From JadaPay’s JP Davis:
I lost 3 clients about 2 years ago in the same week. Yup, THREE. I have never lost that many clients in a year let alone all at once. It takes a lot to admit I lost clients because I stand so much behind what we do. Here’s the skinny…
I lost my friend John to PNC bank. PNC convinced him it was cheaper to be with them and they sold him on the idea. They put him into a contract before I even got the chance to show him everything they were telling him was sideways. They also promised him his money next day (he closes around 1:30 am). I can only do next day funding until 11:59pm. So that he can get his money next day he is willing to pay a higher percentage on his cc fees. This seems silly to me as all you need to do is manage your money better. Or you can batch out before 11:59pm. Yet he switched. Looking at his contract a week later, he is paying 20% more with PNC, their annual fees are higher and he has zero support. He is one that had to learn the hard way.
Lost a client to Toast as well. Toast is a pos system designed for restaurants. Toast is a very good pos that’s no doubt. However they are quite expensive on the credit card processing side and you must use their processing with their system. There are many great pos systems that do what toast does and more… but you arent locked into their processing. Think about that. Also know that you pay for all the toast equipment yourself and it only works with toast. So after you pay it all and have it you are pretty much stuck with it. Food for thought.
The third one was Anthony. Anthony was the one that hurt the most because it was our negligence that caused us to lose Anthony. Anthony was an easy client. Never needed much and never called us. That’s where we failed. The constant touch to our business is very important. The PROACTIVE communication to make sure we are doing everything right. To make sure he knew how to read his statement and how to reach us. Anthony fell victim to a fly by night salesman that looked at our statement and told Anthony all these lies. Anthony didnt know how to read his statement. Nor have constant contact with our office. So, he switched. Thinking we were doing him wrong. He got himself into a lease and a contract that I can’t get him out of.
Please, do not be in a hurry to sign a merchant processing contract. In both John and Anthony’s case….. take the time to understand what you are doing. The people from the bank and these independent sales reps are trained to sell you on the spot. They cater to your emotions and point blame that usually isn’t there. Dont fall victims to this kind of sales tactics!
This is why we are so much more focused on your actual business. This is why we give you the truths no matter how raw it is. We want you to be informed, we want you to be educated and in control of your processing!
JADAPAY for life!