Shut Down By Stripe: What Now?
Shut Down By Stripe: What Now?
If you are reading this, chances are it happened to you. You checked your inbox and received an email from Stripe which raises a bit of concern. You’re like hundreds of merchants that have been a customer for weeks and even months. Now, you are reading this email:
What now?
Well, one thing is for certain, you can’t call them. Stripe doesn’t offer an inbound customer service phone line. That means you can't call and ask about your now shut-down account and what it means for your business. They do offer a 24-hour customer service email, but from the merchants we’ve spoken to it seems like they haven't got a response.
The problem?
The most known reason for Stripe shutting down accounts can typically be because of chargebacks and customer disputes. This is a fair practice as payment processors are regulated by the card brands (VISA, Mastercard, Amex and Discover) to have their merchants under a 1% chargeback ratio. However, this probably isn’t the reason they closed down your account. It could possibly be your business model, what you sell or sometimes even who you are selling to. Merchants are often left with their funds being held for up to 90 days after the closure.
Stripe is known for its fast and easy approvals. This is because they don’t have an approval process that analyzes each and every account individually. This is how merchants get approved, when technically, Stripe couldn’t take their business in the first place - resulting in an account closure later on. Stripe does reserve the right to terminate accounts or even suspend payouts at any time. If you’re curious if you’ve been closed due to your business type, here is a list of Stripe’s restricted/prohibited list: https://stripe.com/restricted-businesses.
We’ve heard firsthand about account closures, holds, hard-to-reach customer service representatives, and more. However, there is some good news! Hi, we’re Redde Payments and that’s not how we do business.
How is Redde Payments Different?
Redde Payments offers reliable, long-lasting merchant accounts. Unlike both Stripe and Square, we review all submitted accounts before approval and before they start processing. This means no surprise shut downs! However, we understand their appeal. Merchants tend to choose Stripe or Square because the onboarding process is quick and can be done without contacting a sales representative. With Redde, unlike our direct competitors, we offer this same convenience!
We allow our customers to fill out an online application straight from our website. Once completed it goes straight to underwriting. Then you await your approval! Stripe’s restricted/prohibited businesses are considered what is “high-risk.” This means that these business types are prone to high chargebacks, stricter regulatory guidelines or have higher financial risk exposure to the processor. At Redde, we specialize in high-risk merchant accounts. We are proud to say that we offer steady solutions that are made to help your business grow.
With us, processing is easy! You process payments today and you see your funds tomorrow. Our customer service is available and ready 24/7. You will even be assigned a dedicated account representative who will help you every step of the way! Stop worrying about closures and stop searching for just another temporary solution. We provide you with a permanent home and we are happy to do so!
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