My small business was contacted by a "First American Payment Systems" sales representative claiming to offer a better rate then my current processing co. After talking with him
I thought the rate was good, however, told him I needed to check further before agreeing. He asked me to sign a document so he would not have to return when I decided to accept the offer. He would not turn it in until I contacted him with permission. After checking I found that there was an extra fee ( more then my current fee) added if Credit Card Sales were less then $2500 per month. My Business has never had $2500 in credit card sales in one month, so I decided not to do business with this company. I recently realized that this company was charging my bank account for a service that I am not receiving. I was never provided with a Credit Card Terminal, nor have I made any
credit sales with this company. I have not received any statements from them. The debit to my checking account was so obscure that I thought it was the processing company that I have been doing business with. Only after calling my current Processing co to inquire about a debit of $124.75 charged to my account did I Find out about the scam. I called First American to cancel the account and found out that it would cost me $495.00 to cancel before three years is up and I would have to continue paying their fees even though I had never used their services. I can only imagine how many small businesses have been scamed by this underhanded trickery.
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