Introduction
Large merchant account providers like Square can unexpectedly drop or freeze your account, especially if your company requires a high risk merchant account. This can severely impact your ability to process payments online and hurt your sales. Finding a high-risk credit card processing company quickly becomes critical in such situations.
The Impact of Being Dropped by Square
When Square stops your ability to process payments:
- Customers visiting your e-commerce site may be turned down when trying to purchase items, emphasizing the need for a reliable ecommerce merchant account.
- Your sales can be severely affected
- You need to find an alternative payment processor quickly
Square Credit Card Processing
Square is primarily useful for low-risk merchants, who:
- Run online companies with consistent and non-regulated transactions
- Have few chargebacks
- Don't operate in risky verticals
In contrast, high-risk merchant account providers like PayKings customize accounts per business and vertical, understanding that each industry has its own unique challenges. Such as those faced by ecommerce merchant account providers.
Advantages of High-Risk Merchant Accounts
More lenient terms and conditions
Greater operational flexibility
A unique account that belongs to you (unlike Square)
A unique ID number that serves as a business bank account
An online interface or payment gateway for easy integration with your website
Finding the Best Payment Processor
When looking for a new payment processor after being dropped by Square:
Look for a company with experience in your business vertical
Seek providers with the necessary banking resources to onboard your company
Prioritize expeditiousness, as quick recovery is crucial
Look for alternatives immediately
Speak with agents who can quickly put together your bank package
Why You're Likely Classified as High-Risk
If a major account provider drops your account:
- You'll likely be classified as high-risk
- Other major providers (PayPal, Stripe) may not let you create a new account
- Some may open your account instantly but drop it later
Choosing a Sustainable Solution
To avoid repeated issues:
Choose a well-established payment processor with industry experience
Look for processors who can help organize your business information quickly
Seek out companies with dedicated sales and underwriting teams
Conclusion
Being dropped by Square can be a significant setback, but it's not the end of the road. By understanding your high-risk status and seeking out specialized payment processors, you can find a sustainable solution that allows your business to continue operating smoothly. Remember to act quickly and choose a provider with experience in your specific industry for the best results.