Stripe and Paypal are major enterprises who will handle your account as a number and do not provide the necessary consultative approach for your business. Their merchant account setups are fast with little to no oversight which can put your business at risk. This is why they may close your account with a snap of their fingers and offer no support if they find your business a risk. Every experience with a payment processor will differ depending on risk variables, such as the type of business, products sold and type of clientele.
Frozen accounts are applied when the payment processor feels that there is a possibility of suspicious activity or the industry type is unacceptable to most banking standards during a review process. Take care of your business. No need to lie or dress up your company, plain and simple. Don’t describe your company as low risk if it is not! If your company is evaluated as a moderate-to-high-risk merchant, find a high-risk payment-processing specialist like Swipebox!
At Swipebox, we use our trusted banking relationships to calculate, support and protect your payment services. We advise companies all the time. It may cost a little more but if you are passionate about growing your business venture, pursue it securely! We will set your company up for success. Take card payments without your credit card processing ever disappearing.
Fun fact… there is a small lag time between when you send a credit card for authorization, charge the total amount and when the bank funds the transaction. Now, enter chargeback risk! The second your company has a chargeback or two, Paypal or Stripe will review your company as high-risk and have the option to shut you down without any warning.
Time to contact Swipebox to get a proper provider for your company. We will educate you to understand the risk level, encourage internal processes, get you on the correct processing platform to put you in the best position to scale your high-risk company.