Avoid Merchant Account Scams

Merchants who are applying for a high risk merchant account should do a fair amount of research in order to avoid becoming the victim of a scam. Some of these account scams have become quite rampant due to the expansion of the ecommerce industry. As a result, many scammers are looking for ways to take advantage of high risk merchants who are just breaking into the world of online retail sales.

How does these merchant account frauds work? In a nutshell, their advertisements make applicants believe that they will offer relatively low and reasonable monthly fees; however, these same advertisements conveniently fail to mention the range of hidden fees and start up costs that come with these accounts. New high risk merchants may be charged such exorbitant fees during the first few months of the account that they have little left for advertising and other aspects of their operating budget.

Common examples of these hidden fees may include very high chargeback fees, termination fees, retrieval and gateway fees, over limit fees, batch fees and hidden set up charges. Merchant account scammers try to justify these unfair charges in a myriad of ways; which is why it is extremely important to read all of the fine prints in any contract you sign. You may also consider calling the company’s 800 number to inquire about any other fees that are not already mentioned on its website.

Pay attention to misleading merchant account adds—such as claiming to not have set up fees, yet charging fees for software, gateways and terminals prior. These fees will generally have to be paid before the high risk merchant can begin accepting online payments. Don’t ever be afraid to ask questions!

High Risk Credit Card Processor (www.HighRiskCreditCardProcessor.com) is willing to connect your high volume business with nearly two dozen different processing sources, including U.S. Bank and Merchant Accounts, Offshore Banks and Merchant Accounts, 3rd Party Transaction and ACH Processors, Check and Debit Card Processors and other types of providers. We can help you avoid scams and complete applications for either one merchant account or many different merchant accounts. High Risk Credit Card Processor is here to meet your processing needs.

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