Credit Card Processing Experts - Ways To Avoid Fraudulent Credit Card Processing Companies -

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Ways To Avoid Fraudulent Credit Card Processing Companies

by Trisha Echols     You have a thriving business and, in order to expand your customer base, you seriously consider credit card processing service. So you start making some searches for providers. Your friends might endorse a company or two. But remember, there are legitimate credit card processing firms out there as well as fraudulent ones. These frauds are generally considered “ scammers”.     Basically, they fall into two categories.     Full-time scammers refer to those credit card processing companies which maintain websites that display outrageously low rates. They demand some deposit amount upfront. Interestingly, they require only a short online subscription form to fill up. Many gullible first-time merchants fall for this kind of trap. After signing up and sending out payments, these fraudulent credit card processing company websites could no longer be accessed or completely abandoned. Their email addressess suddenly become deactivated. And if they have any Instant Messaging account, these too, are closed.     On the other hand, part time scammers refer to those credit card processing companies that conceal some of the fees. Merchants who fall into this scam will only be surprised to see additional fees in their monthly bills. By then, it would be too late. If a merchant chooses to cancel the service, he will be charged with excessively high cancellation fees.     You will only lose your hard-earned money with these type of scammers. Your best recourse is to avoid them.     Here are the ways you can avoid these fraudulent credit card processing companies: <ol><li>EXAMINE THEIR WEBSITE ADDRESS Scammers often resort to free web hosting of their sites. In this way, they could immediately close their site in a moment's notice. If the credit card processing company's web address is hosted on a free hosting site, then there's a good chance that it could be a scam. Legitimate companies have their own commercial domain. Try checking with your Better Business Bureau. If you want, you can post your queries regarding a particular website or company through online forums or message boards. You could learn a lot in this way. </li><li>READ THE CONTRACT WELL Take time to examine the contract before signing up for credit card processing service. Read the fine print, especially the fees and charges. Request for a full disclosure of all attendant fees. If the sales people refuse to divulge them under the clause of “ confidentiality”, then go out and find another one. Chances, that company is trying to conceal some fees from you. On the other hand, if the company give you all the fees, don't take it all hook, line and sinker. Double-check the data with the proper government agency. Better still, go to another credit card processing company with the so called “ list of fees” and compare the pricing hierarchy. </li><li>ASK FOR CLIENTS' LIST AS REFERENCE Try to get a credit card processing company's list of clients and then contact a number of them. Be very discreet about it, though. Just tell these clients that you are planning to subscribe to a credit card processing service and you would like to ask for performance feedbacks. If you receive good comments, the company is good. But if you hear only complaints from these clients, then you better be off with another one. </li><li>MAKE IT A POINT TO VISIT THE COMPANY'S OFFICE Scammers usually hold office at nondescript buildings or locations. This would make it very easy for them to abandon the office after you give them your payments. On the other hand, legitimate credit card processing companies have decent, well-equipped offices at posh locations or financial districts. But don't jump up at any credit card processing company with a posh office. Try to ask around, though. Inquire how long the company had been in business, their staff, and their financial stability. The Better Business Bureau will be too happy to give you these needed information. </li><li>TRUST YOUR INSTINCT Consider your first impression about a prospective credit card processing company. Your gut feeling or intuition can play a major part in the decision process. If you suddenly harbor uneasy feeling about a prospective company, chances are that it is up to no good. Better do some additional research on it. Look for a company that makes you feel comfortable and satisfied. </li></ol>     ( Trisha Echols currently is a long-time financial consultant with established consultancy offices in Amsterdam, Halifax, Malaysia and other key cities. Her clients belong to the top 500 companies in England and in the United States. She does lectures on strategic business practices and also writes for various magazines on business matters.) <a href="http://www.onlywire.com/submit?u=http://www.creditcardprocessingexperts.com/ways_to_avoid_fraudulent_credit_card_processing_companies.html;t=credit%20card%20processing;tags=credit%20card%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

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