Jun 6

Cold Call From the Gates of HELL

14 years as a business coach – I had never received a cold call about merchant services.
But all that changed this week. Now that I’m helping other businesses with their credit card services, I decided to let them maneuver me and see what happened…
Here’s my recollection of the way it played and my interior comments:
Them: “Hello – Mr. Gerrold, are you the decision maker at your company regarding merchant processing?”
(First off – please learn how to pronounce the name Gerald – it isn’t that difficult…
and second – OH MY GOD – I’m getting a cold call for merchant services – this’ll be FUN!)
Me: “Yes I am!”
Them: “This is important! I’m _______ from Sekure Cost Review and we’ve been MANDATED to call you to verify your Visa and MasterCard rates.”
(Mandated???? There are no mandates anywhere on this. Now I know they’re liars….)
Me: “Who exactly mandated this?”
(Expecting he’ll just hang up)

Them: “Your bank has mandated this. We have been charged with contacting every customer to verify their rates –
...read more

Oct 8

Termination Trouble

Termination Trouble
One of my very best friends has a small business in Windsor, CT. We've been friends for over 13 years. My wife and I attended his wedding. He employed my teenage daughter. He's a great guy. Involved in the town, the Jaycees and his church. Couldn't be a more solid citizen in the world.

When I started this work of helping businesses, he was one of the very first people I talked to about his merchant processing. His processing was with a company called Moneris. I could certainly beat their rates, and my friend applied for the new merchant account, got a brand new terminal, and we started processing for him. We would be saving him a significant amount of money each year.

He had his store manager call Moneris to cancel. Moneris then notified their agent about the termination. The agent then sent an email to my friend with the following in it:
"Your contract with Moneris is not up till 10-29-2015. The fee is equal to your average monthly sales x .003 x 12 months left on your contract = $1,026.81 Let
...read more