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What to Do If You Are Placed On the Terminated Merchant File

March 8, 2013 by · Leave a Comment 

As an owner of a business one of the worst things you could hear is that your merchant account has been terminated. Not only does this mean that you are unable to process credit card payments from your customers which alone is a huge blow to any business because now you face the prospect of a serious drop in sales, and you would be dealing with it for a long time to come since this also means that your name is now included in the terminated merchant file.

All merchant account providers including Solid trust Pay maintain a TMF which includes the names of businesses that have caused problems to them in the past resulting in the bank having to terminate the account and this list is used as a warning to all merchant banks when opening new accounts where they will not approve applications from persons listed in the file which means you will not have credit processing facilities anymore and even if you want to you cannot have the services of reputed service providers like Solidtrustpay.

The outlook does indeed seem grim, but what can one do to restore the blacklisted status?

The first thing to do when you find out that you have been listed is to contact the merchant bank that has listed you and find out the reason for such listing. Your listing can only be reversed by the acquiring bank that listed you. Click on to to find out more about your account being terminated.

If the reason is the non-payment of a fee or charge, the simple task of paying the dues will remove your name and have your facilities restored.  But if the reasons are more serious such as credit card fraud it is highly unlikely that any merchant service provider including Solid Trust Pay will remove your name because of the risk you pose to the banks.

If high rate of chargebacks is the cause, the bank will give you time to rectify the chargebacks and when there have been no considerable number of chargebacks reported your name will be removed.

If you are still unable to have your name removed you still can open an account with certain acquiring banks that will provide merchant accounting services but a t a much higher cost than what was charged by Solidtrustpay.

 Contact to find out more about how you can remove your name and fight to have it removed as this will seriously affect your business in the long run and be prepared for a long drawn process to have your name removed.

How to Accept Money Online For Your Business

February 11, 2013 by · Leave a Comment 

Article Submitted by: Solid Trust Pay.

Are you going to start an online business? One of the most important things for you to consider will be how you are going to accept payments from your customers. It will not be practical for the customer to send you a check while you also face the possibility of the check bouncing due to unavailability of funds in the account of the customer and people are reluctant to give away details of their bank accounts to make an online purchase. So what are the other options that are available to you to accept online payments?

Credit cards

This will be the most convenient method of payment for many customers. In order for you to be able to accept credit card payments online you need to first open a merchant account with a merchant service provider who will link your account with that of the credit card company of the customer and collect money from the credit card company and deposit it in your merchant account.

Due to the high demand for credit card processing, merchant account services are now affordable and within the reach of small businesses.
Amazon WebPay

If you intend to do business with Amazon you can use Amazon WebPay to accept money from customers for free. The customer can send a payment request from the Amazon payment website to the email address of the seller. The customer will fund this transfer with the money in his Amazon payment account or use a credit card. You can withdraw the money sent to you or use it to purchase Amazon gift certificates. There is a minimum withdrawal limit of $10 per cash withdrawal or $1 for Amazon gift certificate withdrawals.

PayPal is one of the most dominant methods of payments used online. It is an easy as well as secure method to receive money online. Both buyer and seller must have a PayPal account and both parties should enter credit card and debit card information to the PayPal account and the transaction is carried out between the two accounts. The information given to PayPal remains within PayPal and is not exposed to all the parties involved which can be a security threat.

You can accept payments from PayPal by adding a PayPal shopping cart to your website or by adding a PayPal “buy now” button for the items for sale. You can choose a type of PayPal account depending on your needs.
PayPal also provides additional security with the PayPal Security Key to ensure extra security for your financial transactions by making a onetime payment.