Telemarketers often target small businesses, particularly in rural areas, using various tricks to gain your trust and make quick sales.
Here are some common tactics they use:
- False Identification: At the beginning of the call, they might say, “This is your merchant services calling.” They want you to believe they are your current merchant services provider, but they are not. This is a ploy to gain your trust from the start.
- Scare Tactics: They may use fear to rush you into making a decision. By creating a sense of urgency, they aim to close the sale on the phone immediately. They won’t provide a callback number, emphasizing that you need to act fast.
- Outdated Equipment Claims: The telemarketer might tell you that your credit card machine is outdated and must be replaced immediately to continue processing payments. This is a scare tactic. If you truly needed a new terminal, your current merchant services provider would notify you and identify themselves clearly.
- Compliance Scams: They might claim you are out of PCI compliance. PCI (Payment Card Industry) compliance is crucial, involving an annual questionnaire to ensure cardholder information is secure. However, being out of compliance does not mean you need to switch processors or buy new equipment. This is another bait-and-switch tactic.
- Cybersecurity Fear: Another scare tactic is to tell you that your system is not cyber secure. They hope you are not tech-savvy enough to know that most internet-connected systems today already have firewalls and other basic security measures in place.
If you do need to review your rates, it’s essential to compare offers. Listen to what the telemarketer says, write down the details, and then contact at least one other processor to compare rates.
Ready to secure better rates and avoid telemarketing traps? Take charge of your merchant services today. Watch our video on “Saving Money on Credit Card Processing Fees” to learn more, and empower your business with informed decisions. See you there!
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