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 what your next steps should be when applying for a high risk merchant account 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, like one you might have acquired with Stripe, is an account where the business has its own merchant ID, wherein the merchant is not sharing a high risk merchant account with several other businesses. Very much unlike an aggregate high risk merchant account like one with Stripe who uses one merchant account for an entire portfolio of merchants. A business has far less control with an aggregate high risk merchant account with Stripe than they do with a dedicated high risk merchant account. With a dedicated high risk merchant account, transactions between the merchant and the customer are deposited directly into the business bank account. 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. Stripe, the aggregate high risk merchant account provider, also makes their own rules and can make any 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. This means that your clear next step will be to apply for a high risk merchant account with a company that specializes in high risk merchant accounts and can assign you a specific merchant ID. 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 that will cross every T and dot every I to make sure that you are presented in the absolute best ways possible before your application is sent to a bank. Unlike with Stripe, a high risk merchant account payment processing company like this is incredibly difficult to find. That said, here at PayKings, we are the High Risk Merchant Account Payment Processing Company that meets those exact specifications. So if you need Stripe credit card processing solutions, we can help you here at PayKings!