Be aware of the unethical practice of a company called Entrust Bankcard
Here is my experience with the company:
A phone call was received sometime in Oct. of 2010. I was informed that my company was qualified to have wholesale merchant rate. The rate would be at least 30% bellow my current rate. With some doubt, I made an appointment to see the companys representative. A few days later the sales woman came to my office. Her name is Kena Signorelli. She took my merchant statement, pulled out her laptop, and within a few minutes, she concluded that she could save my company at least $300 per month after the $100 per month lease payment for a new terminal is paid. Every month there would be some merchant service reps knock on my door offering me their services. No one had every claimed that they can beat my rates. I asked Kena Signorelli how she could do it. She explained that Entrust Bankcard uses enhanced interchange program that will deal with Visa and Master card directly instead of going through any bank. [continued below]....
..... I had to apply for the program first and wait for the qualification. My company may not qualify. A few minutes later, she had good news for me; I was qualified by her system. But there is a catch; I had to lease a new terminal from her, because my terminal would not work with her enhanced program. I leased the new terminal by talking to the phone she handed to me. She stood right by me, kept telling me just say yes to all the questions the other side asked.
In my mind, credit card processing companies could not send their reps going around the country lying to their potential customers. A few months down the road, what could they tell their customers if their promises were not kept? I was so wrong that I started to hate every sales rep that walked into my door or called me.
I have a simple way of calculating the processing rate: total fees from the processing company divided by the total amount of visa, master, atm and discover I processed. My rate was floating from 1.9% to 2.06%, depend on certain percentage of certain cards I processed. This my true cost.
I was shocked by the first statement from Entrust. The rate was 3.2%. I called them immediately. The answer was: (from their dedicated specialist, Aleksander Robinson) we will adjust your rate this month. Second statement, the rate dropped, to 2.8%. I paid $650 more. I called again and talked to the manager, Jessica Finegan. The answer was we will adjust you rate again. The third statement came; the rate did drop again to exactly the same as my previous processors rate. After talking to Jessica Finegan again, I found out that the best rate they can gave me was the same rate I use to have and I cannot return the $108/month for 60 month leased terminal, because the lease was from a third party called Ladco. It had nothing to do with them; they just made a commission from the lease.
I tried to get hold of Kena Signorelli. I never had a chance to talk to her again. She was protected by Entrust.
The fact is:
Entrust Bankcard is a small regular credit card processing company with one, only one, specialty: lying to anyone who could be their potential customer. Entrust trains every one of their employees to do so to compete.