What To Do If You’ve Lost Your Chase Merchant Account Article by: Highrisk Solutions If you’re a business owner, you understand the importance of maintaining a long lasting merchant account. If something were to go wrong and your account were to be invalidated, you would find yourself in a very complicated dilemma. Your company would not be able to accept payments and this would result in great losses. This can be incredibly scary, but there is help out there. Take a step back, calm yourself and know that we’re here to help. Identifying The Problem First and foremost, you should attempt to identify the problem. We realize that a lot of merchants will be labeled as high-risk. This automatically puts you in a more complex battle. Although the battle will be uphill, it is not one that cannot be won. Below, you’ll find a list of merchants, which are commonly labeled high-risk.
Internet and e-commerce businesses Travel and cruise companies Online auctions Those offering memberships to clubs Nutraceutical Telemarketing E-cigarettes Offshore Processing Multi-Level Marketing
Again, proving that your company is worthwhile and trustworthy will not be impossible, but it will be more complicated on your own. The First Step With our assistance, you will begin by proving your company’s worth and reliability. The first step is to find a reliable merchant to build a lasting relationship with. Traditional banks such as a Chase merchant account may not be willing to take on certain verticals or e-commerce businesses. We have relationships with many different banks and can evaluate your situation to place you with the best provider for your needs. We pride ourselves on our lasting relationships with our clients and allowing them to grow their business to the next level. Acknowledging Your Past
It is vital to remember that merchants will judge you based on your past activities. We’ve work closely with the processors and understand their mentality and what’s needed to get approved. By working with us, we’ll be able to formulate an honest response to your past troubles. Honestly acknowledging these problems will prove to be exceptionally beneficial and will help to eliminate barriers, which may prevent your account from being opened. Negotiating Fees As a high-risk merchant, banks may attempt to coax you into paying high fees. This is entirely unacceptable and you shouldn’t be required to pay anything extra. We wholeheartedly understand your situation and have successfully negotiated on behalf of our clients numerous times in the past. With our assistance, you will be able to obtain a friendlier rate, which allows your company to continue generating profits. Reserve Fees If your company is deemed to be a high-risk merchant, or you have been shut down from a traditional bank such as Chase Merchant Services, you will need to put in extra effort to obtain a new account. The processor may require you to setup a reserve account and pay in reserve fees, which will be calculated as a certain portion of your sales. This protects the processor and only forces your company to lose more capital. With our assistance, you will be able to obtain the lowest reserve fees possible, so your company can profit more. Overall Attempting to open or regain your account on your own will be difficult, if not impossible. This is why you should align yourself with a team of experienced experts. When you’re ready to begin accepting online payments again, you should contact us and allow our experts to guide you in the right direction.