I was perfectly happy with MERCHANT ONE. Free terminal, lowest rates around. I only arranged an appointment with PRODIGY when I was left with the impression initially that he was a rep from MERCHANT ONE who wished to meet over some updates. The sales person for PRODIGY presented his pitch as though everything I would be doing would be proactive in marketing my business better: professional gift cards, a debit machine that would greatly decrease the percentage that PRODIGY could take per sale and a low rate on credit card commissions. Also, they would rebate me on the cost of prematurely closing my MERCHANT ONE account which cost me $250.
THE TRUTH: His pitch wore me down. So did the fine print.in 3 months I haven't sold a Gift Card but I am charged a monthly fee regardless - and if I do sell one I am charged per card as well. The debit machine is fine except most people prefer to use their credit card. I am being charge a lease fee close to $60 per month for the next 4 years for the use of their credit/debit machine. You sign a personal guarantee for it as well. I am not sure what the legal aspects are of that but there was not the time to find out as I signed page after page of agreements with impossibly small print WHILE THE SALESMAN PRATTLED ON ABOUT THE GLORIOUS DISCOUNTS HE WAS ALLOWING JUST FOR ME! Let me clue you in - no one in their right mind would pay the inflated prices already in place in the contract (although I was halfway out of mine to let this presentation continue).
Although I look at the PRODIGY terminal with contempt every time I have to use it, what really put me over the edge and compelled me to write was the agreement for 'rebating' my business' cost of $250. MERCHANT ONE charged me for leaving their contract early. Once I submit the necessary papers, the rebate arrives in monthly increments over the term of the contract until I am paid off. I expect their pay-off will be in the $20 range per month.
Yes, I was stupid to sign but until you are cornered by one of these carpetbaggers for 3 hours you can't appreciate the breakdown process. I call it the 'Patty Hearst Syndrome'.
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