For all small business owners that have customer facing sales transactions these days, the ability to process credit cards is almost a requirement. Customers just prefer to pay with plastic.

Cool smartphone technology from companies like Square and PayPal, enable small businesses to have an affordable merchant account solution without having a bunch of equipment and fees. What’s not so cool is when businesses have their merchant account shut down without warning.

Smartphone Merchant Account Suspensions

merchant account shut downUnfortunately, merchant account suspensions or terminations from companies like Square have been a regular occurrence in the past several years.

The reason for suspensions and terminations is simple. These smartphone merchant account providers tend to be very risk averse. Although the terms may outline specific businesses or industries that they will not approve, many businesses that fit the high risk bill that apply are usually approved quickly and easily.

Some of these high risk businesses are able to use the merchant account without any trouble for weeks or months, but then get shut down without warning. It’s then a challenge for businesses to adjust and find an immediate alternative credit card processing solution.

But what’s worse is that when accounts are suspended or terminated, the provider generally withholds the funds from the merchant’s sales. At that point, it’s usually very difficult for businesses to ever collect those funds.

What is Best for Your Business?

Smartphone solutions like Square and PayPal are excellent credit card processing options that work very well for some businesses, but not all.

If you are looking for a smartphone merchant account solution for your business, and are considering one of the big providers, be sure to carefully read the terms and determine whether or not your business falls into the high risk classification.

The last thing you want is to wind up like one of the several thousand merchants that have openly shared their extremely poor experiences on review sites and in social media.

Before setting up a merchant account, spend some time researching . Not only will you save much frustration but also money.the transaction group merchant services

High Risk Merchant Accounts

If you’ve been told that your business is high risk or have had a Square credit card processing solution that has been suspended or terminated, we can help.

At The Transaction Group, we are high risk merchant account specialists. Since 2004, we’ve been assisting businesses throughout the world with their credit card processing needs, including many high risk industries as well as business owners with bad credit.

We have smartphone solutions that are very similar to Square and PayPal but have lower rates and fees. And we offer competitive pricing on high risk merchant account solutions for businesses that fall into higher risk classifications.

Regardless of your business type or industry, we will work diligently to get your business approved for the credit card processing solution that is best for your business’s specific requirements.

Get Started Today!

Why risk getting your merchant account shut down by applying with another provider? The Transaction Group has your solution. Approval time can be as little as 2 business days.

If you’re ready to start accepting credit cards at your business, simply ‘Apply Now’ and complete our pre-application. If you have questions, we’d be happy to assist. Give us a call at 888-383-8056.

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