I sought Payment Systems in employment. It started out with an interview in a beautiful office at the US Bank tower (tallest tower in LA). Then proceeded to train at their training/callcenter facility in nearby at the macy's plaza. I am rather miffed that during training they were deceptive with regards to the processing services that they provided merchants. They definately had persona that everything was legit. The way that they portray their model is this:
0% for debit transactions with. 39 transaction fee.
1.00% for cc transactions with. 18 transaction fee.
Then they take these rates, and do a cost analysis on the customers current statement with their current processor. And obviously show them how much money they can save them which is often in the range of 50 to 100.
Then to offset these low rates, they lease their equipment. So if on paper, they are saving the merchant 70 for instance. They would then quote the merchant for an equipment lease monthly fee of 59.00. If saving 90, they quote leasing fee of 79.00.in other words the lease quote varies which is fine if these are the only expenses the merchant is going to see. However, the low rates are not offset by the leasing fee. The low rates are off set by an interchange fee that is not mentioned in the training whatsoever.
The lowest rates that mastercard charges is 1.54%. To make up this difference, there is going to be an interchange fees. So in essence, these low rates (0% and 1%) are going to add up to or even more to what the merchant is currently paying. On top of this sum total, payment systems is going to get you for the 4 year monthly lease which equates to roughly 4200 depending on the monthly payment.
So this message is not only for merchants, but it is also for future sales reps. Payment systems deceived me as a potential sales reps for 2 weeks through out the interview and training phase. Do not let them waste 2 weeks of your life as well. Especially if you have a conciousness and do not want to rip people off. If you dont care about ripping people off - then more power to you and you can thank me for writing this post to help narrow your opportunity to rip people off. Their main office is in carlsbad, they got offices in san diego, and los angeles as well.
They fly their reps all throughout the U.S. They have a call center that set up appointments for their reps at the scattered parts of the united states. The fact that these agents go through great lengths to meet with merchants is just a persona to help restore confidence to the merchants and to help eliminate the question of whether they might be getting ripped off.
After talking directly with wells fargo in relation to how they go about charging these low rates, wells fargo said that their biggest competitor is. Besides, all merchants should not use iso's as a means to get a processor. Chances are, they are all rippping you off in one way or another. Go directly to the big dog if you want to be sure you arent getting ripped off, and I suggest.
And if you go to merchant circle, you will see that there are more reviews of this company.
2nice
n hollywood, California
U.S.A.
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