Shopify Drops your cart and processing
If your life work and business, as well as your custom design shop on Shopify cart and payment processing, are to be taken from Shopify, you must contact team eDataPay today.
In most circumstances, you should never wait and should always have a backup and alternative account with eDataPay and a basic rule in business continuity.
Me personally, I will never collaborate with a single provider who will have all control over my business, be the judge and jury, and be able to do whatever they want on their platform… ( you can see it all over today) β¦ This is not American way, and you may be falling for their “free” shopping cart, which is not free and can and will be much more expensive than any other bank, they are not providing FDIC or business continuity insurance, and at the end of the day, as a business owner, you must be able to work with them and benefit, but never put all your eggs in their basket…
Today, we have a lot of wonderful actual options that aren’t too expensive. For less than $24.95 per month, you can get an account, hosting, and a bank to back you up…
Shopify suspends, terminates, or freezes your account.
The huge banks with whom we work in the United States and Europe would be delighted to take your business.
The question is usually “WHY” when Shopify closes a high-risk merchant account. What is the definition of a high-risk merchant account?
It’s time to work with direct banks and establish the kind of relationship they’re seeking for.
It’s difficult to know what to do next when an aggregation merchant account provider, such as Shopify (Stripe or Square), takes you from their platform or freezes your account. We’re here to assist you.
- Has Shopify terminated your merchant account?
For a business owner, being dropped by a big platform like Shopify is alarming. You are, however, not alone.
Our team of high-risk merchant account professionals has outlined exactly how to deal with this circumstance, which occurs more frequently than you might expect.
- EDataPay.com Payments can help you figure out what to do next after you’ve applied for a high-risk merchant account.
What Happened to My High-Risk Merchant Account?
A provider like Shopify might remove or freeze high-risk merchant accounts for a variety of reasons. First, Shopify has the authority to remove or freeze your account if you are selling high-risk goods or services without using high-risk merchant accounts or payment processors. If you’re a high-risk Shopify merchant, it’s critical that you follow all of the rules and laws that govern the selling of your products. High-risk items are frequently heavily regulated. This makes your company a high-risk investment for banks and service providers like Shopify. It’s critical to understand why your merchant account was terminated in order to prevent this from happening again. Hundreds of different providers are identical to Shopify, which is one of the most well-known. Dedicated high-risk merchant account providers specialize in a variety of industries, so you’ll be able to discover the right fit while reducing your chances of being dropped again.
What Is a High-Risk Company?
Online or brick-and-mortar enterprises that sell products in niche markets are considered high risk. Discount rates are often very high, and security reserves are significant. If the industry has a higher risk of fraud and chargebacks, a merchant is usually classed as high-risk. Adult material or pornography, as well as internet gambling, are the two most dangerous accounts. High-risk merchant accounts are required in both businesses.
Many additional firms are categorized as moderate risk. These firms, while historically considered high risk, do not qualify for a standard account, yet credit card processing fees will still be higher.
The following are the most common high-risk merchants:
- Telecommunications services, especially prepaid phone cards
- Travel accommodations, airfare, or packages β’ Discount memberships or gym memberships β’ Software downloads β’ Health and wellness products β’ Multi-level marketing and direct sales
- Credit repair services β’ Electronic cigarettes
What is the difference between a dedicated high-risk merchant account and a shared high-risk merchant account?
A dedicated high-risk merchant account is one in which the company has its own merchant identification number. An aggregate account differs from a dedicated account in that the merchant does not share a high-risk merchant account with multiple other businesses. High-risk accounts, such as those created through Shopify, employ a single merchant account to manage a whole portfolio. An aggregate high risk merchant account with Shopify gives a business significantly less control than a specialized high risk merchant account. Transactions between the merchant and the client are deposited directly into the business bank account via a designated high risk merchant account. The money from a transaction are forwarded to the account provider, such as Shopify, and subsequently deposited into the merchant’s bank account with an aggregate high risk merchant account. Shopify, the all-in-one high-risk merchant account provider, has its own set of regulations and can make whatever modifications it sees fit without your permission.
The Advantages of Having a High-Risk Merchant Account
Establishing a merchant account with a provider who specializes in high-risk accounts assures your company’s security. High-risk account specialists are familiar with the territory and special requirements of high-risk businesses. The effect of selecting a high-risk provider is improved service and secure processing. With your dedicated merchant account, you can rest assured that your high-risk online business is safe. There’s no need to be concerned about unexpected account cancellations that could jeopardize your company’s success. Dedicated high-risk merchant account providers are aware of the industry’s specific requirements. For high-risk industries, account providers like Shopify are unable to give this level of competence. High-risk merchants should go with a provider who specializes in high-risk transactions.
Taking Action
If you’ve been dropped from one of the main aggregate high-risk merchant account providers, such as Shopify, it’ll only be a matter of time until you’re dropped from others. This means that the next logical step is to apply for a high-risk merchant account with a business that specializes in high-risk merchant accounts and can provide you with a unique merchant ID.
Rethinking Your Company’s Requirements
Having the correct merchant account allows your business to run smoothly while also safeguarding your assets. Any assets left in your Shopify bank account may be frozen if your account is terminated by Shopify. Any assets that have been frozen may stay frozen until a high-risk merchant account has been established and verification has been presented. After that, frozen assets in your Shopify bank account can be transferred to your dedicated high-risk merchant account.
Setting Up A New Account
It’s important to find a high-risk merchant account and payment processor that works with a variety of high-risk sectors. Look for a high-risk provider with an in-house underwriting team to get the most out of your coverage. Before your application is forwarded to prospective banks, an in-house underwriting team will assist you and your company in ensuring that you and your company are portrayed in the best possible light.
Today is the best time to open a high-risk merchant account.
We can assist you if you’re a high-risk merchant who has been using aggregation accounts like Shopify. At EDataPay.com Payments, we understand how difficult it may be to find the ideal specialized high-risk merchant account. As industry professionals, we know how to precisely match our clients with their right source. EDataPay.com Payments provides clients with the most inexpensive costs on the market while maintaining the highest levels of security and functionality. Apply online immediately for a list of customized results based on your unique needs in as little as 48 hours if your merchant account has been closed and you need a high risk merchant account fast.
