Sketchy ISO Pays Up In Scam Dealings

May 26, 2015

As if ISO merchant account holders didn’t already have enough to worry about, CardFlex’s non-admission and settlement have added weight to the bad rep the industry gets. Two other companies were named in the same complaint, I Works and Phillips. In all, the FTC says I Works scammed consumers out of more than $275 million through deceptive trial memberships for bogus government grants and money-making schemes, according to the FTC. CardFlex did not admit guilt, and the other two have, but settled to “save taxpayer money”.

This non-admission of guilt has not helped the industry, but an admission probably would not have hurt. ISO’s are notoriously hard for the industry to deal with, thanks to their “high risk” label that was slapped on them years ago. It can be hard to find a good ISO high risk merchant account agent, but it is possible if you do your research. By simply Googling the term, you can limit the number of choices. While some agents claim to work with ISO’s, and say they are experienced, many are not. They simply want business, which is easy to get in such a tight agent market. This isn’t just ISO’s that have this problem, but all merchants that fall under the “high risk” label. These merchants range from ISO’s to adult entertainment merchants, and even legalized marijuana merchants. All have one thing in common: they are shunned by traditional agents.

This makes it even harder to be accepted in a risky market. You need to make sure that you find, and get, a knowledgeable ISO high risk merchant account agent, like EMB. ISO’s are not only finicky for the industry, but also for merchants who are not quite sure what they are dealing with them something arises out of the ordinary. A knowledgeable processing agent can help you along the way, insuring cooperation and customer security. Of course, we know that all merchants are now prone to hackings and fraudulent issues, but ISO’s rank as having one of the highest percentages in the USA. By knowing your business, and having a secure system, you are sure to succeed.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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