A discussion on the processing of credit cards took place Wednesday at a breakfast meeting for members of the Kane Chamber of Commerce.
Bill Grigsby, a partner in the Grigsby & Waldeck Consulting firm of Bradford, was the guest speaker at the forum at the Kane Manor along Clay Street.
Grigsby said processors of credit cards are “always trying to figure how to make money” through fees and charges.
A Smethport native and a 2007 graduate of Smethport High School, Grigsby received a masters’ degree in business administration from DeVry University.
Grigsby said he has been involved in the credit card business for the past five years. Part of his company’s service is linking area businesses with quality credit card processors.
He called the credit card processing business “a gruesome industry” because “everyone has a hand in the pot.”
“There are so many who want a piece of the pie,” Grigsby told more than a dozen Chamber members, including many local business-owners.
According to Grigsby, there are “no laws” and “no regulations” to strictly govern the operation of the credit-card processing business.
“There are no laws to protect you and me,” he said.
Grigsby said the processors prefer to leave their business customers in the dark when it comes to providing information that is simple to understand.
“They don’t want me to know how the processing fees work,” Grigsby said. “They don’t want me to talk about it.”
During his five years in the field, Grigsby said he has worked with four different companies that process credit cards for merchants.
He accused some companies of going behind his back to make their own deals with his customers.
“It’s a big mess,” he said.
See full article by purchasing the Oct. 27 edition of The Kane Republican.