Today I am going to introduce with a company which is already enlisted as
a scam credit card processing company. The name is PSi Gate. They are scamming
through merchant account setup. If you already know about this company then
just pass this alert to your acquaintances.
So let’s get to know how they are scamming using merchant account as an
effective weapon.
Matthew Wade a young entrepreneur applied to PSi Gate by seeing their
lucrative advertisement on the web. The website is http://www.psigate.com/
Where they represented themselves as one of the pioneer of credit card
processing field. Unfortunately they are not even experienced. They just opened
up a business. They know the that credit card processing is a huge business
today. Also credit cards are becoming more famous day by day. You know who
wants to carry bundle of cash!
PSi Gate played the trick by the name of merchant account setup. What
they did is, they take $300 to $400 by the sake of merchant account setup. If
you go to any other US or Canadian credit card processing company for a
merchant account you will see that there is no such fee! That’s a clear scam.
The condition becomes worse when they refuse to approve your merchant
account and run away with the money that you paid. The meaning is there no
refund from PSi Gate!
LOL as if you wrote this many posts saying the same thing. PSiGate, like all gateway and merchant account providers, charges a setup and application fee to cover the cost of the underwritting process. I have an account and the app fee was 99$ (same as Chase, Beanstream) They run extensive background checks (Credit, Business ect) to ensure they aren't issuing accounts to scumbags. The application fee helps weed out illegitimate businesses. You should have read the terms before sending in your application.
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