I Got Quoted ONE FLAT RATE!

All across the web, we see “flat rates” being advertised to unsuspecting merchants. Because of this blatant misrepresentation, we then have to explain to potential customers that they’re being scammed.

Here’s the truth about the “One Flat Rate” scam!

• All banks and processors have the exact same costs from Visa, MasterCard and Discover.
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• Therefore, how can a credit card processor offer you “One Flat Rate” when Visa, MasterCard, and Discover have various rates depending on the type of business and type of credit card?

It’s like if the Federal Reserve sets the mortgage rate of 5%, and then someone says they can offer it to you for 1%. It’s too good to be true.

To prove our point: Download the actual costs from Visa that credit card processors have to pay. BE SURE TO NOTICE how many different rates there are depending on the type of business and type of credit card.

Please know that there is a much more honest way of processing credit cards.

February 15, 2012 - Category: Credit Card Processing, Exposing the Trickery

Consumer Confidence

You know as much as anyone else that in the current state of the economy people aren’t as impulsive with the way they spend their money, so why should you be impulsive when choosing a credit card processor? The credit card processing industry is multi-level labyrinth of fees and confusion that cloud your bottom line price point. Combing your way through the fine print is a painful and time wasting challenge to uncover the reality about the fees you’re paying.

Is the trickery about the credit card processing industry making it difficult to trust any of them at all?

I’ve called multiple providers myself asking for some essential information and what they tell me is always the bare minimum. Seems to me that a business owners best interest is not in mind. No wonder why business owners are becoming more and more reluctant. The processors don’t disclose any information at all about PCI Compliance or about their Non-Qualified rates. Even when I prompted about Non-Qualified transactions, they calmly said “oh, no one has told you about those?” I would only assume that they are banking on no one asking and when I say banking, I mean laughing all the way to the bank. When I asked more about the Non-Qualified transactions they flat out lied saying that it was on occasion with “international cards.” From the experience in processing, I know that rewards cards are also a big lump of these Non-Qualified transactions and would make up for at least 50% of my transactions. With processors like that, no wonder the consumer confidence has dwindled.

What I’ve found is that transparency is key, letting the consumer see all.

You have credit card processing company “A” telling you that you’ll be paying this specific low rate. Then you have credit card processing company “B” telling you exactly how everything works inside and out. At first “A” sounds cheaper, until you get your statement and find out that there were all of these surcharges, non-qualified rates and various fees. Then you have “B” whom told you everything up front and could have saved you a substantial amount of money in which you could be using to keep your doors open and thriving as a business. Let transparency restore your confidence as a consumer and put integrity back into business.

February 14, 2012 - Category: Exposing the Trickery