Scam – Neglected to Tell You about Interchange Rates

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Bob has been busy in Alamogordo, NM. He is running around telling merchants that his company only charges 75 basis points. What he should be saying is that he charges interchange costs plus 75 basis points, which is kind of a high rate. Hope none of you are getting fooled by his new tricks. 0.75% sure sounds low, and that is because Bob is not … Read More

Scam – Transaction Limit

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One of our new clients told us this story about his experience with Bob from Brand X. He is a landscaper and needs to run one or two transactions per month, albeit they are large transactions. He was sold a wireless machine for a whopping $69 per month on a four-year lease. Then he had statement fees and minimum charges every month on top of … Read More

Scam – Too Smart for His Own Britches

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An acquaintance of mine started quizzing me one day on credit card machines and rates. A couple of weeks later, he was trying to sell me some equipment he had bought on EBay! Unbelievable! I, of course, said NO. Another couple of weeks later, he was asking me how to remove proprietary chips from the machines! He got burned buying equipment that couldn’t be reprogrammed. … Read More

Scam – Horrible Swindle

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One of our favorite salespeople called on a husband/wife merchant for credit card processing. They gave him a monthly statement to review, but were acting quite nervous. Our salesperson brought them back a comparison, explained all the fees, and showed them where we could save them money. They understood and acknowledged they wanted to save money, but they were absolutely scared to death to switch. … Read More

Scam – Huge Savings

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Bob, Bob, Bob… what do you have going this time? Bob thought he was doing a comparison for a merchant. He wrote across the paper, “Savings: $800.” The merchant asked us to take a look. “Where was the detailed comparison? Where was the savings of $800?” they asked. “Beats me. Why don’t I just write $1,000 savings on a piece of paper,” I replied. Bob, … Read More

Scam – Only Charging 1%

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Bob is back at it again. Recently, Bob showed up at one of our clients’ with a story that he was only going to charge the merchant 1%, and by the way, they needed all new equipment. The client called our office to ask for our review. It turns out Brand X was charging 1% on top of all the other qualified, mid-qualified, and non-qualified … Read More