Scams - Merchant Account Scams
Number of Customer Reviews for Merchant Account Scams: 4
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Everyone likes to take a bite out of free stuff. Therefore, they are susceptible to fraud. One such major fraud is the lure for free merchant accounts. Many people out there try to entrap willing businessperson into applying for a free merchant bank account. The concept is especially attractive to people running home-based or Internet businesses.
Most companies offering ‘free’ merchant accounts make themselves sound larger than they actually are. Essentially these companies are defrauding people one way or the other. They are usually nothing more than suave salespersons and marketers. They largely operate through telephone and the Internet and spend a huge sum of money on advertisements.
As far as the ‘free’ account goes - it is nothing but a myth. Most such offers have hidden costs and implications that will usually appear in fine print on the back of some form. The point is that any payment processing company will not work free and the merchant has to pay no matter what. This payment concept completely does away with any free accounts. Many of these companies are unable to sustain themselves since they have high marketing costs and might only charge a paltry fee. On the other hand, most such outfits have large monetary implications that make you pay continuously for months.
If you are a home-based businessperson, this will be heavy on your resources. A few things that you can look out for and detect a merchant account are the hidden fees, misleading ads, low priced hardware, and tricks that claim full use of your funds.
Any outfit charging fees in the name of charge back fees, gateway fees, retrieval fees, voice authorization fees, and so on is certainly conning you. Moreover, these companies have misleading ads. Claims that there is no setup fee, that they provide instant activation, that they also provide 24/7 technical support, and they have a 99% credit card approval rate, are most likely signs of frauds. If you are careful about watching out for these, you may end up saving several precious dollars.
Customer Reviews for Merchant Account Scams:
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