Bob From Brand X – The Fake Flat Rate

MerchantProcessingNMBob from Brand X Nightmares0 Comments

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, … Read More

Bob From Brand X – Read the Fine Print

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I recently spoke with a non-profit who closed one of their entities. They went to close their merchant services account at their bank, and lo and behold, they found out that the contract they had signed stated they would be responsible for paying the average surcharge fees the bank had been collecting from their merchant services until the end of … Read More

Bob From Brand X – We Only Charge Interchange

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Recently there was an article from our industry magazine about a processor selling interchange pricing. But it turned out they were padding the interchange and not disclosing this to their merchants. So the merchant was paying interchange plus a surcharge, all under a category called interchange.

Bob From Brand X – Wells Fargo Calling… NOT!

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Recently a customer relayed a story about her previous processor, Bob. He prospected her on the phone and told her he represented Wells Fargo, which just happened to be her bank. He told her she would save money on her checking account fees if she used Wells Fargo credit card processing services. So she signed up. When she got the … Read More

Bob From Brand X – New Terminal Lease Fake Out

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Bob is still out there selling high leases on equipment. I ran across a merchant last week who was told she needed a new terminal for $100 lease payments, but not to worry because her savings were way higher than $100/month. Wowza! Bob earned a great up-front commission on that one. And there was no documentation on the monthly savings, … Read More

Bob From Brand X – Terminal Paper

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I actually met a guy on a shuttle bus to a marketing seminar. Get this! His first job at 14 was with a telemarketing company that sold credit card terminal paper! He actually worked for and earned commissions selling $300 cases of paper for terminals to unsuspecting employees and owners. His script was to say he was with their credit … Read More