HighRiskProcessor

Unfortunately, the TMF list is a bear and unfortunately once you are "branded" it is very difficult to remove that stigma. We provide direct merchant accounts to the high risk industry. If there is any way I can be of assistance, let me know!

ToBeKing

Hey Guys

I wanted to chime in here I am having a similar problem we are based in the UK I dont know if that makes much of a difference, we are an ecommerce site beeen trading for 15 months. We didnt even hav a single chage back until about the 8th month and we were always below 0.50% but then after our merchant bank reviewed our account and decided because we had moved our current account away from them and we would do well inexcess of £1million in our second year that they we needed a £100K deposit or they were going to take 20% of our daily takings they told us this in the middle of December and gave us 4 days notice.

This was the worst time ever to do this so we complained to the Financial Ombudsmen and they basically did nothing. So we decided to refund the customers we couldn't supply the goods to because the merchant had begun holding our funds, in the mean time we were moving to our new bank and getting an overdraft in place anyway the refunds and overdraft overlapped so a direct debit failed our merchant then sent us a letter saying they would be closing our account in 30 days.

Upon closing the account we still had an outstanding balance with them and rung up to make a payment plan whilst we were waiting for a debenture etc to be done for the bank so we could get this overdraft, but they have now put us on the match file, so when we tried to get a new merchant account the new merchant told us that as we were on this no one would help us.

So I contacted my existing merchant to say well I have agreed to a payment plan but I cannot adhere to it if I cannot sell my stock I would like you to remove me at least till I get a new merchant. They initially said they can't/won't do this but have since emailed me to arrange a time when they can come out to discuss my options. I have a feeling I'm not going to like these options (one of which I think will be, you can use your old account if you give 20+% of your daily takings)

I'm wondering if there is anything I can do? I am thinking about just calling in the administrators and starting all over again!

Any help would be appreciated

albertwigs

I understand your problem regarding the process of the merchant account.Try, tmf type merchant line. They been able to help others get a merchant accounts after being TMF. First, they will try to get you another domestic account, but if that fails they have Offshore Processors available.

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online merchant