So how do you avoid volume limits and or a frozen account?
Below are some tips to help you avoid a frozen or closed merchant account:
- Read the terms before applying for a merchant account and make sure that you understand the penalties and fees for exceeding volume limits.
- Have a backup merchant account in case of an emergency with your primary merchant account.
- Be aware that your account could get frozen if you start selling products in a different industry without getting authorization from your merchant account provider.
- Create a flexible business plan with a broad industry so that you can change the products you sell. For example choose “electronics” instead of “mp3 players” for your product category.
- Offer quick refunds to dissatisfied customers, this will help avoid too many chargebacks which can trigger a frozen account.
- Call your merchant account provider if you start seeing a spike in sales and explain the reason for the increase, then request a volume limit increase.
- Call your merchant account provider if you process a larger than usual transaction let them know why the transaction was so large and request a change in ticket size.
One way to avoid problems with volume limits is to open a high volume merchant account. Below is a list of high volume merchant account providers. These companies will be able to handle issues such as security, scalability, processing speed, uninterrupted service, and minimization of fraud.
Applied Merchant Systems
- High-risk department specializes in high volume merchants.
- Services up to 99% of high risk clients with fast set-up, training and support.
- Extensive industry experience and solid banking relationships.
- Complete fraud scrub and "Verified by Visa" optional.
- Adult/pharmacy/gaming specialists.
- 3rd Party or direct MID accounts offered.
- Tailors solutions to the particular needs of individual businesses.
MetaCharge
- $95.00 dollar fee to set-up the account.
- Comprehensive solution for high volume merchants.
- Internet merchant account with fast, secure & reliable payment gateway.
- Fraud prevention features advanced 'geo-location' data scoring.
- European Union corporation required (non-EU merchants can be incorporated for as little as $125US).
- $5,000 minimum monthly sales volume required (3 month grace period for startups).
NPSGlobal
- Offers credit card processing for internet, adult, high volume, high risk and MOTO
- Can process payments for businesses located worldwide; fraud screening; high processing volumes (limit not pre-set); no currency or transfer restrictions; 24-hour customer service; gateway is fully secured and offshore; state-of-the-art equipment with 3 backup servers for high up-time
- Customized rates/fees based on application underwriting criteria.
Total Merchant Services
- Handles internet, telephone & mail order, retail & wireless processing solutions for high volume merchants.
- Application process normally completed within a matter of days.
- Merchants not on its 'prohibited business list" with processing volumes exceeding $10,000/month can receive a merchant account by providing evidence of a sound credit history; tax returns or financial statements; and copies of recent credit card processing statements.
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