The merchant services sector of the financial industry is widely unregulated. Merchant service providers don’t need to be licensed, accredited, or verified in order to sell or resell merchant accounts. Car salesmen, tax professionals, or financial advisors; as an example, all need to be licensed and/or certified to provide their services. If you’re only supposed to work with qualified and trusted companies or individuals for your finances, taxes, or transportation purchases then why would you not do the same when it comes to processing card payment transactions for your business?
It’s a reasonable question to ask yourself. You shouldn’t trust giving your private information to just any merchant service provider that has no required compliance to securing your information, correspondence, transactions, customer information, and the overall security of sensitive information and payments made to your business.