AvoidHolds and Freezes to Merchant Accounts

Account hold and freezes are really annoying for merchants. From the very moment their account is frozen, the entire business comes to a standstill. But this can be prevented easily. For that, merchants should take some steps and avoid any malicious incidents to secure the account.

But before I reveal the tips, you should remember why merchant accounts are held or frozen by payment processors.

Most of the time, merchant account freezes are held if the communication between merchant and payment processor is not frequent. However, the payment processors always keep track of the transactions. So when they find any suspicious transaction, they tend to freeze or hold the account.
But the following tips will help you keep the account from being frozen or held.

Anything big coming? Let your payment processor know

Not keeping a good communication is one of the major reason why accounts are held. That’s why to avoid this type of situation, maintain a verbal or virtual communication. For example, if you know that there will be a big payment today, you should let your processor know about that. This way, your transaction won’t be flagged and your account will be secure.

Let them know when you launch a new product 

When you launch a new product, you should expect a big boost in sales. That means more and more transactions are coming your way. So before your processor get overwhelmed and suspicious about your transactions, let them know that you are expecting this.

Share your business model with your processor

Any changes to your business, small or big, related or unrelated, make your payment processor aware of this all the time. Remember, any change you make to your business model, affects the behaviors and amount of transactions in your account, for better or for worse. So let your processor know what you are planning, otherwise they will think that the change in your transaction is suspicious.

Discuss With them before any campaign

This is somewhat the same as my other tips. Share your thought on promoting your business. This way, they will know that you are running a campaign which explains the sudden boost in transactions.

Get a highrisk account

It is tempting to misrepresent your service or business a bit to qualify for better fees and rates. But remember, doing so may get your account suspended or terminated. But you can get a high-risk account that is more affordable and more stable than a regular account if your service or business can be defined as high risk. This will help you because the payment processor will think you’ll get more problems than others in general, so they won’t hold your account for small reasons.

Reduce the chargebacks

As I’ve mentioned before, payment processor monitors your transactions carefully. So when a huge number of chargebacks is shown on your portfolio, they will think your company isn’t giving what it promised to the clients or you are accepting fraudulent credit cards, which is even worse. So keep that in mind and try to avoid these if you don’t want your account to be flagged for review.

For more info, please visit: Charles K Carillo

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