Thursday, July 21, 2011
Where Have All The Legitmate Companies Gone?
Is this issue specific to PayByWeb? From what we are told, No. From other ISO/Agents in the merchant account industry, we hear the same thing. Tons of unqualified merchants applying. Merchants from outside the U.S. filling out applications knowing they will be declined. Even more, merchants who are TMF'd (on the terminated merchant file - Match File) and are for the most part BLACK-BALLED, still apply. What are they thinking? No...you're not suddenly going to be approved.
Pulling a Fast One -
In some cases, fraudulent merchants get an account approved and begin processing. However, in most cases, these accounts are quickly flagged, closed, and those merchants never receive any funds. It does cost more money for ISO/Agents who take the time to board these merchants only to have the accounts immediately closed.
We need more of the hard-working legitimate merchants applying to accept credit cards. So...come out, come out...wherever you are!