Credit Card Processing, How to Avoid Common Scams

Credit Card Processing has become a very large and complicated industry. 

If you operate a business you are a lot better off if you accept credit cards, many studies bear this out. A company that accepts credit cards is likely to have 75% more revenue than those that do not. That is an incredible figure. 

Professional Credit Card Processing Companies

Having said that, it's easy to understand with so many businesses utilizing credit card processing services there would be many opportunities out there for unscrupulous  business practices. Why do so many bad companies work in the credit card processing space?

It is still surprising to me that you have to be licensed to clip someones toenails or cut their hair but to work directly with that salons money you don't even need a high school diploma. That may be an discussion for another day.

Companies like Quantum strive every day to train and prepare our sales agents to follow a best practices philosophy. What does that mean? It means to go out and work with potential customers offering full disclosure as to each parties rights and responsibilities. Unfortunately that is not the case with all companies that operate in this industry. But we can only work to inform and educate our current and potential new customers.

Let's take a look at one approach commonly used by less than honest sales teams will try to use on businesses:

When contacting a potential new business it is common for a sales agent to make a claim such as "we have the lowest processing rates possible". Now not every company can have the lowest rates yet that's what is often promised. That may be annoying however it can get even worse.

Secure Credit Card Processing

Many companies utilize a more aggressive tactic. They will call you or just stop into your business. They then claim to be your current processing company. You will be offered new equipment at no cost and much lower processing fees. Wow sounds good right? they must really like you. Problem is they are not your current processing company, the equipment comes with hidden costs and your rates are going up. It may take you a couple months to catch on and by that time even though they said there is no termination fee, there all the sudden is a $400 + fee to go back to your old company.

This happens everyday in fact it just happened to one of our customers.

What can you do?

• Ask questions, 
• Build a relationship with your current credit card processing company. 
• Have your processors number handy, if you suspect a fraud call your company immediately.

A reputable company will let you know if a rep is out in your area or if they are calling to  update account info.The rep should have your current account number handy and they should be able to tell you what their rates are, after all they work for the company that currently sets your rates right?

In the end it all comes down to that age old phrase "If it sounds to good to be true, it probably is".
If you suspect you have been duped and are interested in a real evaluation of your current card processing situation call Quantum Merchant Services we are rate A+ with the BBB.

Quantum Merchant Services
7300 Hudson Blvd N
Suite 255
Oakdale, Mn 55128
1-800-815-3123

Credit Card Processing, Credit card Processing Fees, Merchant Services, Credit Card Processing Companies, Merchant Account, Merchant Account Providers