This post is to shed some light on a very sinister and disturbing epidemic that is intensifying and effecting small businesses every day.
The reason I draw attention this is because many newbies in this business and even veterans are being advised that the answer to all your 3rd party billing woes is to get a "merchant account" and be done with 3rd party billers and pseudo banks!
NOTHING COULD BE FARTHER FROM THE TRUTH
Now I am qualified to speak about this as one who has been burned by the same exact merchant account scam.
The long story short is this.... it does not seem to matter if you are small business or big business but small business merchants make an easier target for fraud.
What happens is you get set up for a merchant account so you can accept credit cards.
You begin accepting credit cards and getting a few small settlements sent to your account. Now sooner rather than later your business grows and your generate double or triple your sales, and you wake up one day and find your settlement funds have not hit your bank.
So then you call your merchant account bank to find out where your funds are....then you get transferred to the "NOTORIOUS and MYSTERIOUS RISK DEPARTMENT"
You get asked to see invoices to prove validity of a few charges...NOW THIS IS KEY TO UNDERSTAND... the charges most often have not been reported fraudulent or suspicious, and are seemingly 99% of the time valid charges.
Merchants are then asked to fax copies of invoices which is a catch 22 and a bear trap!
Because the moment you send your clients personal and private billing and transaction details to a parasite in risk management department you have violated your clients privacy, and can be liable and lose your account for that.
This is understood by the clever and devious risk analysts/ risk managers/account managers/ there are many terms for them but they all act and conduct themselves with the same devious,arrogant,all knowing,all powerful attitude...see this recent quote from one of them to me...
"We do not need to make any excuse to take your money...we reserve the right as a bank to do what we want with your money"
Now that is the mindset of not just a criminal...but a psychopathic criminal as well hiding behind banking regs/rules/and red tape, and sitting in a comfortable secure office many thousands of miles away from you the victimized merchant.
Now before I go any further with this expose' we are going to provide a simple link with many many instances of this happening to normal everyday small business owners,not necessarily adult merchants either...it really does not matter what industry you are in high risk or not...the con and scheme works the same..
view this link for the very same horror stories...
http://www.ripoffreport.com/Search/merchant-account.aspx
So my main goal here is to show newbies and veterans alike that when you see advice being given here to get a merchant account, and when you see ISO company sales men and women coming in here to offer you a merchant account, you better know who you are dealing with, and you better get full names, and brick and mortar address as to where your money goes...
They all tell you we heard stories like this...you don't have to worry with our company we deal with LEGITIMATE BANKS, we been in business for 30 years...blah blah blah...trust me, and the thousands and thousands of small business people like me who have had this happen multiple times!
Now I will get flamed,blamed, by keyboard warriors, and keyboard comedians, but be that as it may, you the merchant should get the good understanding that the presence of crooks lurking in GFY masquerading as professional business men and women are very real and commanding.
So lets recap...
1.Many Banks worldwide and domestic are insolvent and in desperate need of funding..
2.processing payments for clients does not pay as well as JACKING a clients settlement funds...
3. If I am a merchant and I pay you 5% transaction fee, then you are only making 5 bucks for every $100.00 bucks that I make.... see you the merchant account reps cannot compete with me, and before long you will want to know how I am making these transactions, and how you can seize my funds...
4. The game is tightening up, we have had account after account closed,seized,intercepted,payouts delayed, promises made, excuse made, and through it all the only motivation is from the fans who say please don't stop your wonderful work..
We are proven cash cows, and the banks and finance companies are proven liars con artists and thieves...
5. Just ask yourself if you are addicted to gambling,money,drugs,...what better place to land a job then in a financial institution...to be where the money is..
It does not take skill to use red tape to steal other peoples money and to steal whats not yours, it simply takes raw will, and the ability to sleep at night stealing food from children.
Clearly I don't care about insults as they have no effect on me and do not in any way change or alter the truth that I speak.
I am still a very small fish, and am only out of about $35,000.00 cumulatively, there are others who have lost more, even there entire business so I am somewhat fortunate.
In a sad way I feel sorry for the risk analyst/risk managers/benking reps/billing reps/ for it is they that demonstrate there desperation, and you see the consequences of their actions everywhere...
there is a direct correlation to the occupy movement and the global outrage that is intensifying everywhere with anger and hostility directed directly at the bankers
Word to the bankers the powers that be can only protect you for so long...as you can see they have there hands full...the people are not falling for tricks, and are starting to see right through your web of lies and fraud!
I have already seen how this ends and I know you have already lost! Take that to the bank!
The reason I draw attention this is because many newbies in this business and even veterans are being advised that the answer to all your 3rd party billing woes is to get a "merchant account" and be done with 3rd party billers and pseudo banks!
NOTHING COULD BE FARTHER FROM THE TRUTH
Now I am qualified to speak about this as one who has been burned by the same exact merchant account scam.
The long story short is this.... it does not seem to matter if you are small business or big business but small business merchants make an easier target for fraud.
What happens is you get set up for a merchant account so you can accept credit cards.
You begin accepting credit cards and getting a few small settlements sent to your account. Now sooner rather than later your business grows and your generate double or triple your sales, and you wake up one day and find your settlement funds have not hit your bank.
So then you call your merchant account bank to find out where your funds are....then you get transferred to the "NOTORIOUS and MYSTERIOUS RISK DEPARTMENT"
You get asked to see invoices to prove validity of a few charges...NOW THIS IS KEY TO UNDERSTAND... the charges most often have not been reported fraudulent or suspicious, and are seemingly 99% of the time valid charges.
Merchants are then asked to fax copies of invoices which is a catch 22 and a bear trap!
Because the moment you send your clients personal and private billing and transaction details to a parasite in risk management department you have violated your clients privacy, and can be liable and lose your account for that.
This is understood by the clever and devious risk analysts/ risk managers/account managers/ there are many terms for them but they all act and conduct themselves with the same devious,arrogant,all knowing,all powerful attitude...see this recent quote from one of them to me...
"We do not need to make any excuse to take your money...we reserve the right as a bank to do what we want with your money"
Now that is the mindset of not just a criminal...but a psychopathic criminal as well hiding behind banking regs/rules/and red tape, and sitting in a comfortable secure office many thousands of miles away from you the victimized merchant.
Now before I go any further with this expose' we are going to provide a simple link with many many instances of this happening to normal everyday small business owners,not necessarily adult merchants either...it really does not matter what industry you are in high risk or not...the con and scheme works the same..
view this link for the very same horror stories...
http://www.ripoffreport.com/Search/merchant-account.aspx
So my main goal here is to show newbies and veterans alike that when you see advice being given here to get a merchant account, and when you see ISO company sales men and women coming in here to offer you a merchant account, you better know who you are dealing with, and you better get full names, and brick and mortar address as to where your money goes...
They all tell you we heard stories like this...you don't have to worry with our company we deal with LEGITIMATE BANKS, we been in business for 30 years...blah blah blah...trust me, and the thousands and thousands of small business people like me who have had this happen multiple times!
Now I will get flamed,blamed, by keyboard warriors, and keyboard comedians, but be that as it may, you the merchant should get the good understanding that the presence of crooks lurking in GFY masquerading as professional business men and women are very real and commanding.
So lets recap...
1.Many Banks worldwide and domestic are insolvent and in desperate need of funding..
2.processing payments for clients does not pay as well as JACKING a clients settlement funds...
3. If I am a merchant and I pay you 5% transaction fee, then you are only making 5 bucks for every $100.00 bucks that I make.... see you the merchant account reps cannot compete with me, and before long you will want to know how I am making these transactions, and how you can seize my funds...
4. The game is tightening up, we have had account after account closed,seized,intercepted,payouts delayed, promises made, excuse made, and through it all the only motivation is from the fans who say please don't stop your wonderful work..
We are proven cash cows, and the banks and finance companies are proven liars con artists and thieves...
5. Just ask yourself if you are addicted to gambling,money,drugs,...what better place to land a job then in a financial institution...to be where the money is..
It does not take skill to use red tape to steal other peoples money and to steal whats not yours, it simply takes raw will, and the ability to sleep at night stealing food from children.
Clearly I don't care about insults as they have no effect on me and do not in any way change or alter the truth that I speak.
I am still a very small fish, and am only out of about $35,000.00 cumulatively, there are others who have lost more, even there entire business so I am somewhat fortunate.
In a sad way I feel sorry for the risk analyst/risk managers/benking reps/billing reps/ for it is they that demonstrate there desperation, and you see the consequences of their actions everywhere...
there is a direct correlation to the occupy movement and the global outrage that is intensifying everywhere with anger and hostility directed directly at the bankers
Word to the bankers the powers that be can only protect you for so long...as you can see they have there hands full...the people are not falling for tricks, and are starting to see right through your web of lies and fraud!
I have already seen how this ends and I know you have already lost! Take that to the bank!
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