Merchants are approached by our competitors and often unscrupulous sales agents, who will tell the merchant whatever they think, will convince the merchant to sign a contract. Often, merchants are simply lied to; often the merchant only finds out the untruth after they receive their first statement, or invoice; often the merchant only finds out what they are really paying when they see the charge going through their bank account.
The following lists some of the common statements that you will be told by Sales Agents.
"IF WE CAN'T SAVE YOU MONEY, WE WILL PAY YOU $500"
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Sales Person Myth
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If we cannot save you money, we will pay you $500
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| Fact |
If they cannot save you money, you would not sign with them. Then why would they pay $500 and not have you sign with them?
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| Canmor's Position |
We promise to be open and transparent; we will analyze your particular situation and tell you if we can or cannot reduce your costs. We are proud to say our track record of reducing costs is in excess of 92%.
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"WE CAN OFFER YOU CREDIT CARD RATES OF 1.49%"
| Sales Person Myth |
Credit Card Discount rate of 1.49%
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| Fact |
The company offering the low rate must earn some amount of money from the merchant, therefore, some additional fees will be charged. Or, the Sales Person is only interested in signing the merchant and earning a terminal commission, when you realize the scam, the company has a signed contract or has sold the contract to a third party.
U.S. based companies that have entered Canada are marketing 1.49%. They sub-divide the fees charged into typically 2 or 4 categories and advertise or promote only one of the categories.
| EXAMPLE |
1.49% - Discount Rate |
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+ 0.10% - Visa & Mastercard Assessment Fee |
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+ 0.40% - Visa & Mastercard Authorization Fee |
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1.99% - TOTAL discount rate the merchant pays |
Remember: Every company must make some “profit” from each merchant or the company will not survive. The question is how much must be made!
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| Canmor's Position |
We quote rates that are not sub-divided; you will know exactly what you will pay. Our agreements are not designed to mislead; all rates and fees are clearly listed.
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"YOUR CREDIT CARD RATES WILL NEVER CHANGE - GUARANTEED"
| Sales Person Myth |
You're Credit Card Rates will never change - Guaranteed |
| Fact |
No sales agent or company can make the statement that credit card rates will never change. Visa and Mastercard set credit card “Interchange” or “cost”; both organizations can make changes to any rate at any time and once rates are changed, they apply to every credit card processor throughout the world.
Sales Agent either is telling a "Myth" or does not understand how the Credit Card industry operates.
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| Canmor's Position |
Once we quote a rate, that rate will not be changed by us for the term of the contract. If, however, Visa or Mastercard change their global rates, we have no choice but to follow their mandatory changes. Fortunately, that does not happen often.
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"WE OFFER LIFETIME WARRANTY ON ALL TERMINALS"
| Sales Person Myth |
Your Terminal comes with a Lifetime Warranty |
| Fact |
Lifetime warranties are very, very rare in any industry. Companies offering lifetime warranties will recover their costs in a number of ways:
- High terminal sale price or monthly lease payment, designed to cover an expected repair cost over a period of time.
- Free repair cost, but high courier and handling costs, these costs are set to cover the repair costs.
- Companies are not available after the initial sale, voice mail and unreturned calls are very common.
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| Canmor's Position |
We provide the normal manufacturer's warranty; extended warranty can be purchased at a nominal monthly fee. We will always assist you and manage the terminal repair process on your behalf, if required. We will provide you with a temporary replacement terminal for your use until your terminal is repaired and returned to you.
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"OUR TERMINALS ARE THE LOWEST PRICED IN THE INDUSTRY, OUR LEASE PAYMENTS ARE THE LOWEST"
| Sales Person Myth |
Offers low cost terminal or a low monthly lease payment. |
| Fact |
Prices varying in the industry, however, new, state of the art terminals are not sold for amounts between $495 and $795. If a Sales Agent is involved then the price must be larger in order to support the agents’ commission.
Some companies sell used or re-furbished terminals as new terminals. Often used terminals are outdated and do not conform to new security regulations such as Chip Cards.
Often a low price for a terminal does not include the cost of software or merchant setup. When software and setup is included, it is not uncommon that the final price is $1,300 to $1,500.
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| Canmor's Position |
We sell only new, state of the art terminals. Our terminal prices include software, setup, and installation. You will not pay any extra fees. For our existing merchant customers, we offer reduced prices if their terminal must be upgraded.
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