Bob From Brand X – Flat Rate

MerchantProcessingNMBob from Brand X Nightmares

Bob’s new trick is an old one. His new rate is 1.69% and he says he won’t have any higher rates for keyed-in cards, rewards cards, or corporate cards (?). I think that Bob is either an outright liar or he is new to credit card processing and doesn’t have a clue what he’s talking about. Too bad the company … Read More

Bob From Brand X – Is it Worth it to Switch?

MerchantProcessingNMBob from Brand X Nightmares

Bob’s favorite pitch still seems to be, “Let me do a comparison and I guarantee I’ll save you money.” Ask yourself if you want to save money if it is going to cost you more in other areas. Do you want to go through the hassle of doing a comparison, which will be in hieroglyphics instead of English, to possibly … Read More

Bob From Brand X – Rate Guarantee

MerchantProcessingNMBob from Brand X Nightmares

Bob’s new quote sheet has a guarantee. Let’s take a look. “We will not increase the qualified discount rate for 48 months.” Response to Bob – BS. How many cards are charged a qualified discount rate? Answer: not very many. Most cards today are debit cards and rewards cards, and then there are corporate cards, keyed-in cards… the list keeps … Read More

Bob From Brand X – Selling a New Equipment Lease

MerchantProcessingNMBob from Brand X Nightmares

Fred has a car mechanic shop. When I stopped by to talk to him about his card processing, he brought out his bank statement and showed me that some charges were on his statement relating to his credit card processing. Poor Fred had switched processors a while back and got new equipment, but had never cancelled or paid off his … Read More

Bob From Brand X – The PCI Trick

MerchantProcessingNMBob from Brand X Nightmares

Today, one of our merchants called because they had received a phone call from someone saying they were with merchant services regarding their PCI compliance. The caller went on to explain that their machine was not PCI compliant and that he could send out a new one at no cost right away. Our merchant was wise and pushed to find … Read More

Bob From Brand X – The Fake Flat Rate

MerchantProcessingNMBob from Brand X Nightmares

I recently spoke with a new business wanting to set up credit card processing. He wanted to compare us to another company that gave him a quote with a flat rate of 1.89% and $.19. The rate was, obvious to me but not obvious to a rookie, only for qualified transactions. I knew it was too low for rewards cards, … Read More

Bob From Brand X – Read the Fine Print

MerchantProcessingNMBob from Brand X Nightmares

I recently spoke with a non-profit who closed one of their entities. They went to close their merchant services account at their bank, and lo and behold, they found out that the contract they had signed stated they would be responsible for paying the average surcharge fees the bank had been collecting from their merchant services until the end of … Read More

Bob From Brand X – We Only Charge Interchange

MerchantProcessingNMBob from Brand X Nightmares

Recently there was an article from our industry magazine about a processor selling interchange pricing. But it turned out they were padding the interchange and not disclosing this to their merchants. So the merchant was paying interchange plus a surcharge, all under a category called interchange.