It’s Holiday Time; Do you Know your Merchant Account Limits?
In this season’s mad rush of gift giving, stores are hoping to finish the year with a bang; however, those sales may not materialize if your merchant account limit is unknowingly exceeded. Not only is it frustrating to lose sales when an account is shut down, but a merchant account provider may tie up money for months.
Protect Yourself, and Know All the Account Details
This tip may seem like common sense, but know your limits based on the original agreement, and keep that in mind as sales roll in. If the total sales in a given month are exceeded by mid-month, the merchant may choose to cut off additional credit card transactions until the start of the next month. This leaves you with cash or check only payment options and customers may choose to shop elsewhere.
Credit card processing companies may also shut down accounts and hold back significant funds if they notice a very large surge in total sales, or a marked increase of per sale dollar limits. For example, if a normal month is $20,000 in sales, and suddenly transactions reflect a total of $10,000 in one day, the merchant may think the charges are fraudulent.
This is especially true for online or mail order business. As a result, they may hold back a lot of money to cover any fraud-based charge backs. This can create a problem if money from those sales was supposed to go towards new inventory or employees.
Connect with your Merchant Account Provider to Avoid Confusion
To ensure everyone is clear, contact your provider to double check the limit, or raise it if necessary. Perhaps it fluctuates by season, so talk with them about a plan that allows you to do that – but give them a few weeks’ notice at least. Also let them know if you plan to change what products or services you are selling, as it may lead to increased sales. In this case it’s important to get merchant approval first.
Recent Blog Posts
Credit Card Processing for Timeshares | Time Share Merchant Account
The Transaction Group offers high risk processing solutions for the time share industry. These include merchant accounts both for businesses that make time share reservations, as well as for those that advertise or sell time share opportunities.
Credit Card Processing for Remote Technical Support & IT Help Services
Do you own or manage a remote or international tech support business and need a payment processing solution? Let The Transaction Group (TTG) save you time and money. At TTG, we understand the frustration that many technical support businesses deal with when trying to get approved for card payment services.
Credit Card Processing for Online Poker | Gambling Merchant Accounts
In recent years, it has been extremely difficult for owners of gaming sites to serve the U.S. online gambling community. Strict U.S. regulations have forced operators to go or stay offshore and ultimately pay higher rates with their gambling merchant account.
Adult Industry Merchant Credit Card Processing Services
Adult Industry Merchant Credit Card Processing Services Do you own or manage an adult industry business and looking to set up merchant services or save [...]
Card Processing for Fantasy Sports | League Merchant Account
Payment collection is easy for fantasy sports league managers with a solution from The Transaction Group (TTG). Get set up to accept credit cards from your players now! At TTG, we have been helping all types of businesses set up merchant account services...
Gaming Merchant Account
Gaming Merchant Account It’s critical you take credit cards if you operate an online gaming or gambling site. Your customers need a way to top [...]
Merchant Accounts for Bail Bond Companies
Merchant Accounts for Bail Bond Companies Merchant accounts for bail bond companies. Typically, merchant accounts for the bail bond industry are seen as high risk by [...]
Credit Card Processing for Travel Club Industry and Tour Operators
Credit Card Processing for Travel Club Industry and Tour Operators Credit card processing for travel club industry and tour operators. If you own a travel [...]
Are you shopping for a better rate? Let us save you money!
Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
- We are reliable and always available. If a customer has any concerns, we’re available even after business hours. We’ll address any issues immediately.
- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.
