Big Name Third-Party Processing
A lot of businesses face the issue of big processors like Square and Stripe terminating their account with little to no notice and very little explanation, leaving them to find a new processor for their company suddenly.
These events can often times happen due to the fact that these companies can determine a business processing with them as selling prohibited items and terminate their account, after they have been signed on and started processing. This is solely up to their discretion and often times they don’t properly vet their clients before approving them for an account.
They also reserve the right to change a payout schedule and suspend payouts to a merchant’s bank account at their discretion. These big names often time do a poor job of explaining their terms and conditions upfront, as well as don’t have easily accessible customer service to process requests to dispute their termination or hold.
What to do when your account has been terminated
If your account is terminated, you’ll need to find a new payment processor fast. Unfortunately, this will likely be a challenge, as your company might be listed in the terminated merchant file (TMF), also known as the MATCH (Member Alert to Control High-Risk) list, maintained by MasterCard to easily identify high-risk merchants to other payment processors.
T1 Payments specializes in high-risk businesses and is your best defense against having your merchant account terminated or frozen unexpectedly. T1 Payments may be able to help you get back to business fast and stay in business after your account has been terminated, with services like chargeback prevention and fraud protection. T1 provides flat fee merchant accounts and offers comprehensive account monitoring, reporting and support to help high-risk merchants mitigate chargebacks, fraud and other business risks. Our customer support team members are the best in the business and available 24/7.
It’s important to work with a processor who puts your needs firsts and has your company staying online and processing for customers, as a priority. Don’t make the mistake of signing up for a merchant account with a third-party processor that doesn’t do business with your industry – you may get away with it for awhile, but sooner or later your account will almost certainly be frozen or closed.