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Major Problems for Grey Area Merchants

Merchant Account Problems Galore

   
8:21 pm on Nov 6, 2002 (gmt 0)



As has been previously mentioned, a serious shake up of the whole Merchant Account situtaion is taking place in the background.

This week alone over 500 (yes 500) merchants who were running through Payemnt bureaus were switched off without any notification.

A lot of these were in Gambling,Adult Stuff and other Grey Areas (not illegal, just what some may call unethical)

About 50% are being considered for their own merchant accounts direct, rather than using the bureaus.

So what I am trying to say is, WAKE UP, it could be you, make sure you have Plan B, C, D etc etc.

No point having traffic if you can not take payments for your product/service etc

Shak

9:56 am on Nov 15, 2002 (gmt 0)



Latest on this is that the 500 Merchants have NOT been paid for their outstanding transactions yet.

The acquirer/merchant provider is concerned that these people are looking to close their accounts and the possible chargeback implications in months to come.

I know of 1 merchant who is owed $75,000 (ouch baby)

Shak

 

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