Avoid These Top 10 Ways
Merchant Accounts Get Shut Down
As a business owner you have a lot to worry about on a daily basis to make sure your business, your livelihood, your families future, and your employee’s family’s future are taken care of. You overcome hurdles and consistently put out fires to make sure your operations are continuing to move forward. With that in mind getting your merchant account frozen is a MAJOR pitfall that some business owners can’t see to avoid. This will stop your cash flow, and have you scrambling to get up and running again. To ensure you don’t have to deplete reserves or personal savings to pay invoices, salaries and rent continue reading. If you follow these steps your business will be in the clear. If you have had an issue in the past and are unable to get a merchant account contact us as we are successful in obtaining merchant accounts for hard to place cases.
Why Your Merchant Service Provider Will Freeze Your Merchant Account
1- Too many authorizations on declined transactions.
2- High chargeback rate.
3- Misuse of merchant account such as processing for goods or services that does not match your MCC.
4- Processing an abnormal payment. Such as a $5,000 transaction on an account that typically processes with a $5 average ticket. Or processing well above your monthly volume.
5- Processing for multiple companies under one MID.
6- Only process approved transaction types. Such as if your application says 100% Card Present and you process 75% Card Not Present /moto transactions.
7- Breached account information or processing with terminals that are not PCI compliant.
8- If the merchant no longer meets the acquiring banks minimum standard requirements.
9- Merchant moves/changes location but does not notify processor.
10- Processing For multiple additional outlets under the same account with no Additional Outlet application submission and separate MID for each location.