When Authorize.net Drops Your High Risk Merchant Account
Where To Turn When Authorize.net Drops Your High Risk Merchant Account
Providers freeze high risk merchant accounts more often than you’d think. In addition, when your account is on hold your gateway is also at a standstill. Both of these are essential to your e-commerce store. So, be sure to read below for details on how to open a high risk merchant account after yours has been closed down. After you’re fully informed, you’ll be ready to shop for the best payment provider for your company and accept credit cards on your website once again.
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What is a Dedicated High Risk Merchant Account – like that with Authorize.net?
A dedicated high risk merchant account, like one you might have acquired with Authorize.net, has its own merchant ID. Therefore, you won’t share your high risk merchant account with several other businesses. Very much unlike an aggregate high risk merchant account like one with Authorize.net who uses one merchant account for an entire portfolio of merchants. A business has far less control with aggregate high risk merchant accounts like Authorize.net than they do with a dedicated one custom for their business.
The difference between the two types of accounts is simple. With a dedicated high risk merchant account, transactions between the merchant and the customer deposit directly into the business bank account. With an aggregate high risk merchant account, the funds from a transaction go to the account provider, like Authorize.net. Next, they deposit into the merchant’s bank account. Authorize.net, the aggregate high risk merchant account provider, also makes their own rules and can make any changes they deem necessary without your consent.
So, Authorize.net Drops your High Risk Merchant Account – Now What?
Chances are, if you were dropped from one of the major aggregate high risk merchant account providers, like Authorize.net, it is only a matter of time before you are dropped from the others. This means that your next step will be to apply for a high risk merchant account. Find a company that specializes in high risk merchant accounts and can assign you a specific merchant ID.
For this reason, it is best to seek out a high risk merchant account payment processor that has great relationships with several banks. It’s even better when that merchant processor has an in-house underwriting team. They will cross every T and dot every I to make sure that you have the best possible application before it goes to the bank. Unlike with Authorize.net, a high risk merchant account payment processing company like this is incredibly difficult to find. But look no further, we are the high risk merchant account payment processing company that will exceed your expectation