Scam – Rate Guarantee

MerchantProcessingNMScams Against MerchantsLeave a Comment

Bob’s new quote sheet has a guarantee. Let’s take a look.
“We will not increase the qualified discount rate for 48 months.”
Response to Bob – BS.
How many cards are charged a qualified discount rate? Answer: not very many. Most cards today are debit cards and rewards cards, and then there are corporate cards, keyed-in cards… the list keeps going. Most processors have six tiers of rates. So if one rate tier is guaranteed to stay the same but the other five are not, the guarantee is worth “nuttin, honey.”
Bob’s qualified discount rate guarantee means absolutely nothing.