Don't Get Taken!Don't Fall for Lies & Scare Tactics!
- USMPS
- Apr 15
- 3 min read
 Today a disturbing trend has emerged: unethical payment processors who employ scare tactics and misleading information to prey on unsuspecting business owners.
These predatory practices can lead to significant financial losses, compromised security, and a host of other detrimental consequences.
The world of payment processing, while essential for modern commerce, can be a murky and treacherous landscape. For merchants, navigating this space requires vigilance and a healthy dose of skepticism.
The modus operandi of these unscrupulous actors is remarkably consistent. They initiate contact with merchants, often via unsolicited phone calls, and weave tales of supposed overpayments, security breaches, or non-compliance with industry regulations. Often stating they are currently processing your business’ payments, but they are not. Asking for documents and details, that if they were the current provider, would not be asked.
These tactics are designed to instill fear and urgency, prompting merchants to divulge sensitive information about their business operations and payment processing setup.
The psychological manipulation employed is particularly insidious.
The stories they tell, while seemingly plausible, are often devoid of factual basis. They may claim that the merchant's current processor is charging exorbitant fees, failing to adhere to PCI DSS compliance standards, or exposing their business to fraudulent activity. These assertions are typically vague and lack concrete evidence, relying instead on emotional manipulation to achieve their objective.
Once they have successfully instilled fear, these unethical processors attempt to extract sensitive information from the merchant. This information may include merchant account details, processing volumes, fee structures, and even personal financial data. They will also attempt to persuade merchants to switch to their services, promising lower rates, enhanced security, or other purported benefits.
The potential consequences of falling victim to these deceptive practices are severe.
Merchants may find themselves locked into unfavorable contracts, saddled with exorbitant fees, or exposed to significant security risks. They may also suffer reputational damage, as customers may lose trust in businesses that have compromised their payment security.
Furthermore, the loss of sensitive business information can have far-reaching implications. Competitors may gain access to proprietary data, enabling them to gain an unfair advantage. Financial institutions may flag the merchant's accounts for suspicious activity, leading to disruptions in their operations.
To protect themselves from these predatory practices, merchants must adopt a proactive and vigilant approach. The first line of defense is to exercise extreme caution when receiving unsolicited calls or emails from payment processors. Never divulge sensitive information without verifying the legitimacy of the caller or sender.
IMMEDIATELY call your current payments expert, the person who set you up originally.
It is crucial to remember that reputable payment processors will not engage in scare tactics or pressure merchants to make immediate decisions. They will provide clear and transparent information, allowing merchants to make informed choices.
If a merchant receives a suspicious call or email, they should document the interaction and report it to the appropriate authorities. They should also seek assistance from their existing payment processor, a trusted industry expert. In the case of a business receiving suspicious contact, forwarding the emails or any information to a trusted advisor is a great step to take. This allows a professional to review the information and help a business owner determine the legitimacy of the contact.
In conclusion, the prevalence of unethical payment processors poses a significant threat to merchants. By employing scare tactics and misleading information, these predatory actors seek to exploit the vulnerabilities of unsuspecting business owners. To protect themselves, merchants must exercise caution, conduct thorough research, and maintain strong security practices. By remaining vigilant and informed, merchants can navigate the complex world of payment processing with confidence and security.
You can depend on us to steer you straight and to be available to help answer questions if you are approached by competitors offering ‘too good to be true’ deals.
Want to set up time to talk? https://calendly.com/usmerchantpaymentsolutions/15min
Thank you!
Ken Givens Director of Sales U.S. Merchant Payment Solutions LLC
CHECK OUT OUR UPDATED WEBSITE!
Toll Free: 888-995-3995 Austin area: 512-535-2255 Waco area: 254-863-2567
Mobile: 512-848-1069 |
Comments