We already know how convenient and enriching merchant accounts are but most of us do not know is that some unscrupulous merchant account service providers are taking advantage of naive business owners by tempting them with misleading advertisements. What you should do when shopping for a merchant account is to watch out for such ads, and stay far, far away from them whatever the cost. Here are the top 5 misleading merchant account ads you should avoid.

1. “We Reward You With $500 If You Can Show Us a Better Deal”
This sort of ad is one of the commonest and yet is deemed the most effective when it comes to scamming business owners. Those who think they can walk away with $500 cold hard cash, think again. More often than not, these companies will want you to first sign up and you will only receive your “reward” in the form of a cash refund after you sign up. By then it would be too late – you would already be in a binding contract with a company that does not care about your wellbeing.

2. “Get Your Very Own Free Merchant Account Now!”
Time and again it’s been proven that there is no such thing as a free lunch. There is also no such thing as a free merchant account. We think you should know about the existence of hidden fees because frankly, NO one profits from a free merchant account. Hidden fees include:

• termination fees
• gateway fees
• cancellation fees
• bank setup fees
• licensing fees
• annual fees
• and more

3. “No Merchant Account Needed!”
What’s worse than a free merchant account is a company proclaiming that you don’t need a merchant account to do business! You definitely do not want to be at the mercy of a third party to mar your cash flow. The fact is that MasterCard and Visa are VERY strict about these rules: strictly NO merchant account sharing between multiple parties! These companies will eventually be discovered and terminate. As a result, you will then lose all that you had.

4. “No Business License Needed!”
Another lie. This is a strict requirement by banks providing the merchant accounts.

5. “R24/7 Round the Clock Support”
Do a little check into the company and if they a mere reseller, be wary of a little confusion and possible down time when it comes to getting hold of a good support personnel.

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