When Shopify Drops your High Risk Merchant Account
When an aggregate merchant account like Shopify kicks you off their platform or freezes your account, it can be confusing as to what to do next. We're here to help.
Did Shopify Drop Your Merchant Account?
- Being dropped by a major platform like Shopify is concerning for a business owner. However, you’re not alone.
- Our team of high risk merchant account experts have laid out exactly how to handle this type of situation – which happens more often than you’d think.
- PayKings can help take the guesswork out of what your next steps should be when applying for a high risk merchant account.
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Why Was My High Risk Merchant Account Dropped?
There are several reasons that a provider like Shopify would drop or freeze high risk merchant accounts. First, if you are selling goods or services deemed as a high risk without using high risk merchant accounts or payment processors, Shopify has the authority to drop or freeze your account. If you are a high risk merchant on Shopify, it is essential to follow all protocols regarding the regulations on the sale of your products. Often, high risk goods are highly regulated. This marks your business as a high risk to banks and providers like Shopify. It’s vital to understand why your merchant account has been dropped to ensure that it never happens again. Although Shopify is one of the most well-known providers, there are hundreds of other comparable providers. Dedicated high risk merchant account providers have a range of industry specializations, so your sure to find the perfect fit while mitigating your risk of being dropped again.What is a Dedicated High Risk Merchant Account?
A dedicated high risk merchant account is an account where the business has its own merchant ID. The key difference between an aggregate account and a dedicated account is that the merchant is not sharing a high risk merchant account with several other companies. Aggregate high risk accounts, like ones established through Shopify, use one merchant account for an entire portfolio. A business has far less control with an aggregate high risk merchant account with Shopify than they do with a dedicated high risk merchant account. With a dedicated high risk merchant account, transactions between the merchant and the customer are deposited directly into the business bank account. With an aggregate high risk merchant account, the funds from a transaction are sent to the account provider, like Shopify, and then are deposited into the merchant’s bank account. Shopify, the aggregate high risk merchant account provider, also makes its own rules and can make any changes they deem necessary without your consent.
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Benefits of a High Risk Merchant Account
Establishing your merchant account with a provider that specializes in high risk accounts ensures the security of your business. Providers that specialize in high risk accounts are familiar with the territory and unique needs of a high risk business. By choosing a high risk provider, the result is better service and secure processing. Rest assured knowing your online high risk business is safe with your dedicated merchant account. There’s no need to worry about unexpected account closures that could put the well being of your business at risk. Providers of dedicated high risk merchant accounts understand the unique industry needs. Account providers like Shopify cannot offer this kind of expertise for high risk industries. High risk merchants are much better off choosing a provider with a predominant high risk background.Moving Forward
Chances are if you were dropped from one of the major aggregate high risk merchant account providers, like Shopify, it is only a matter of time before being cut from other like providers. This means that your clear next step will be to apply for a high risk merchant account with a company that specializes in high risk merchant accounts and can assign you a specific merchant ID.Reevaluating Your Business Needs
Having the right merchant account allows your business to function properly and keeps your assets safe. If Shopify dropped your account, there is a chance that any assets remaining in your Shopify bank account could be frozen. Any assets that are frozen could remain frozen until a high risk merchant account is established, and the proof is provided. Only then can frozen assets stuck in your Shopify bank account be released to your dedicated high risk merchant account.Establishing A New Account
It is best to seek out a high risk merchant account and payment processor that specializes in high risk industries across the board. To maximize your provider benefits, look for a high risk provider that has an in-house underwriting team. An in-house underwriting team will help you and your business make sure that you are presented in the absolute best ways possible before your application is sent to prospective banks.Open Your High-Risk Merchant Account Today
If you’re a merchant with high risk needs who’s been using aggregate accounts like Shopify, we’re here to help. At PayKings, we know that finding the perfect dedicated high risk merchant account can be a challenge. As veterans of the industry, we know how to match our clients with their ideal provider expertly. PayKings offers clients the most competitive prices on the market without compromising on security or functionality. If your merchant account has been shut down and you need a high risk merchant account fast, apply online today for a list of curated results based on your specific needs in as little as 48 hours.Why PayKings?
PayKings understands the unique needs of different ecommerce related businesses and has established 24+ acquiring bank relationships to become experts in getting ecommerce companies accepting online payments.
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