When asked about rate increases, Bob from Brand X always LIED, (that’s right I said LIED) and said that rates would never change with him. The fact is that 99% of processors raise rates whenever they want to. Typically they raise rates when they are getting ready to sell out to a bigger processor, in order to inflate their bottom line. I have experienced this twice during my career. Then I got smart and renegotiated my contract to have control over fee and rate increases! I refuse them all for my entire portfolio! Yeah for our family of clients! Of course, we are giving up money, but the trade off is that we want to keep you as a client for life!
I had to laugh recently when we gave a quote to a restaurant with large volume. We offered a lower rate than their current processor. Their current Bob from Brand X responded that Electronic Money Company couldn’t possible offer a rate lower than theirs and that it would be an introductory rate with increases to follow. So this time, this Bob from Brand X, told the truth about typical rate increases in the industry but LIED again about EMC and rate increases. We are leaving you in the dust, Bob, as we take your clients away and give them better service WITH NO RATE INCREASES FOR REAL!