We received a similiar call, promising to "save us money", that they no doubt have the lowest rates, etc. Really trying hard to sell us.
She promised me we would have a discount rate of 0.40% (yes that is 0.40%), with $0.10 transcation fee, NO minimum monthly discount and a $10.00/mo statement fee. Sounds too good to be true? Well, it is.
Red flags went up immediatley for me. The only documentation she faxed me was a rate sheet and the last sheet of their contract to sign to accept her offer. She would not fax me the whole contract and had nothing else in writing. She claims there is no contract, it's pay as you go and no cancel fee. But still she couldn't even fax me that in writing.
She did offer to take a blank sheet of paper and hand write her offer. After I started really questioning her, she still tried really hard to sell me even though she had no other documentation. She even called me back to see if I changed my mind, offering to fax me 100 of her happy customers (which I have yet to see.)
I called our busines banker, a trusted resource, and she assured me that there are hidden fees. If Prestige couldn't disclose the whole contract in writing, then they are not being truthful. The industry going rate for credit card merchants is 2.00%. There is no way they could offer 0.40% and almost all merchants require a minimum monthly charge, along with several other fees.
I also called Chase Paymentech which was on Prestige's fax cover letter. Prestige Payment Systems is a third party merchant. Chase Paymentech couldn't even offer me 0.40% that Prestige claims! If they are using Chase to do their transactions, the 0.40% and $0.10 doesn't even begin to cover any costs they would incur!
Just do a little research yourself and you will find the same information. These folks at Prestige are running a scam and I hope someone stops them.
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