Where Should You Turn When Stripe Drops your High Risk Merchant Account?When an aggregate high risk merchant account, like Stripe, kicks you off their platform or freezes your account, it can be confusing as to what to do next. PayKings is here to answer all of your questions and to take the guesswork out of your next steps. Applying for a new high risk merchant will help your business recover fast after being dropped by Stripe. Here we’ve laid out exactly how to handle this type of situation – which actually happens more often than you’d think.
What is a Dedicated High Risk Merchant Account for Stripe credit card processing?A dedicated high risk merchant account, is much like the one you might have acquired with Stripe. However, it’s custom made for specific verticals. These verticals are deemed risky to payment processor because if issues like high chargebacks or brand conflicts. Luckily, there are payment processors who specialize in helping these industries. Your account will have a Merchant ID Number (MID). Meaning, you won’t share your account with several other businesses. In contrast, Stripe uses one merchant account for an entire portfolio of merchants. They do this to hedge risk and ensure fast approvals. As an aggregate, low risk merchant account providers onboard in high volume, and reject applicants later.
Finding The Right Payment ProcessorA business that’s looking for high risk merchant accounts should seek certain qualities. Find a company with a track record of success who can walk you through the steps in the application process. If your website is losing money because your credit card processing has been put on hold, then you’ll need to get an account fast. PayKings works directly with you to streamline the application process and get your business up and running quickly. With an aggregate high risk merchant account, the funds from a transaction are sent to the account provider, like Stripe, and then are deposited into the merchant’s bank account. Beware of changing regulations with major payment processing companies. They often adjust their rules and can make changes they deem necessary without your consent.
So, Stripe Drops your High Risk Merchant Account – Now What?
Chances are if you were dropped from one of the major aggregate high risk merchant account providers, like Stripe, it is only a matter of time before you are dropped from the others. For this reason, it is best to seek out a high risk merchant account payment processor that has great relationships with several banks. It’s even better when that merchant processor has an in-house underwriting team. They help you organize your documents and present your application to the bank. Afterward, you’ll be able to connect a payment gateway, and accept online payments. Unlike Stripe, some companies ensure you’re ecommerce store has the account you need. At PayKings, we can help get your account fast. So if you need Stripe credit card processing solutions, contact us for sustainable high risk merchant accounts.