One of the most disturbing trends in the payment industry isn’t anything new — in fact, it has been around since the inception of payment processing. In recent years, it seems to have become a consistent practice, and this deception is costing businesses millions of dollars in lost efficiencies and revenue.
We’re referring to companies that simply change their names. Sure, they publish a press release explaining the change, but the fact of the matter is there are only two reasons why a payment processing company would change its name:
- They want to deceive you into thinking they are experts in a particular industry.
- They want to leave their tarnished reputation in the rear view mirror so they can continue with their unethical billing and poor customer support.
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Deceptive Name Changes in the Payment Industry
Anyone who has evaluated payment providers has run into a company with a name custom built for their industry. If you were opening a sneaker shop, a processor named SneakyPay might appeal to you, a candy shop might find PaySweets a good fit, a dentist — CardTeeth, the list goes on and on.
What is shocking, though, is that all of these specialized companies and their custom solutions are actually the exact same subpar product owned by a single parent company. They use their name to deceive you into thinking they are in some way, shape, or form an expert for your specific industry.
Their sales pitch is very simple ... “We only service candy shops so we know exactly what you need and how to help you. Our custom solution is specifically designed for your business and wouldn’t even work at a gas station or a doctor’s office.”
It would be a very compelling pitch if it were true. The good news is that there are two simple things you can do to see how much of an expert the company you are dealing with actually is:
- Google the company name and check for reviews.
- Ask the salesperson what specific functionality was built for your industry.
New Name, Same Problems
The second common reason for a name change is to simply distance a company from its previously —and most likely — severely, tarnished reputation.
Your greatest tool for sniffing these guys out is going to be the internet.
Check the BBB, do a Google search of “*Company Name* Reviews” and “*Company Name* Parent Company,” and use one or more of the half-a-dozen payment review sites that are all easily accessible.
You may find yourself going down a rabbit hole of name change after name change and it can all be a little confusing and disheartening. The good news is that there is a company out there that will be exactly what you are searching for. You just have to be willing to do the research and not fall for any of the deceptive tactics rampant in the payment industry.
So, do the research, ask the right questions and don’t be afraid to ask for multiple opinions!