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, but only to record numbers into appropriate categories. But over time, they figure out this expensive scam!

The way 99% of credit card processors out there play the game is to sign merchants up on a low rate, and then once or twice a year increase rates and fees slightly and hope their clients don’t notice and switch over to someone else. Unlike other processor’s, we don’t believe in sneaking in rate increases hoping you won’t notice.  We refuse all rate increase proposals from our front-end processors!

The Excuse Credit Card Processors Use to Raise their Rates

Every April and October, the bank associations get together to figure out if the wholesale interchange rates they are charging for each type of credit card transaction is adequate to cover the risk. There are over 1,000 different rates for different types of transactions reflecting the liability for the issuing banks.  They might decide to raise the ‘discount’ rate on two categories of MasterCard, and one category of Visa international payment transactions, that are keyed in versus swiped card-present transactions. This increase might actually amount to a couple dollars on 1% of merchants in the entire country. This tiny increase in a tiny category of payment transaction types is then used by the credit card processors who service merchant accounts as an excuse to raise rates on all their merchants for every one of their transactions! This rate increase notification is then buried in the fine print at the bottom of a merchant statement.

Electronic Money Company Never Raise Rates to Our Merchants!

Electronic Money Company refuses to play this game. We give up those extra profits in order to keep our clients forever, and that we do.

Our entire portfolio of clients love us for that! Recently, one of our merchants called us about a competitor who tried to switch them over. They had experienced rates creeping up before with their old processor, but now with Electronic Money Company, they knew to give the competitor’s salesperson the boot!

With Electronic Money Company, the rate you start out with, stays with you for the life of our relationship.

  • We keep it simple and honest, explaining everything to you up front in detail.
  • We have our own technical support department in-house, in addition to our processor’s 24/7/365 support number, to give our merchants the best of white glove service and support.
  • We never raise rates or fees!

The value of service is exponentially high! Our rates are lower than most, and they stay that way. We want to keep our merchants for life! We still have merchants with us since our beginning in 2000!

We ease the confusion and pain of merchant services from the beginning through the life of your business. In other words, we aim to be the best merchant services provider for our customers, period!

If you are ready to sign up with the best credit card processing and merchant services company in New Mexico,
give us a call today at 505-296-2847!