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Instabill has been in the credit card processing industry for more than a decade, and we’ve gotten accustomed to recognizing these scams as soon as they appear. If you’re looking for an honest, affordable merchant account provider, make sure you avoid the types of services below.
In your quest to find the right credit card processing services, you’ll undoubtedly come across a service that advertises a free merchant account. While this may look tempting, it is likely a trick designed to get you to list your financial information quickly. It is one of the most common merchant account scams on the internet.
Free merchant account providers have nothing to offer to merchants. Through some clever wording and usual scam tactics, they get business owners to register for their services (usually through some sort of initial startup fee that they claim is refundable), and they’ll simply take the money and run.
Sometimes, a merchant’s identity can be stolen through merchant account scams. As opposed to the free merchant account scams, these websites will offer a product that seems a little more legitimate. They’ll use language that includes industry jargon and seemingly factual statistics to encourage you to apply. They won’t ask for money upfront, because money isn’t what they’re after—they want your personal information.
A good rule of thumb for life in general is to never share your personal information with people you don’t know or trust. This is especially true for merchant accounts scams. These services want personal information, like your social security number, to exploit your identity and access your finances. Make sure merchant account providers are properly accredited and recommended by past users before you sign on the dotted line.
Scam artists are becoming more and more intelligent and clever, and will think of different or new ways to exploit your business. With that being said, there are a few characteristics unique to merchant account scams that you should look out for while searching for credit card processing services:
Again, as the saying goes, if it seems too good to be true, it probably is. Merchant account scams are designed to be appealing to new and existing merchants alike, especially high risk merchants. You can never be too careful when applying for merchant accounts, so heed the advice above and only trust authoritative, well-reviewed services.
If you’re in need of an affordable credit card processing option for your business, consider Instabill. We’ve been specializing in providing high risk merchant accounts to e-commerce businesses since 2001, and can help you find a solution that’s perfect for you. Contact us today to learn more.