Bob’s got a new twist on his game and has been practicing it in Santa Fe, NM. He tells merchants that his rate is 1% and $0.00 for debit transactions. What a Whopper! (He doesn’t tell them that the rates can go up after the first month.) In order to make a killer upfront commission, he signs the merchant up for a non-cancellable equipment lease of $180 per month for four years! Unbelievable! (This supposedly covers his losses on the rates.) He loses money on the rate for the first month BUT then the supercharged rates kick in. And the merchant is still stuck in the ridiculous lease for equipment and a contract for card processing with a huge termination fee.
Lesson: If it sounds too good to be true, it is not real! Be cautious and call us before you even think about signing anything. It is just too sad when someone gets bamboozled.