Bob’s new trick is an old one. His new rate is 1.69% and he says he won’t have any higher rates for keyed-in cards, rewards cards, or corporate cards (?). I think that Bob is either an outright liar or he is new to credit card processing and doesn’t have a clue what he’s talking about. Too bad the company he represents has such a high termination fee and some merchants will get sucked into an expensive learning experience.
I am proud that my industry has created PCI compliance and is requiring merchants to protect consumer’s credit card numbers and information. But when is the industry going to police the processors whose salespeople give out fraudulent information to potential merchant customers? When will the industry require honest disclosure of fees? When will the industry protect the merchant from Bob?