Your Merchant Account Is Terminated — Now What?

As known to all, “risk” is the synonym of business. Yes, this precisely means that you’ll have to be ever-ready to deal with problems and other risks. One of the major problems for examples may be the sudden termination of your high risk merchant account. In case you’re facing the similar problem, here are few ways by which you can deal with the same—

1) Find out The Reason For Your Termination

This is one of the first things that you shall be asked—why was your last merchant account terminated. So, you must make haste and find out the real reason for the same. Guess work won’t just work here.

2) Assemble Your Last Statements

You must keep to yourself at least 6 of your last processed statements. This is very important for while opening a new account, you shall be asked for these. Do this while you still have access to online reporting network.

3) Contact Your High Risk Processor of Payment

No matter what caused your account’s termination, in future most mainstream processors would think many times before forging a deal with you. So, it is always safe and advisable to contact a high risk processor who would be able to deal with all your queries with ease.

4) Complete the Necessary Paper Work

Be honest and let the new processor know about all the commercial details of your account. Henceforth, you shall be required to complete a whole lot of important paper work. After that, you should be compliant too as you would be thoroughly scrutinized.