I was completely a novice to the credit card processing industry. I was excited about the prospect of earning a "robust" residual income. The promise of an 80% lifetime residual commission at my advanced age (67) was exciting. I was told by my agent manager that the industry was very competitive and that there were a lot of unethical agents out there. I have since come to the conclusion that it's NOT the agents that are unethical, but the companies they represent that are the real culprits. Being new, I only promised what the company suggested. On my first sale, I didn't even know how to fill out the merchant agreement correctly. My manager emailed me a sample agreement to show me where the rates and necessary language should go. In the comments section, he had written in "next day funding" ... Great, this was new to me and a great closing tool. However, after the customer was accepted and the so-called "smooth" transition was started, the customer angrily phoned me to complain that not only was he NOT getting his next day funding, he was getting his monies 3 days later! I interceded on behalf of the merchant and was told next day funding would have to be at 3:00 p.m. pacific time, which didn't work for a pizza house where most of his business happened after 4 p.m. I was able to at least get him 2 day funding, which is at least what he originally had. But, because the customer felt cheated, he no longer felt comfortable to refer me to 8 additional merchant owner friends. But the worst part came when it was time for me to receive my 80% residual which was to be paid to me at the end of the merchant's 2nd month of processing. My 80% residual amounted to only $4.95. What? I was then told it was on a portion of the monthly processing profit. The profit was about $60. The next month I received NO residual payment. When I questioned my manager, I was told I didn't qualify for a residual on that account because I had sold him at rates below their "standard" transaction fees. What? ... I only sold him at the rates the company suggested in their "Rate Analysis" of the merchant's statement. Of course, they never mentioned beforehand that if I did make this sale I wouldn't qualify for my 80% of almost nothing. They obviously don't care if the agent stays, they got the sale and will continue to make their monthly profit for as long as the merchant stays with them. I've also discovered from viewing these merchant statements that many processing companies are overcharging on fees, double charging in some cases and charging fees hidden in the small print that reputable companies don't have such as: a start-up fee, a renewal fee, etc., etc. in fact, the processors that offer "free" terminals are recovering those costs with hidden fees and overcharges. The industry is a nightmare! Chi Payment Systems states that they don't condone ANY unethical actions by their agents on their website ... The only unethical actions they condone is how the treat their agents. ... Agents beware!