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Why Would the Bank Put a Reserve on My Account?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services

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There are times where underwriting prefers a reserve on a new merchant account. As much as we typically are able to avoid this scenario, here’s how that would occur and the reasons behind it.

 

 

 

First, your bank statements may show an amount insufficient to cover any chargebacks or refunds. When this occurs, the provider and bank that signed you up holds the responsibility with these customers that are looking for their money back.

 

Second, the level of risk with the business…

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How Does the Application Process Work?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services

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The application process should be extremely simple no matter which provider you choose. At Total-Apps, we do make it a priority to get you set up within 2-3 business days. Here’s how that breaks down:

 

 

When you initially inquire with Total-Apps, one of our account engineers will review the information you provide and pre-approve you with a designated account type. Depending on the level of risk for your business, there are multiple options on how to set you up.

 

The next…

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3 Tips to Manage Your High Risk Business

by total-apps,

, in Credit Card Processing Merchant Services

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There can be a few reasons your bank is labeling you as “high risk.” You may be in an industry with government regulations. You may be selling a service or product that is in a legal gray area. You may be running a business with a track record of chargebacks. Whatever the case, here are 3 tips we’ve come up with to ensure you manage it successfully and know your options.

 

 

1. Form a Relationship with Your Merchant Account Provider

This…

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Why is the Act of “Know Your Customer” Important?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services

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Know Your Customer (KYC) is the act and process taken by businesses to ensure they know their client. In the case of merchant accounts, it is the form of underwriting in which an application is reviewed with all supporting documents.

 

 

We believe it’s important to take it one step further. It’s important to understand the business model of a client as well as understand how the industry and any current regulations in the market can affect the client’s business.

 

When you…

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Why is a High Monthly Volume Risky?

by total-apps,

, in Credit Card Processing Frequently Asked Questions Merchant Services Online Payment

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This is a question that we get quite often. People are under the impression that higher volume equals more fees which should be good for the merchant account provider. So why do providers look at a higher monthly volume as risky compared to a low monthly volume?

 

 

It really comes down to the fact that every additional dollar processed holds a risk of chargeback for the acquiring bank. If a merchant lacks the funds to cover the chargeback, the bank…

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