High Risk Merchant Account For Shopify
You’ve Been Dropped. Now What?
Being dropped by a major platform like Shopify is concerning for a business owner. You’re not alone.
Our team of high risk merchant account experts have actually laid out precisely how to manage this kind of scenario. Which occurs more often than you ‘d think.
FinTechMerchantAccounts.com can help take the guesswork out of what your next actions need to be when getting a high risk merchant account.
Why Was My Account Dropped?
There are a number of factors that a company like Shopify would drop or freeze your merchant account.
If you are selling services or goods deemed as a high risk without using high risk merchant accounts or payment processors. Shopify has the authority to drop or freeze your account. It’s essential to comprehend why your merchant account has been dropped to guarantee that it never occurs again. Committed high risk merchant account providers have a range of market specializations. So your sure to discover the ideal fit while mitigating your danger of being dropped again.
What is a Dedicated High Risk Merchant Account?
A dedicated high risk merchant account is an account where the business has its own merchant ID. The key distinction in between a devoted account and an aggregate account is that the merchant is not sharing a high risk merchant account with numerous other companies.
Aggregate high risk accounts, like ones established through Shopify, use one merchant ID number for their entire portfolio. A merchant has far less control with an aggregate high risk merchant account with Shopify than they do with a dedicated high risk merchant account. With a devoted high risk merchant account, sales between the merchant and the client are transferred directly into business checking account.
With an aggregate high risk merchant account, the funds from a transaction are sent out to the processor, like Shopify. And then are deposited into the merchant’s checking account. Shopify, the aggregate high risk merchant account processor. also makes its own rules and can make any modifications they deem necessary without your authorization.
Benefits of a High Risk Account
Developing your merchant account with a provider that specializes in high risk accounts ensures the security of your business. Processors that specialize in high risk accounts recognize with the territory and distinct needs of a high risk company.
You will have peace of mind understanding your online high risk company is safe with your dedicated merchant account. Service providers of dedicated high risk merchant accounts understand the special market needs. Account providers like Shopify can not provide this kind of expertise for high risk industries.
Chances are if you were dropped from one of the major aggregate high risk merchant account providers like Shopify. It is only a matter of time prior to being shut off from other like e-commerce platforms. This indicates that your clear next action will be to look for a high risk merchant account with a company that concentrates on high risk merchant accounts. And can designate your own merchant ID descriptor.
Reassessing Your Business Needs
If Shopify dropped your account there is a possibility that any funds staying in your Shopify bank account might be frozen. Your frozen funds trapped in your Shopify bank account until you open a high risk merchant account.
It is best to look for a high risk merchant account and payment processor that focuses on high risk markets across the board. To maximize your service provider benefits, look for a high risk provider that has an internal underwriting team. An in-house underwriting team will assist you and your service ensure that you are presented in the outright finest methods possible prior to your application is sent to potential banks.
Open Your High-Risk Account Today
We’re here to help if you’re a merchant with high risk needs who’s been using aggregate accounts like Shopify.
At FinTechMerchantAccounts.com, we understand that finding the best dedicated high risk merchant account can be a difficulty. As veterans of the industry, we understand how to match our clients with their ideal service provider expertly. FMA offers clients the most competitive costs on the marketplace without jeopardizing on security or performance. If your merchant account has actually been closed down and you need a high risk merchant account quick, we can get you approved in just 48 hours.
FinTechMerchantAccounts comprehends the distinct requirements of high risk merchants and has developed obtaining banking relationships both domestically and offshore and are experts in getting e-commerce and internet businesses approved to accept online payments. Contact us today to get started.