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Merchant accounts ,Beware of SCAMs

Ok, here are a few things that should raise your bull shit meter when talking to a merchant provider.

Leases: If anyone suggests a lease run the other way as fast as you can. Most equipment or POS terminals are a few hundred bucks and for the higher end maybe $500….unless you are daddy warbucks it is far better to buy the machine outright then spend 4-500% on a lease option. These salesmen are chomping at the bit to get merchants into leases because they go back to the office sell the lease and get an instant cash bonus form the sale.

Interchange Rate: That is the fancy term for what you will be paying for your transactions. Keep in mind this usually changes on an annual basis and unless you process a large transaction you have very little ability to challenge the rate changes. And if a company comes into your office with a rate that seems to good to be true then IT IS. They can and WILL change the rate down the road to compensate for their loses. Do you see a trend here….merchant processors are worse then used car salesmen. This is a multi BILLION dollar industry and I have seen the scum of the earth bank millions on suckers like you. DONT let it happen to you.

Find a fellow merchant that has a good relationship and go with them or go directly to a bank and work with them, there is far less incentive for them to screw you then a salesmen.

And if you feel you have been Scammed SAY SOMETHING, file a complaint against the BBB ( which is basically useless ) chamber of commerce or directly with Visa / Mastercharge. Dont take the crap that they are dishing out….learn your rights and use them…