Regulatory / product fee
On a statement: REGULATORY PRODUCT FEE
A vaguely named monthly charge that sounds like a government requirement and isn't. Names vary — 'regulatory fee', 'product fee', 'compliance fee', 'IRS reporting fee', 'merchant club'. Card-brand and IRS reporting costs are already covered elsewhere on the statement; this is a processor add-on.
What a fair version looks like
$0. The legitimate reporting costs it claims to cover are fractions of a cent per transaction.
What 321 Swipe would do
We ask the processor to identify exactly which regulation the fee relates to. When they can't, we have it removed.
See it on a statement
On our sample statement this line is $14.95.
Is this on your statement?
Send it and we'll tell you — along with everything else on there that shouldn't be. A phone photo of the fee page is enough.