Stripe Closed My Merchant Account Now What Do I Do?

When an aggregator like Stripe, kicks you off their platform or freezes your account, it can be devasting and confusing as to what to do next because it happens without notice is here to respond to all of your questions and to take the guesswork out of what your next steps need to be when applying for a high risk merchant account after being shut off by Stripe and present Stripe alternatives.

Here we’ve set out precisely how to manage this type of circumstance– which really happens more frequently than you ‘d think.

What is a Dedicated High Risk Merchant Account for Stripe Payment Processing?

A devoted high risk merchant account, like one you might have gotten with Stripe, is an account where the business has its own merchant ID (MID) where the merchant is not sharing a high risk merchant account with several other organisations. Very much unlike an aggregate (AGG) high risk merchant account like that Stripe uses for their entire portfolio of merchants.

A merchant has far less control with an aggregate high risk merchant account with Stripe compared to a direct MID high risk merchant account. With a direct high risk merchant account, transactions between the client and the merchant are deposited straight into the business checking account.

With an aggregate high risk merchant account, the funds from a sale are sent to the payment processor, like Stripe, and after that are deposited into the merchant’s bank. Stripe, makes their own rules and can make any modifications they consider needed without your authorization.

So, Stripe Drops your High Risk Merchant Account– Now What?

Chances are, if you were shut off by the main players in the merchant services industry like Stripe, it is just a matter of time before you are declined or shut off from the others. So your clear next reaction is to search for a high risk merchant account with a business that specializes in high risk credit card processing that are able to issue your business with direct MID.

In pursuing your search, you want to look for a merchant solution company that has direct relationships with domestic as well as offshore banks. It’s even better when that merchant processor has an experience in-house underwriting team that can streamline the process and make sure your application is correct.

Unlike Stripe, a good high risk merchant account is incredibly hard to acquire. That said, here at, we have the highest approval rate in the merchant services industry. If you are reading this because you just discoverd..”Hey, Stripe  closed my merchant account, and did not even give me notice”!  Don’t panic we can assist you, and have your business able to start accepting payments ASAP, so reach out today!