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A merchant provider gives questionable advise
Posted by: Curtis Stevens on December 3rd, 2009

I read some recent advice from another competitor on how a merchant can save on their processing fees. There are a few things they mentioned that raised an eyebrow. The company is Nova merchant funding and states they were founded in 1984. This is obviously not true. It appears they are an agent for North American Bankcard, which Nova’s domain name was only registered last year. NAB may have been founded in 1984, but not Nova. Then the article goes onto to say that a termination fee is one area that merchants should avoid at all costs. The last time I checked, NAB has a very hefty cancellation fee by default. It could very well be true that this agent has decided to waive the cancellation fee with NAB’s permission, but with the fact that other false information is being given, I personally would question their promises. Lastly, I disagree with notion that cancellation fees are bad. I understand both sides of the table, but us processors incur a lot of expenses boarding any single merchant and having them leave for another provider to save a few extra bucks, isn’t profitable for anyone. Now, I totally understand if there are service issues or promises not delivered. In those cases, any fees should be waived. But for a small business that wants to test the waters and cancel in 3 months, isn’t profitable for any credit card processing firm or agent, regardless of how big or small they are.



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