When Shopify Drops your High Risk Merchant Account

What to Do When Shopify Payments Drops Your High Risk Merchant Account

When Shopify Payments, an aggregate payment processor, terminates your account or freezes your funds, it can be a stressful and confusing experience. This guide will help you understand your next steps and how to recover quickly.

PayKings specializes in assisting businesses that have been dropped by aggregate payment processors like Shopify Payments. We're here to guide you through the process of securing a new high-risk merchant account to get your business back on track.

Understanding Why Shopify Payments Might Drop Your Account

Shopify Payments, while convenient for many businesses, has strict policies regarding high-risk merchants. They may terminate accounts for various reasons, including:

High chargeback rates

Selling products or services deemed high-risk

Sudden spikes in transaction volume

Regulatory changes affecting your industry

It's important to understand that being dropped by Shopify Payments doesn't necessarily reflect on your business practices, but rather on their risk tolerance.

The Difference Between Aggregate and Dedicated High-Risk Merchant Accounts

Shopify Payments is an aggregate payment processor, meaning they use one large merchant account for multiple businesses. This approach allows for quick setup but also means stricter risk management.

A dedicated high-risk merchant account, on the other hand, is tailored specifically to your business. It offers:

• Your own unique Merchant ID (MID)
• More stability and control over your payment processing
• Higher tolerance for the risks associated with your industry
• Customized fraud prevention measures

Steps to Take After Being Dropped by Shopify Payments

Don't panic: Being dropped by one processor doesn't mean you can't find another.

Secure your funds: Ensure you have access to any funds in your account.

Analyze the reason: Understanding why you were dropped can help prevent future issues.

Look for a specialized provider: Seek out payment processors that cater to high-risk industries.

Prepare your documentation: Gather financial statements, processing history, and business details.

Finding the Right High-Risk Merchant Account Provider

When searching for a new payment processor after Shopify Payments, look for these qualities:

• Experience with high-risk industries
• Relationships with multiple acquiring banks
• In-house underwriting team
• Transparent fee structures
• Robust fraud prevention tools
• Excellent customer support

At PayKings, we specialize in providing high-risk merchant accounts to businesses that have been dropped by aggregate processors like Shopify Payments. Our team understands the unique challenges faced by high-risk merchants and works diligently to find the right solution for your business.

The Application Process for a High-Risk Merchant Account

Applying for a high-risk merchant account is more involved than signing up with Shopify Payments, but the stability and tailored service make it worthwhile. The process typically involves:

Initial consultation to understand your business needs

Preparation and submission of your application

Underwriting review

Account approval and setup

Integration with your e-commerce platform

With PayKings, you'll have support throughout this entire process, ensuring your application is presented in the best possible light to our banking partners.

Moving Forward After Shopify Payments

Being dropped by Shopify Payments can feel like a setback, but it's often an opportunity to secure a more suitable, stable payment processing solution for your business. With a dedicated high-risk merchant account, you'll have the tools and support needed to grow your business with confidence.

Contact PayKings today to learn how we can help your business recover and thrive after being dropped by Shopify Payments. Our team of experts is ready to guide you through the process of obtaining a high-risk merchant account tailored to your specific needs.