Then one day, out of the blue, his bank instituted a 5% hold on ALL funds.
If you know Dean, you know he’s a stand-up guy and has world-class products. It didn’t matter that his chargeback rates and declines have always been below average… once a bank gets an idea in their head, they take actions that can absolutely crush a business.
Furthermore, when you’re selling a digital product and utilizing affiliates and paid media, there are often campaigns where profits are only 4-8%.
A 5% reserve on an account may mean you lose the ability to make payroll or be able to pay yourself.
When Dean awoke to this 5% reserve, he asked his merchant account provider what he could do and the merchant account provider had no option to keep his business operating. Instead of planning for worst-case scenarios, his account rep (which he’d been working with for YEARS) had been asleep at the wheel and allowed Dean to grow his business with a single merchant account – a single point of failure.
Frustrated, Dean reached out to Brad and the team at Easy Pay Direct to get setup on new merchant accounts. Within 8 days, Dean was able to process transactions safely without the 5% hold, much better terms all around and redundancy to prevent the issue in the future .
To this day, Dean continues to trust Easy Pay Direct to manage and maintain his merchant accounts, knowing that we are constantly overseeing and safeguarding his revenue streams.
Our hyper-responsive Certified Payment Specialists support Dean and hundreds of other successful businesses, so they can have confidence in their payment processing. This means less time worrying about “money jail” and more time making money.
If you are relying on a single merchant account, or if you simply want a second opinion on your merchant accounts, fill out the EMAP Application by clicking the button below. The entire process will take about 10 minutes. Once we have your information, we’ll reach out to the banks we have close relationships with and work to get you safer accounts.