Thursday, April 6, 2017

Wells Fargo found that they were ripping off customers?

Surprise! Wells Fargo found after an internal probe that some of it's reps were ripping off customers and charging some very high fees as per the WSJ. Unfortunately this practice is all to common among processors. I have seen companies that sent in statements where for some cards they were being charge 14%! This happens at the big name firms all the time as they take advantage of a merchant's trust in their established name. The bottom line. always make sure to deal with a reputable merchant service provider.

Thursday, March 30, 2017

Customer Fights First Data Over Teaser Rates!

This is just in the news today! A small business owner was being taken advantage by First Data processing. The story explains that Rohan Shetty owns a small hot dog stand in Sussex County, NJ.As a small business owner she can't afford to be paying lots of money in merchant service fees.She figures out that the rates she was told were not the rates she was getting! Unfortunately this is a common practice for a credit card processor to offer teaser rates and then hike them up very quickly. They usually try to lock you into a contract so you are stuck paying those high fees for years. This is why if nothing else always avoid a contract. Few companies advertise no contracts but some merchant service providers will offer it.