsta caught us!!"

I'm bumping this because I really want to know.

They take the correct amount from us every month.

Wrong day to put this thread on I'm sure Clay is having dinner with his family today to answerr your question. Now, my question is what you see when you log in there? Unfortunately i never wanted a master code as I switched processor so i can't see it. Do you see a detailed stats in there by any chance? Like how many sign-ups, how many declines, what your retention % is, how long your member stays etc? If you do, I'll get me a master code :)

Yes. The financial reports are a bit different than the master sales summary. It includes only number specific details. However, in the master sales summary, there is a plethora of detailed stats available. Paycom is very good, save this issue that I just noticed last night.

Sorry, but I don't see it.

I want my bloody question answered! Why does paycom charge .xx% +/- (Mostly +) your rate, and why is it never consistent??

No one is in the office today because of the holiday, but maybe someone here can tell me??

Is it just a big rip off scam or is there some justification to billing you 12.93%, 12.76%, 12.84%, etc, etc, instead of 12.5% every weeK??

When you emailed Paycom about it what did they tell you?

Donnie Gangsta

Email me your Mastercode and I will have accounting look at your account.

Thanks,

Clay
[email protected]

.6% of 1,000,000 is $6k not $60k. I hope your math is better with your other numbers.

Yeah.. you're right $6000.. It was very late when I wrote that. 1mil*.006=6000 .. I did .06 for whatever reason..

Yeah.. you're right $6000.. It was very late when I wrote that. 1mil*.006=6000 .. I did .06 for whatever reason..

One of the first cases of computer age crime was of a guy who adapted bank software to shuffle the left over mils from bank transactions into his account. It adds up over time.

Previously when things were done on paper these fractions were written off.