Its not new news, but the big bank that cant seem to stay out of trouble stuffed it again in late 2017, this time with its small business customers. What did they do? Well, in part Ive-lost-count of the sordid saga, it encouraged its merchant services sales staff to club the baby seals or go after small business customers and get them to sign a 63-page – !? contract loaded with deceptive language.
That would be what lawyers get paid a lot of money to call material misrepresentations of fact.
In having a couple of beers while watching the game language, that would be called a (censored) lie.
The object of this deception and misrepresentation? To make money by overcharging and charging termination fees to small businesses without legal support. In other words, to pick on those who could not afford an attorney without possibly losing the capital they needed to stay in business. Considering the banks track record or rap sheet you might wonder why anyone trusted them with their business.
Because they needed the services that a payment processor or online payment gateway provider and thought that they could trust a real bank. There are a lot of companies out there promising to provide card processing and online payment gateway services. Unfortunately, a lot of these companies are counting on clients with little experience in finding a processor to take advantage. Doing homework to find an aboveboard, trustworthy and reliable company to handle online payments is critical to earning and keeping clients trust.
Look for an experienced company that offers a strong mission statement, customer accolades, and a commitment to small businesses. Talk to an independent company about their services and what they can do for you with an online payment gateway for your business.
