NICA has made a business out of taking a great product with great pricing in First American Payment Systems, and marked it up 75% while adding almost no real value to their product at all. At the same time, they've taken advantage of sales people looking for work all over the country by promising them $100K their first year when their #1 salesman for the last 2 years didn't even make that!
Let's not forget the most important loser here, although they obviously have. Remember the person we were most supposed to look out for as salespeople? The ones we were supposed to be serving? Oh, the customers!!!
In the current market NICA is probably the highest priced alternative for any customer needing a merchant account. While processors are giving terminals away they charge merchants up to $6,000 to lease a machine that costs they $350.00. Then they charge him another 10% to buy it after that!
Wait, it gets better. After that they slide in some hidden fees that they don't tell the customer about up front. Just skip that part and get him to sign the application TODAY! And that's okay with NICA because the customer's entrusted their bank account information to them and signed a three year contract so NICA can just go ahead and pull out whatever they want.
Wait, we're not done. Then after that, who gets the $5,650 leftover from the sale? Of course it's not the salesman that won the business. It's certainly not the provider, FAPS, who marketed it in the first place. It's good ol' NICA who gets a whopping $3,900 of it! And what did NICA do? They simply answered a few questions, took a couple phone calls, and did a conference call or two. Oh yeah, and they also took the check.
In actuality they're making an average of $3 for every $1 their agent makes when these honest people are out there doing the hard work, facing the rejection, and knocking on the doors while NICA enjoys their cool drink in the Arizona sand. And if the agent can't feed their family, that's okay just chew them up, spit them out, and get 20 more to sign up through Monster or Hotjobs. Maybe one of them will be able to feed them self. If one is able to squeeze a couple deals through NICA's guaranteed at least $1000 on each equipment sale!
But wait, NICA says, we gave them wonderful training. Yeah, they've trained them to be as money hungry and greedy as they. No wonder sales people have such a bad image in the world these days. Thanks to people like NICA, consumers don't know who to trust and rightfully so!
NICA is raping the market, disgracing the honorable profession of sales, and hurting Mom & Pop merchants trying to survive. If you don't believe me just look at the prices of terminals on the internet then call & ask NICA for a quote to lease it. You'll be shocked.
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