Sometimes your merchant applicants are Snake Oil Salesmen. “Snake oil” is synonymous with quackery, the phoniest of phony. A “snake oil salesman” promises you the world, takes your money, and is long gone by the time you realize the product in your hands is completely worthless.
The salesmen of an older time soon moved their wagons on to the next town square to repeat the “medicine show” and there were no ensuing chargebacks to worry about.
As underwriters how do you view get rich tapes and seminars; debt consolidation; buyers discount clubs; government grants; travel certificates; nutritionals; weight loss programs; medical supplements; negative options, multi-level marketing; continuity; pay day loans, and other snake oil?
Do you think your transaction monitoring and reserves will always protect you after today’s Snake Oil Salesmen move on? It’s your business that is at stake.
ARMS has several levels of solutions between $19.95 and $85.00 to help you evaluate high risk merchants by knowing whether or not The Sheriff is likely to close their wagon.