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TERMINATION OF A REPLICA MERCHANT ACCOUNT

There are also some processes involved in the termination of merchant account. The merchant who plans to shut down the merchandise business can request the service provider to terminate the account. The request can be made through e-mails, phone calls or by unsubscribing through online forms. Once the merchant requests for termination of the merchant account, the bank or the service provider verifies the existing information of the customer. An identity proof must be presented while applying for the termination of the merchant account. This is done for various safety reasons as well as to prevent certain fraudulent acts from the customer.

A termination fee is also charged to the merchant who wants his merchant account to be terminated. The termination fee may be a large sum of money but the process of termination is easy and simple. There is certain time period of certain merchant accounts. If a merchant wishes to terminate the merchant account before the expiry of the actual term, then the merchant has to bear the burden of paying heavy fees. The termination fee ranges between 50 dollars and 500 dollars, depending upon the type of business the merchant holds with the merchant account. The terms and conditions are available on the application form. A merchant can check the signed legal document which was provided during the time of setup or registration. If the termination fees are mentioned as applicable on the application form, it is compulsory for the merchant to pay the termination fee to the issuing bank or the service provider.

The termination fee is also determined by the discount rates of the merchant. Discount rates are charged to the merchant for processing of the credit card. If a merchant’s discount rate has increased in a particular financial year, then the termination fee is not applicable for that merchant. In such cases, the termination fee will be termed as invalid. Every merchant account has a certain time period, after the expiry of that time period, it can also be renewed. A merchant can check with the existing document to find out whether the time is over or not. If there is still time left with the merchant account, then the merchant can continue his/her business till the expiry of the specified term. It depends upon the merchant whether he wants the account to be continued or not. There are costs involved to maintain the merchant account. If there is a positive statement, then the merchant can continue with the merchandise business or else the business can be discontinued.

There may be many reasons for the merchant to close the business. One of the reasons may be to open a new merchant account which provides improvised tariffs and rates. In such cases, it is not necessary for a merchant to shut one account and open another. A merchant can, on request, continue with the same account but the plans and schemes will be changed. The merchant account holder can also make negotiations with the issuing bank to lower the rates, if possible. And if the service provider does not agree with the request, then the merchant account can be terminated. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.