I have an higher 'risk' business and discussed this with Flagship; who promised it wouldn't be an issue and they do this 'all the time'. Less than 24-hours I was up and running, and very pleased.
Four days went by, and no funds were being transferred. I called Flagship up, and they gave me the number for the 'security department'; which I find out weeks later: Wells Fargo Merchant Services.
Very bluntly, the representative said my account was cancelled. So, they were still processing my payments (and taking their fees out), but I wasn't getting anything.
In fact, each day they took our their fees and commission from my bank account (causing my account to go negative).
I won't go into details about each day's events... but here's the skinny. Flagship basically said whatever they wanted to get me approved. The actual bank (Wells Fargo) saw that my business was against their ToS and cancelled me. My sales for four days are still being held (about 5,000$). All of my customers orders have been shipped, and I have a no refund/exchange policy; so there are no 'chargebacks' for them to worry about.
Needless to say, this has crippled by business. I'm still trying to find a new merchant service, and have been dead in the water not being able to process credit cards. Not only that, I do not have the cash to buy new supplies (because all of the $$ is sitting in limbo).
My advice for those with high risk businesses; if it sounds to good to be true; it really is. Sadly, because of Flagship; I have been out of business for over two-weeks and do not have the funds owed to purchase additional supplies.