Complaint Review: High Risk Merchant Account LLC

This report is in reference to Tom Piccolo with High Risk Merchant, LLC - located at http://www.high-riskmerchantaccount.com on the web......We came very close to being ripped off by this guy, so we wanted to put the word to any unsuspecting businesses out there who are thinking of dealing with this clown - I would say "company" but there is no company first of all - its just him, a website, and a 1866 number forwarded to his cell phone...

Tom Piccolo has an interesting scam hes perpetrating now on unsuspecting merchants with "high risk" accounts....I'll give you our experience here with this, exactly as it happened:

We found this guys website, and called him on the telephone - had a conversation with Tom regarding our business, products, etc and explained we wanted an offshore merchant account...He tells us no problem, hes got an a merchant bank in "Moriches" with no start up fees, decent rates etc....tells us it will take 5 - 7 days for approval and outlines the following terms: 10% rolling reserve, weekly payout paid to our bank account in the states, between 8 - 10% rate + oher transaction fees....We say ok, lets try it out...

We waste our time putting a package together, and get everything over to him in about 2 days - This is where the real fun begins with Tom.....Week one were calling, he barely answers his phone if ever, and now that the app is in hes very hard to get a hold of (avoids you) - Into week two, were calling for status updates, emailing him, barely any responses -  and its only when I actually get him on the phone and ask him to skype the bank to ask for any updates - does he actual make any progress on the file....So going into week three where its now been almost 21 days - his "bank" in moriches now has us jump through all kinds of hoops with the website, they want this changed, they want that changed for approval, etc...So we jump through his circus hoops, and finally get everything done - and now he comes back with "Ok, theyre going to do the account - but theyre only going to give you Visa for the first three months" and gives us some other stipulations that I'm not happy with...

Mind you, this is on a thursday of that 3rd week - So I tell Tom, get me a term sheet from this bank because I want to know the rates, terms, payouts - etc - and he gives me a very general rundown of what its going to be, but I want it in writing and I want to see it....Now I'm told, I'll get you the term sheet today for sure...ill get back to you....OK...So now thursday goes by, no term sheet and he nevers answers the phone anymore - Monday, no answer or response to calls or emails - here comes tuesday...

Ok, so now tuesday of the 4th week after applying this guy sends me the approval and term sheet I'm wating for.....Little snag though, its not an approval from the bank weve been supposedly applying to for the last 4 weeks - No, we get an approval from "Austpay" which is a third party aggregator merchant out fo Hong Kong....For those of you who ont know what this means, it means that as a business with these people - you dont get your own merchant account - you get a shared Merchant ID # with 200 other businesses - and if one of them gets to many chargebacks or is having problems??  YOUR merchant account and ID gets shut down, and they hold your money for up to 6 months - even though you did nothing wrong....So big nightmare waiting to happen - and this was EXACTLY what I told him I DID NOT WANT 4 WEEKS PRIOR!!! 

But now he comes back, with a straight face mind you, with an appoval from a Hong Kong aggregator (mind you, no where does he reference or explain the change, he just wants my signature on the approval he sends) I have to actually call this guy no less than 5 more times to actually get him on the phone again - to then ask him to explain what happened here, and what this approval is??? 

Its now friday of the week following when he told me we were approved with "Moriches" - Tom tells me: Well Moriches denied the account after all, "because I was calling everyday and asking for too many updates I think" (notice hes making me feel like its my fault it got denied, because I bothered him too much - classic) But they gave him no reason for "denial" after telling us they would take the account, and making us make all kinds of changes to the site - suddenly from thursday to tuesday of the following week he asked for "too many updates" so they magically denied the account....Right Tom....Nice try...

Its ironic though, that the Austpay approval matches EXACTLY the terms of this mysterious "Moriches" bank he had been talking about - were onyl getting Visa for 3 months, same rate, exact same terms...hmmmm....What a big mystery Tom...amazing....

The reality with this very poor con man Tom Picollo - is that there is no "Moriches" bank - you see what Tom does is run a very basic little "bait and switch" scam - which is pretty clever actually in a rudimentary way....he gets you on the hook by telling you youre going to get your own merchant account in Moriches, but he outlines for you all the "terms" of Austpay....then he jerks you around purposely for weeks, so that you get so fustrated and desperate - that when you finally get the APPROVAL youve been waiting for, he hopes that you dont notice youve just been duped, and dont read the fine print -  and realize youve really been put with a Hong Kong third party aggregator, and not any BANK at all...if you do figure it out - well Tom has more stories than Dr. Suess for you about the whole situation, and how Moriches magically denied you, etc....But hey, Austpay has the same terms I've been telling you Moriches was going to have - so why not?? arent I clever??  No Tom...Youre not.....And here the kicker:

Now I have austpays "approva"l at 9% - I tell Tom I have to think about it over the weekend on Friday....I want to research Austpay a bit....I happen to their website...I start looking at their pricing and rates....Wait, whats this??  At my estimated volume for "High Risk", my rate should be 5.5%?? 

Why am I getting an approval at 9% from Tom?? So I email Tom...No response....Call Tom ten times...No response....Week 5 of the "approval process" I send Austpay the approval and ask about the ridiculous rate discrepency from what they advertise on their site....Turns out Tom Picollo is nothing more than a reseller of Austpay's mercant services - A middle man who plays a con wiht you for weeks, only to at the last moment drop an approval on you for almost 4% higher than you can get on your own if you applied to Austpay yourself...And he hopes you take it....I'm sure some people fall for this BS, simpy out of aggravation and desperation to get in business after WEEKS of nonsense with Tom..

This man Picollo is a liar, he is a con, and he is a cheat - he has no connections or resources other than being a reseller for Austpay International - who if you apply through directly - you'll get a 6% rate as opposed to his 9 - 10%...Austpay confirmed this for me by email...

If you want to save WEEKS of your time, endless aggravation and fustration while this plays his con and jerks you around PURPOSELY - and if in the end you want to keep your shirt with the rates??  Do yourself a favor and apply direct to Austpay Intl - because thats all your going to get from Tom Picollo - along with a few weeks of pathetic lies and songs and dances....

We were lucky to be smart enough NOT to get ripped off by this clown - I hope this helps you do the same....Good Luck