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.