It is highly recommended that you read this article regarding a Merchant Account “switching” scam that is going on right now.

Some disreputable providers are using sales reps or call centers to target merchants like you.

The goal? To switch YOUR account to THEIR company without your consent.

Here is the strategy.

They may say that they have “merged” with our “bought” the company you are currently using for merchant services.

Or they will tell you that “due to the recent business changes,” they need you to submit updated paperwork.

Merchant Account Set Up Facts

If you unknowingly comply, your account will get switched without you knowing it or wanting it to happen.

A number of people have already fallen for this scam in the last few weeks alone.

And as far as I can tell no one single merchant account provider has been targeted.

Whoever is behind this scam (and if/when I find out I’ll pass it along) are simply cold-calling and using this line to deceptively obtain paperwork from merchants for new accounts.

Unfortunately, once you unknowingly switch there is not much you can do. The companies trapping you are using hefty cancellation fees.

What’s worse, it will all come down to your word versus the customer service department of these companies and the customer service departments are simply saying “we don’t believe you, we have all your signatures on file.”

Because once they have your signature, they got you.

It’s as simple as that.

You will get scammed into signing into long contracts at much higher rates with high cancellation fees.

Another version of this scam is when they pose as your current provider and say that you need to sign for a “new terminal.”

Once you submit signatures they will walk you through a reprogram, and then it is too late.  You will be switched.

A good suggestion if someone call is to have them fax you a copy of YOUR statement as proof.  Only your actual provider will have a copy of your statement on file.

Secondly, don’t sign anything without reading it CAREFULLY.

Here are a list of merchant account set up facts for you to review.  And please feel free to leave any questions for me here regarding this issue:

1. The only need to reprogram your terminal is if it is not working properly, or you are changing providers
2. Do not agree to any account “changes” over the phone.
3. Signatures are typically considered legally binding – so don’t sign anything without reading it first.
4. Even if your merchant account provider is bought, you don’t have to sign anything to update your account.
5. No “recent business changes” require you to sign any updated paperwork
6. Ask specific questions if someone calls you, including their name and phone number.  Then call your existing provider to verify the information.

Protect yourself today.

Choosing a Merchant Account Provider

To find a merchant account provider for your small business, there are a couple of ways you can get started.

You can click on the link below to get a free rate quote from qualified and reputable providers, saving you time and aggravation:

CLICK the link and compare free
merchant account quotes today >>>

Whether you already accept credit cards and want a better deal, or you are getting started for the first time, follow the link and check out new merchant account set up tips.

The choice is yours…

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