For Immediate Release——-April 14, 2016
Contact Natalie Dunlevey, President NPS
[email protected] 937-522-0032 937-668-5835
For the past several days an out-of-state credit card processing firm known as EMV Payment Systems has been calling Miami Valley businesses and informing them that their accounts have either been “sold” or that they have access to their statements and require the business owner’s signature on new paperwork. These local business owners need to understand some fundamental facts and take precautions.
- NO credit card processor or bank who is currently performing your credit card processing activities will EVER provide your statements to another party
- Your merchant service statements are NOT public documents—unless you give permission for this information to be sent to a 3rd party, it remains absolutely private
- DO NOT sign any document placed in front of you unless you absolutely understand the terms—contact your lawyer or accountant to review
- You may be signing up for a NEW credit card processing account with higher fees and usury termination fees
- You may be signing documents that get you into leased equipment—That $299 terminal may end up costing you $5000 at the end of the lease
- Credit card processing contracts permit the processor the ability to draw down on your checking account—You need to know who you are dealing with and trust them
- Immediately contact your current credit card processing provider to determine the status of your account
When a business owner contacts the individual who contacted them from EMV Payment Systems they are calling into a “boiler room”—a high volume sales call center. They answer the phone as “merchant services” trying to make the caller believe that they are calling a division of their bank or processing company. In essence they are trying to convince you that they are your current processor or bank. After the initial confirmation of identification of the business owner, high pressure sales tactics ensue. This firm has been known to make up to 100 follow up sales calls.
This type of sale activity is known as “slamming” and is illegal. If you are contacted by a company like this, immediately contact your current credit card processing provider and ask for assistance. DO NOT sign anything. These are out-of-state companies who concentrate on one community at a time and then move on once their tactics are made known.