Re: Credit Card Equipment Leasing Scammers = Norrthern Leasi
Anonymous:
Scott,
Couple of questions…
I am currently with Rbs and have been for probably over 8 years. What I find irritating is every 6 months my rates change and I have to call and get them lowered. They always lower them but it is a pain in the friggin neck and if I forget to look at the statement I get ripped off for a few months. Any way to avoid this?
Also we are on the 4 level tier how do I find out which is more cost effective the tier or per transaction? Do the rates there change to or is it a set fee and percent?
Is there a reason our new location would have slightly lower rates?
Finally, can you tell me a little about gift cards? Is it a per gift card amount? A percentage?
Just so everyone is clear, I am happy with RBS and compared to the other credit card companies we had when we first opened I like doing business with them more. The customer service has always been good when I have encountered a problem or a question. I, at times, feel I am getting ripped off paying around $700 a month in credit card fees.
Dear Guest,
Contact me directly and we can discuss.
Every 6 Months, typically April and Oct, VISA and MasterCard raise (or lower (usually raise)) the interchange rates. Depending upon the amount of the increase RBS Lynk determines whether we can absorb the increase or pass it along. Since the increases from V/MC come in several categories we have to increase the cost to our merchants (with a buffer) the buffer is why you can callin and have the rates lowered. Too much to explain in a short answer.
Typically Cost Plus (aka Interchange Plus) is a better pricing program simply because of the buffer I spoke of.
Lower rates on your additional location? Typically, any additional location assumes the existing Rates under the Customer Number. Which leads me to GUESS that your new location has a different Customer Number OR the rates were forced!? I can’t answer that question without more info.
Gift Cards! Excellent Marketing tool and business increaser. Our Gift card program is a “Closed Loop” program. This means that Gift Cards you sell can ONLY be used at your location(s).
Now, having said that, we do have a system to track Gift card sales for Franchises or Multiple Merchants that want to “share” the program. We do the accounting and transfer of funds.
The gift Card fees are 1% on Activation and 5 cents per transaction. When you estimate that 20% of the Gift Cards will never be used and the ones that use gifts cards spend more than the gift card is worth you WILL increase revenue.