When Square Drops Your High Risk Merchant Account

Mar 8, 2023 | Payments

What Happens When Square Drops Your High Risk Merchant Account?

Large merchant account providers like Square can drop you from their platform or even freeze your account. It may come without warning. Suddenly you’ll find a message that Square has stopped your ability to process payments online because your company requires a high risk merchant account.

If this happens while you’re running an e-commerce store, it means that when customers visit your site, they are being turned down as they try to purchase items. This can hurt sales severely. So finding a high risk credit card processing company is critical.

Signature Payments provides high risk merchant accounts to companies that Square terminated their services. We explain the landscape of high risk processing and walk you through the steps of opening a new account. As a result, your business keeps running and making money.

Apply with our online merchant application, so we can help you open a new sustainable account after being dropped by Square.

What Happens When Square Drops Your High Risk Merchant Account?

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Square Credit Card Processing

Square credit card processing is a valuable service for low risk merchants. A low risk merchant runs a company with consistent and non-regulated online transactions. These companies have few chargebacks and don’t operate in risky verticals. Square will allow these companies to use their service and offer steady rates. In contrast, companies like Signature Payments customize high risk accounts per business and vertical. Each industry has obstacles, so you’ll want to contact a merchant solution to determine which will work best for you.

Luckily, there are payment processors who help companies that Square declined. They have more lenient terms and conditions, giving you leeway to operate your business however you want. Additionally, unlike a Square merchant account, your high risk merchant account will belong to you. It has a unique ID number that serves as a business bank account.

One similarity between Square merchant accounts and high risk ones is that they both have an online interface or a payment gateway, which will connect your bank account to your website. This payment gateway is a software integration that can easily be added to your site once your account is approved.

Finding The Best Payment Processor

Whether you’re looking for a CBD merchant account for your new hemp shop or more flexibility for your chargeback rates, you’ll want to pick the best high risk provider you can. Look for a company that has experience in your business vertical. This will let you know that the company has the banking resources to onboard your company.

Expeditiousness is critical when you need to recover from Square freezing your account. Be sure to look for alternatives immediately and speak with talented agents who can quickly assemble your bank package.

Square High Risk Merchant Account

If a significant account provider drops your account, you’ll likely be classified as high risk. Additionally, other services will not let you create a new one. Alternatively, they may open your account instantly and drop it later, putting you back in the same situation. Significant providers like PayPal, Square, and Stripe all have similar rules associated with their payment processing conditions. Moreover, they similarly open accounts. They take basic information, approve it, and review it later. This is why, although you may find a quick answer with those processors, it’s best to go with a sustainable and trusted solution that will last for the long term

When Square Drops Your High Risk Merchant Account

Find a well-established payment processor who has been in the industry for a long time and knows how to help you organize your business information promptly. A good merchant team has salespeople who will answer the initial questions. They should also have an underwriting team to organize your documents to submit to the bank.

Once you’ve applied for a merchant account right for your industry, you’ll be on your way to opening a sustainable account that will allow you to keep your company running even after the headache caused when Square drops your merchant account.