I hope that if you're looking for a new merchant processor or are switching from another, you read this and take notice.
I switched to Mercury after getting rid of PCCharge back-end CC software who wanted to charge me big bucks to upgrade for PCI compliance. I switched to Mercury as they had a working relationship with my POS software vendor, but was still happy with my original processing company but my POS app did not support processing with them; No contracts, no monthly fees, no termination fees, no sneaky fees added 6 months after switching.
Well in December, this company added a 13.00 monthly fee because I wasn't processing at the volume that *their salesperson* said I would to, based on statements provided to that salesperson. Well, I called to reason with them, and they wouldn't have it. They said that "they're not making money on my account" and that they have to charge me the fee. No way around it.
A contract is not a license to steal from the other party. The salesperson should be held accountable because they are the ones who agreed to match pricing in order to get the account, and they are the same ones who reviewed the statemtents from my previous processor in order to verify the volume etc.
How is it that a company would allow a salesperson to sell a product at a price that they full well know ahead of time will not make them a profit? What this is, is a case of sour grapes. From what I understand, the salesperson who set up my account is no longer working for this company. I wonder why.
If you dare try your luck with this processing company, know that they will try to use their contract to beat you up for more money eventually, and they'll also try to beat you up with it if you leave.
If your processing volume ends up being higher than what they estimate, do you get money back? Will they give you a monthly credit? I doubt it. That's the way that the big banks play it these days.
I also do point-of-sale system installations besides running my frozen dessert business, and I will be sure to warn any clients of this company's practices. I also have several friends who also own POS solution companies and they're aware of what happened here, and will also do the same.
Posted on 3/18/2010