One thought to “The #1 Trick the Credit Card Industry Pulls on Seniors Who Are Businesses Owners”

  1. I’ll give you an example and I have used this real life example to train agents for years now.

    Back in the day I was speaking with an older gentlemen who had a great business. He had been around for years and seen and done may very cool things. He also commanded the room, and was a bull of a man. I hope I am as strong as he probably still is now when I’m a senior. Really, he was old time tough.

    He loved our program, liked what we were doing, asked lots of buying questions, and at the end said, “Great. Now what do we need to do? What’s it going to cost?” I reviewed the rates the company would charge his business for taking credit cards as payment (something we had just gone over), when he said, “No, I mean what do I make the check out for?” I explained the check was made to VOID and only used to be able to deposit his daily credit card sales into his businesses checking account. “Yes, yes I got all that… but how much do I write the check to your company for…?

    Now pay attention, because here is where I made the mistake. I was young and wanted only to be honest with this man I respected. I told him that there was no fee to sign up, and that any fee anyone would try to charge him would be a bogus fee and generally went into the salesman’s pocket. A card player would have see what’s called a “tell” change on the man’s face and his demeanor changed. He said he would have to look over it all, would get in touch with me later and then promptly never got in touch with me later (or took any calls either).

    Why? I was too green and didn’t realize I had just insulted him. In his eyes, I just let him know he had been duped in the past once if not several times. I was only trying to convey that we were honest and didn’t use such black hat tricks. He had paid setup fees in the past, and just realized he was scammed for that every money each and every time he had done it.

    Now I train agents to say when asked how much to sign up, “OK, I see what you’re doing. You want to know if we would try to get you to pay extra and if I fall for that, you”l invite me to the exit. We of course would never try to sell you a fee that you know is bogus, so do I pass your test?”

    Now they look wizened. And they are.

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