The way they do make money is to sign up you as a sales agent and show you with all the commissions and bonuses you could get when you signed up merchants. Once you signed up some merchants, then they don't pay the full conversion bonus. If you do not sign up any more merchant in 3 months they will terminate you as an independent contractor and take all your residual income.
Their contract contradicts their website. Here is their website mention the residual for you is forever as long as the merchant is still using the company as a processor
Take a look at one of their websites http://www.ubcmerchant.com/sales-reps.php
Ongoing Recurring Residuals
Receive ongoing monthly residual payments for every merchant you refer to us for as long as they use our services. Receive a percentage of the revenue earned from your merchants' sales and recurring fees month after month. This amount varies widely based on processing volume, but for a merchant that does not process any transactions we pay you about $5 each month. On larger merchants you can earn $100 or more per month. There is no limit to how much you can make or how many merchants you can sign. You will receive your residual check monthly no minimum number of applications required and no minimum check amount either! We send you a residual report each month showing your entire merchant portfolio, how many merchants signed up each month, how much Visa/MasterCard volume they processed, their average ticket, and the revenue on each account.
So here is my story and I hope no sales agent should go through this.
I signed up as a sales agent for United Bank Card, but they assigned another company called Terminals Plus ETC LLC to work with me. The guy called Gerald from the 2nd company who I had to report to was as unprofessional as you can get. The following is what his company or he did to me
1. They did not deposit a month commission. They claimed they did and were very rude. I had to proved that they did not. Then they finally gave me after all the trouble.
2. They did not pay me the 3 large conversion bonuses as I met all the requirements. It was about $1500
3. They put all the earnings for 2 years into one 1099 MISC. I told them it was not correct and the guy told me I was wrong. I told the guy I do income tax part time so I do know. They finally fixed the 2008 and 2009 forms. However, my tax return was submitted late to the IRS.
4. They shipped the terminal to the wrong address and made me paid for it. Thank god I was able to recover the terminal from my neighbor. They forgot to put the suite # on the address.
5. They false advertise on how long you can get your residual. If you do not sign up any merchant for 3 months then you lose all the accounts that you work so hard for. So don't get sick or go on vacation or work full time.
6. They charge 1 of my merchants with leased equipment fee every month even when the merchant owns their own machine. The merchant who is my friend got mad at me because I signed them up. I had to spend hours to fix it up. This stupid company finally refund the amount but they refund to my bank account instead of the merchant's bank account.
There might be more problems that I did not report here. For all the problems I experienced, I never got any apology from the guy at Terminals Plus ETC LLC. Not only that, the guy spoke to me with loud and rude voice. Because of that I had to email him and sometimes he did not response. Right now this company is grossing about $500 per month from all my hard work.
It was better to flip burger than working for them. At least I did not have to go through so many nightmare and I actually make more. I spent a lot of money on traveling and phone calls to sign up the merchants. I was hoping to make money on the residual for the future. So sales agent BEWARE.
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