Both the Federal Trade Commission and processing companies have been bringing lawsuits against unscrupulous processors behaving unethically in the credit card industry. Charges range from false marketing claims to lying about the pass-through costs from Visa and Mastercard.
Businesses on a weekly basis have sales agents for processors telling you they can get you better rates, free equipment, the best point of sale system for no money down and low monthly rental costs… the old adage “if it sounds too good to be true, it probably is” still applies. Without industry knowledge about the true cost of processing credit cards and equipment, you may find yourself stuck in a bad deal with no way out.
That’s why having someone with expertise in the field on your side is more important now than ever. While banks and Visa and Mastercard are regulated, there is little regulation over the processing middle-man. You usually won’t know until it’s too late if you’ve been taken advantage of with ever-increasing rates, or overcharging on equipment fees. Once you are locked into a contract the termination fees can range from hundreds to thousands of dollars.
Before you switch processors or invest in a system or equipment, contact us at 888.890.8822 or firstname.lastname@example.org and get an expert to help you navigate this industry safely.