Telemarketing is prevalent in this industry. The telemarketer has a script that reads something like this: ‘This is your credit card processor calling and we have to make an update to your credit card terminal.’ Or they say: ‘This is your credit card processor calling to inform you that your terminal is out of date and it needs to be replaced.’ Or they identify themselves as Merchant Services, (a generic term) and say that someone from your company initiated a change to your account. Or they simply say that they are Merchant Services calling and they have a new program to reduce your fees.
Please beware that this could be another credit card processor trying to trick you into switching over. The bait of lower rates is only bait. In actuality, they may be raising your rates with a dishonest presentation to you, intentionally leaving out the details about rate hikes for cards keyed in or entered via the internet.
So here is how to protect yourself. If they really are your credit card processor, they can identify the name of the processor and your merchant identification number (MID#). If they cannot correctly give you that information, tell them never to call again and take you off their list.
It is sad to say, that other credit card processors have cut-throat methods of acquiring new customers. Electronic Money Company prides itself on our honesty and full disclosure of fees and educating our clients so they fully understand everything on their merchant statement. We would never use such dirty tactics.
This type of scummy credit card processor is also known to send out emails. A way to detect such defrauding is to look at the email address of the sender. If it is from a generic yahoo, hotmail or gmail address, it is not from your current credit card processor.
If you are ever in doubt about a call, contact the customer service number on your statement, or call your local salesperson or local office to make an inquiry. Since we at Electronic Money Company encourage our clients to call us first before calling the 1-800-24-7-365 number, and they know our staff by name and we know them by name, we are always able to protect them from this scam.
But if they don’t call us and ask, we (and the client) are oblivious to the scam about to take place. Most of these scummy type processors lock merchants into expensive equipment leases, plus they have huge termination fees, so that if they succeed in hijacking someone’s merchant account, they are stuck for at least three years, and 99% of the time, also paying significantly higher fees.
Contact Electronic Money Company today at 505-296-2847 to discuss ways to help you avoid
merchant scams like these!