Best Credit Card Processors – SCAM

Best Credit Card Processors – SCAM

No one has put together a definitive list of the best processors. Who could do that even if they wanted to? Fiserv (formerly First Data) and WorldPay are the two largest processors globally, yet they never appear on these lists. Instead, what you’ll find on the lists of “Best Credit Card Processors” are names you’ve likely never heard of.

In fact, the companies on these lists are often not credit card processors at all. They are what’s known as ISOs (Independent Sales Organizations). These are companies that resell merchant processing services. I don’t have an issue with ISOs; more often than not, unless you are a very large merchant, you will find better pricing with an ISO compared to an actual processor.

The real issue is that many of these ISOs, especially the smaller ones that engage in some of the worst deceptive billing practices, pay to be listed as the “Best Credit Card Processor.”

A few things to consider:

1. They are not being truthful about being a credit card processors, let alone the BEST. If anything, they should be on a list of the “Best Credit Card ISOs”—that is, if they were actually the best, which I doubt. So, if they would lie about being the best credit card processor, would they also use deceptive billing tactics?

2. These websites charge a lot of money to put these lists together. If you follow the logic, it would be very difficult to pay a lot of money to be on a list and still offer the lowest fees to customers.

3. Credit card processing is extremely complex. It takes years to even come close to fully understanding it. Much like sports, you might have the basics down, but are you an expert on every rule? Are the people who compile the “Best Credit Card Processor” lists experts in merchant processing? Oh, and by the way, they also create other “Best of” lists—so are they experts in all of these topics too? I’ve been in this industry for over 25 years and worked as an executive for over a decade at one of the world’s largest processors, and even I couldn’t put together a definitive list because I’ve seen both amazing deals and horrific deals from the same processor.

If you want to know if the company is an ISO, you need to look at the footer of their website. If they are an ISO they have to disclose it there. However, if it is a name you’ve never heard of, and you don’t see the ISO disclosure, then they are probably an agent for an ISO. If you want to know for sure, you can simply ask us and we will let you know.

An example of an ISO disclosure:

Another type of website you have to be cautious of are the “free” blogs claiming to help you get the best credit card processing deal—for free!

We all remember what Mom taught us: there’s no such thing as a free lunch. How is that website making its money? No business puts in endless hours and pays for hosting, etc., just as a gift to the world. No, they get kickbacks, which is now called “revenue share.” So, the credit card processor jacks up your rate and then gives part of those higher fees to the blog or website that referred you to them. Again, the entire relationship is built on deception.

The question is… can you expect transparent billing and the lowest rates from someone who deceived you just to get your business?

Now, to be fair, we do offer a free initial audit—but our concept is like the big box grocer who gives away a free cookie in hopes you’ll buy the bag. The initial sample is free, but if you want the entire bag, it will cost you. Also, like the big box stores, we too have amazing money-back guarantees if you don’t love the results.

Unlike the other guys, we are not partners with credit card processors and they do not pay us anything! We audit credit card processors. Unlike others who claim to represent you while actually representing the processors, we only represent YOU—the merchant.

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