Did you receive a call from “the Notification Dept” of “Merchant Services” advising of a “risk matrix” change? It is NOT your merchant services company calling!
The caller will give over a code of letters and/or numbers, and advise that it is urgent that they book an appointment with the owner to discuss a critically-important risk matrix change. They will explain that they are “above” or “beyond” the authority of the payment terminal service company.
Here is the explanation of the call: They want processing rates data from their competitor’s customers and they want to sell credit card processing services but are required to do it via in-person appointments between salespeople & business owners.
- A risk matrix is a table of data that shows where you can save money on a set of fees.
- The “Notification Dept” is another name for “Booking Sales Appointments Dept.”
- “Merchant Services” is “your card service’s competitor trying to sell to you.”
- The complex code is merely a trick to make you believe the call is very important.
It’s that simple.
Why is this call so complex? Because the market for credit card processing services is huge, the salespeople get a really nice commission on each contract, and the data from competing services is very valuable.
Hope that helps!