Understanding Credit Card Processing Rates and Fees!

Angela HudginsCredit Card Processing/ Merchant Services, Scams Against MerchantsLeave a Comment

Understanding Credit Card Processing Rates and Fees!

Let me educate you so you, too, can avoid getting sucked into a contract from a scammer salesman. There are three determinations of the fees for accepting credit cards: the interchange cost, the brand fees, and the processor’s surcharge.  a. The interchange cost. This is the rate and transaction fee set by the bank associations to collect “interest” on the money “loaned” to the cardholder … Read More

Understanding Credit Card Processing Rates and Fees!

Angela HudginsCredit Card Processing/ Merchant Services, Personal Stories, Scams Against Merchants, Secrets of Success, UncategorizedLeave a Comment

Understanding Credit Card Processing Rates and Fees!

Let me educate you so you, too, can avoid getting sucked into a contract from a scammer salesman. There are three determinations of the fees for accepting credit cards: the interchange cost, the brand fees, and the processor’s surcharge.  a. The interchange cost. This is the rate and transaction fee set by the bank associations to collect “interest” on the money “loaned” to the cardholder … Read More

The Famous “Restaurant Server Theft“ Soda Pop Game!

Ginger HollowellCredit Card Processing/ Merchant Services, Point of Sale Computer/Tablet Systems, Restaurant POS, Scams Against MerchantsLeave a Comment

The famous Soda Pop Game is played with a POS system, by splitting tickets. Only instead of splitting the cost between two people at a table, the drinks are split off to an open ticket. This server theft works when patrons are paying with cash. Let’s say Table #1 orders two meals and two sodas.  Before the server presents the ticket, he casually asks whether … Read More

Credit Card Scams Consumers Try Against Merchants

Ginger HollowellScams Against MerchantsLeave a Comment

Here are a couple scenarios merchants should be aware of: Merchandise Return Scams Against Merchants There are criminals out there who have stolen goods from retails stores. They steal the clothes, leave the tags on and then go to the store to return the items. Make sure you ask for a copy of a receipt to avoid fraudulent returns. Otherwise, you may be returning cash … Read More

Scam Against Merchants from Other Credit Card Processors!

Ginger HollowellScams Against MerchantsLeave a Comment

Telemarketing is prevalent in this industry. The telemarketer has a script that reads something like this: ‘This is your credit card processor calling and we have to make an update to your credit card terminal.’ Or they say: ‘This is your credit card processor calling to inform you that your terminal is out of date and it needs to be replaced.’ Or they identify themselves … Read More

Payment Processing Sneaky Rate Increase Scam!

Ginger HollowellScams Against MerchantsLeave a Comment

It is amazing to us at Electronic Money Company, how many merchant service providers think up new fees and sneak them in under the radar in small print on a merchant statement! Many merchants don’t even look at their merchant statements because they don’t take the time to read the details every month, or because they have bookkeepers whose job is not management of money, … Read More

‘No Hidden Fees’ Trap

Ginger HollowellScams Against MerchantsLeave a Comment

No Hidden Fees Trap
‘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

Nightmare Merchant Problem!

Ginger HollowellCredit Card Processing/ Merchant Services, Scams Against MerchantsLeave a Comment

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

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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

FRAUDULENT Credit Card Transaction SCAM

Ginger HollowellScams Against MerchantsLeave a Comment

FRAUDULANT Credit Card Transaction SCAM

Watch Out for This FRAUDULENT Credit Card Transaction SCAM! I just heard from one of my customers who got an email and text from someone who wanted to use their credit card for a HUGE SALE!  I am changing the name of the merchant and proprietor, but wanted to let you all know about this SCAM!  We have heard this same story several times over … Read More