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Switch Your Merchant Account to Save Thousands
Switch Your Merchant Account to Save Thousands
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cramerjohn004
86 posts
Oct 05, 2022
5:42 AM
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A chargeback is when someone wants a refund credited back to their credit card. Since most merchant processors don't take any risk, they will hold your money until the chargeback timeframe has passed and then credit your accounts after 180 days. That's a long time to wait for your money. Much too long. Again, make sure you read the fine print and get your attorney or prepaid service to review the contract to make sure you aren't on the wrong end of the gun! It could literally mean the difference between being in business and being out of business!
Free Equipment Ploys. Free equipment sounds great. Is it really "free". Of course it ISN'T. Most of the time there are higher fees attached to these types of agreements to compensate for the cost of the "free" equipment. In addition, if you ever decide that you no longer wish to use this processor, they will actually bill you for the "free" equipment! I had a friend that told me when he went to cancel his agreement they sent him a bill for $800 for the terminal! Free?? What happened? Someone lied. Plain and simple.
No Term/No Contract/No Term Agreement. There will always be something you need to agree to in order to outline the parameters of the agreement. I mean think about it. You have to have a legitimate business to get a merchant sales jobs! Patriot Act, Fraud, Illegal Activity and so on is happening all the time. If they offer you this and you do get it with no paperwork, then you need to be afraid. Be very afraid! Never take equipment from anyone with whom you've not filled out delineating paperwork with and had your lawyer review. It's not a good bet.
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