extra step in the process. Many customers don’t want an account, they just want to pay by credit card and check out.
3 Tips to Stop Your Merchant Account Getting Shut Down
It can be difficult getting approved for opening another merchant account if you’ve been shut down before.
Apart from checking the term and conditions, there are a few simple measures you can take to avoid getting closed down.
1. Communicate Before You Launch
Before you launch you must tell your merchant account what is going on. Communication is key! Tell them the volume of sales you expect, your launch time period and what you are selling. Answer any of their questions patiently and thoroughly.
Be very aware what your limits are. If you exceed your limit, your account may be shut down overnight.
It’s a grim position to be in when you can’t take your customer’s payments and could even be the end of your business. It’s much easier to avoid this happening in the first place.
3. Charge-backs
It will cost you a set fee (usually around $25) each time you get a chargeback, so your best tactic is prevention. You can largely avoid chargebacks by providing good products and good service. If someone wants a refund, issue them one promptly.
Some customers may not recognize your company name on their credit card statement and do a charge-back in panic. Do your best to minimize confusion by ensuring your product name is identifiable. On your download page, state clearly the name that’s going to be printed on their credit card statement.
