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, corporate cards, and keyed-in cards. At the quoted rate, the processor would lose money big time. The prospect didn’t believe that he was being lied to, so I asked him to send me a copy of the application that they wanted him to sign. Of course, on the app was an extra 2.99% over the original 1.89%. When I pointed it out to him, he became a believer. Lesson: Don’t trust verbal quotes and quotes in emails. Read the fine print on the agreement.