‘No Hidden Fees’ Merchant Scam These days, everything we hear from politicians and advertisers has a SPIN. ‘No Hidden Fees’ sounds great, doesn’t it, especially when it is in bold type in a big font on a credit card processor’s marketing. Here is how this SPIN and the ‘No Hidden Fees’ Merchant Scam goes down. Many processors pronounce to their prospects and put in writing … Read More
Bartender Baloney
Scams Behind the Bar — Is Your Restaurant Losing Money on Bartender Baloney? According to Preventing Internal Theft – A Bar Owner’s Guide, by Robert Plotkin, there are nearly two dozen areas of vulnerability that can be exploited behind the bar. Bartenders can give away free drinks, over-charge or under-charge the clientele, pocket the sales proceeds of unrecorded drinks, substitute well liquor for call brands, … Read More
The Many Ways to Pass Processing Fees onto Consumers
A merchant sued Visa and MasterCard for the unfairness of taking on the credit card processing fees. They won with some qualifications. They can’t pass fees back to consumers for debit cards, only credit cards. As a result, many processors have programs to automatically add a surcharge fee onto a credit card transaction. But the merchants are getting pushback from consumers. Here is a discussion … Read More
Server Crime Syndicate — A Cunning Culprit of Restaurant Fraud
Employee theft in restaurants is a rampant issue. Would you believe that 75 percent of restaurant employees steal from their workplace at least once, if not repeatedly? In fact, according to the National Restaurant Association, internal employee theft is responsible for 75 percent of inventory shortages, and up to seven percent of restaurant sales. This is a true story that happened to friends of ours … Read More
What You Need to Know About QuickBooks Integration
Can I Connect a New Credit Card Processor with QuickBooks? Can I Execute Payment Processing in QuickBooks with my Own Processor? The answer to both is YES! Many merchants think they have to use QuickBooks’ merchant services processing in order to integrate their credit card payments within QuickBooks. But that is not true. QuickBooks, developed and marketed by Intuit, opened up their software for API … Read More
Surcharging!
Merchants have been complaining about credit card processing fees since the beginning of credit cards. The fees were initiated in the first place to replace the fees banks collected on loans. Consumers who don’t have enough cash were in effect passing on their interest fees on loans to the merchants. But merchants took on those fees because sales were lost if they didn’t. Consumers can … Read More
Does Your Credit Card Processor Remind You of a Bad Date?
Did the Salesperson Promise You the World, But After the Fact You Are Treated Like 1-800-IGNORE-ME? Did you get the low rates you were promised? Did they stay low or creep up over time? What about service? Credit card processing tends to click along like clockwork until it doesn’t. Are you getting the support you need? Recently, the US experienced a crash of Verifone VX520 … Read More
Nightmare Merchant Problem!
Let me tell a true nightmare story which happened recently to one of our merchants. I will tell you how we fought like the 3rd monkey trying to get on Noah’s Arc in order to find the solution and fix the nightmare problem. Then you will have a better understanding of how Electronic Money Company is uniquely different from all the other credit card processing … Read More
Credit Card Refund Scam Against Merchants
Credit Card Refund Scam Against Merchants! One of my clients called recently to ask some questions about refunding a customer. This particular customer paid a deposit on a custom engineering project and then decided to cancel the order. The merchant told this customer he would refund the card. However, the card holder argued that they didn’t have the card anymore and could the merchant write … Read More
Problem – Solution for High Processing Rates on Business, Corporate, and Purchasing Cards!
Problem: How do I stop paying such high rates for corporate and business cards? Solution: Stop paying 3% to 4% or HIGHER for Level 2, 3 & 4 corporate, business and purchasing cards! Save 1% or MORE to your bottom line! Here is how! Purchasing Cards (“P” Cards), corporate cards and Business cards are company credit cards which government entities, plus large and medium sized … Read More