First American Payment Systems (FAPS) is a credit card processing company. The Independent Sales Offices (ISO) they process for are Transtech, Summit, Appstar, Eliot Management Group, Elite, Apex and GMAC (not the auto maker) just to name a few.
Merchants (individuals) who have signed up with Transtech or Summit have 60 days to cancel their contract - BUT if you lease their equipment and you 'verbalize' the lease with the leasing company - once you agree to the lease with the leasing company - YOU CANNOT BACK OUT.
If you currently have a POS terminal and it is working fine for your needs, there is really no need to lease one of a different type. My suggestion would be to go to the Internet and check to see what how much the terminals are actually worth. DO YOUR HOMEWORK.
These ISO's will tell you that your current POS terminal iN use may be obsolete - DON'T BUY THAT LINE. They will try to lease you one and any other equipment such as pin pads for Debit sales and check terminals - all at exorbitant lease prices - Check processing is costly - check the rates.
Do not buy the line "This new terminal is Smart Card ready" - Smart Cards are ONLY used in Europe and may be years before it is used in the USA.
My suggestion for a lower processor would be to check with your bank to see if they process credit card transactions.
One last word of caution - If the Sales Representative says that he cannot process your information UNTIL YOU SIGN SOME DOCUMENTS - DO NOT FALL FOR THAT. Once you sign the forms, you are signing away your life and you are then under obligation.
Again, please, please, do your homework, check for rates with your existing processing company and see if they can lower your current rates - if your financial institution does process credit card transactions, check with them. You will be surprised at how much you will save with them.
FAPS is dishonest - take this situation for example. Over 1000 merchants were double billed in early 2008. FAPS identified these businesses on their records but did not inform the merchants. They expected the merchants to contact FAPS and inquire about the incorrect billing for adjustments to be made. If you did not contact them, then they did not reverse the charges - doesn't sound like good business practices to me.
Tarrant County
Tarrant, Texas
U.S.A.
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