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My Merchant Account Was Shut Off, What Do I Do?

Your merchant account is the key that opens the door to profitability for your business. That is a fact that E-Commerce 4 IM understands; we’ve been helping business owners obtain and maintain merchant accounts for years. Your merchant account gives you access to the world of credit card processing. Whether you are a brick-and-mortar storefront, involved in multi-level marketing, or are an e-commerce enterprise being able to accept credit card payments is critical to your success. After all, who carries around cash anymore? If your merchant account is shut off by your processor or bank, you can quickly find that your business is in a world of hurt.

Why are merchant accounts shut off?

There are a number of reasons why a merchant account might be terminated by a banking institution—and some of those reasons are not your fault. An excessive volume of chargebacks or fraudulent transactions can trigger a termination of your account. If you’ve been fortunate and have seen a sharp increase in your transaction volume, exceed your volume cap, or process a lot of high-value tickets, you could see increased bank scrutiny that might lead to account termination. Your bank, or a bank that sponsors your current merchant account holder, may decide that they don’t wish to continue to service your particular industry. Of course, your merchant account could also be terminated if you are convicted of fraud, violate the terms of your merchant account agreement, or are not in compliance with the latest data security requirements.

What happens when a merchant account it shut off?

Your processor may refuse to release your recent batches and hold those funds up to 270 days. Additionally, they may keep any previously held reserves until they feel comfortable that you will not cause them a loss.

If your merchant account is terminated, you may find your business added to the dreaded MATCH list. MATCH is an acronym that stands for Member Alert To Control High Risk; Card Brands created it as a way of tracking merchants with troubled credit card processing histories. All of the major credit card companies subscribe to this list. Obviously, you don’t want to end up on this list, but even if you do, E-Commerce 4 IM specializes in helping high risk merchants stay afloat. So, don’t despair!

How to process credit cards again after your merchant account has been shut off

If your merchant account has been shut off, there are some immediate actions you can take to recover—it doesn’t have to be the end of the road for your business. Here are 4 helpful steps to take:

  • Get your paperwork together: You should keep all of your processing statements, but go ahead and make sure that you have the last six statements on hand. When you complete your application for your new merchant account, these statements will help you provide the best possible estimates of your credit card volume and ticket values.
  • Find help with high risk credit card processing: E-Commerce 4 IM specializes in helping merchants that the banks consider high risk regain the ability to process credit cards. We have strong relationships with a large network of domestic and international banks—this enables us not just to find you another merchant account, but find the one that meets the needs of your particular business. And with E-Commerce 4 IM’s pre-application process, your business’ record won’t be harmed by multiple MATCH list inquiries.
  • Fill out the paperwork: When the time comes to complete your application paperwork, make sure that you are thorough and—above all else—honest. It will be hard to give the bank a favorable impression of the risk associated with your business if you aren’t forthcoming with all of the information that the bank requests. Be patient, the underwriting process for high risk businesses can take some time. Getting a quality merchant services expert like E-Commerce 4 IM involved at an early stage can save you time and headaches.
  • Be ready for additional scrutiny: Once you have gotten your new merchant account up and running, it is imperative that you keep a close eye on your account. Once your business has been placed on the MATCH list or labeled higher risk, the bank that holds your merchant account will watch your transaction activity with great interest. Save all of your records, watch your transactions like a hawk, and openly communicate your needs and concerns with your bank.

If you have had your merchant account shut off, look no further that E-Commerce 4 IM. With years of experience and many happy customers, E-Commerce 4 IM is your source for high risk merchant services. Contact us at 1-800-570-1347.

  

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