Has your merchant account recently been closed, have you been shut off, has your account placed on hold in the bank is holding her funds? Do you need an alternative solution ? Don't delay, please contact or call us for a solution.
Having your merchant account closed without any warning, this can seem like a scary situation to your business. For many businesses today taking credit cards is extremely important especially if you are an e-commerce business virtually all e-commerce transactions are done through credit and debit cards like Visa and MasterCard. Many companies may find themselves in a situation unexpectedly so, they get a call from their credit car processor that their account has been placed on hold that their funds are being held in that they can no longer process transactions. We have seen especially large banks shutting off merchant accounts without any notice or warning. Even though the company you, may have low charge-backs, have not had any issues at all you still may get shut off by your critical processor. Banks like Chase, Intuit, Bank of America, PayPal, have been known to arbitrarily shut off merchant accounts without any warning even after processing with them previously and have been processing for years. They may have decided that they just don't want to process your industry anymore as the risk level may be too high. Your charge-back ratio may be too high. The amount of processing volume you are taking on the bank no longer is willing to accept. You may have a capped volume. This means the bank will only let you process transactions up to a certain amount each month. We have seen other situations where merchant accounts get approved, through unscrupulous salespeople, they begin processing and the large ticket transaction amount goes through in the merchant count is closed and the funds are held leaving the company unable to pay their bills.
If you found yourself in this situation you should follow some important suggestions and tips. First of all do not get into a shouting match or pissing match with your current credit card processor. This would be a normal reaction that they are holding her funds unjustly and you want your money deposited into your account. In many cases, your account was flagged with a computer program that has determined the risk level to be too high. However, even if you provide signature and contracts merchant processor may still close and hold your funds. This unfortunately is just bad business practices from some unscrupulous credit car processing companies. If your account has just recently be put on hold, we highly recommend you set up a backup merchant account immediately. Don't delay! Your account that is frozen, may not be released, it may take weeks or months. If you are placed on a Terminator merchant file you will have extreme difficulty getting a new account. So we highly recommend you set up a backup merchant account ASAP. This way you can continue processing and running your business while you negotiate with the company holding her funds. In most cases, a credit card processor will hold your funds up to 180 days. This is to cover future charge-backs and losses in the event that your customers start disputing the charges.
Second, try to remain calm and professional follow everything they ask you to do to get to issue resolved. Despite doing everything they ask of you you still may have your account canceled. After 180 days if your funds aren't released, you may need to contact an attorney to apply pressure to get your funds released.
Going forward, you should have at least two merchant account set up if you foresee this problem happening in the future. This way you are ready to switch to a new one if you are shut off or if your current provider no longer wishes to process your industry.