how do I keep a merchant service company from having access to my bank account?
Posted on November 2nd, 2010 by admin
I TRY FIND OUT HOW TO KEEPY A MERCHENT SERIVCE COMPANY FORM ACCESING MY BANK ACCOUNT i WOULD LIKE CANCEL MY MERCHANT SERVICE CONTRACT BUT THEY STILL HAVE ACESS TO MY ACCOUNT
Contact your bank.
If that doesn’t work, close your account and open another account at a different bank.
November 3rd, 2010 at 12:11 am
Contact your bank.
If that doesn’t work, close your account and open another account at a different bank.
References :
November 3rd, 2010 at 12:40 am
The first response was the simple answer to the simple question but you may want to think twice about doing it. Preventing access to your bank account will not cancel your contractual obligations in your merchant agreement it will only place your company in a collections status and the card associations maintain a black list of merchants who owe their members money. So even if you cancel this account and have another account open the new processor would not be able to help you process for long unless they were willing to absorb the money you owe the first processor. They maintain the list with business and owner information so in the future if you wish to open a new account you will first have to settle the bills with your old account.
References :
November 3rd, 2010 at 1:07 am
Read over your contracts and learn what your rights are. Best thing is to find a new company that has no contract. Most merchant service companies will put your company on a TMF list (terminated merchant file) if you don’t pay your outstanding balance and you will have a difficult time getting approved by another bank unless you open up another one now. It’s always best to have a separate bank account just for your merchant services so feel free to do just that.
References :
http://www.prestigemerchantservices.com