Top US Banks Preventing Businesses from Processing Credit Card Payments

June 4, 2011 - PRLog -- “Without the ability to process credit card payments, I can’t survive” said John, R owner of a ecommerce business that had monthly sales between $400K and 500K.  John had been with one of the largest banks in the US since 2001, had no problem with charge backs, and there was no reason why his risk would have elevated.

If anything, his 10 year history of banking decreased his risk.

High risk is assigned by the industry, not so much by the company.  Some of the industry targeted by the banks have been auction sites, adult entertainment,  online games, travel and merchants selling high ticket items such as electronics.  

But, even ecommerce sites in lower risk categories are being cut off by the banks.  Ecommerce is considered higher risk for banks because a card is not physically presented to a merchant at checkout.    

High risk merchants typically have a difficult time establishing a merchant account when the business is new.  Now, high risk merchants are being kicked out of banking networks simply because of the industry they are in.

Industry insiders, who requested their names not be revealed, stated that banks are pulling out of industries due to the credit crisis within the banking industry.  It doesn’t really make sense, the banks are throwing out paying customers that generate transaction fees paid to the bank.

Konrad Toch, President of  PaynetSecure.net said “Paynet will help businesses that have lost their merchant accounts and ability to process payments.  We have expedited the application process, removed setup fees, and guarantee you a fast turnaround.”

Toch went on to say “we have all heard the saying, “don’t put all your eggs in one basket”; this is why you should diversify your payment processing.”

PaynetSecure.net is a global payment processing company that specializes in high risk credit card & check payment processing.

If your business has lost your merchant account or ability to process payments, or if you need get additional processing to power your business growth, PaynetSecure.net is recommended as a company that can expedite the application process.  “We can help your business start accepting payments again” said Toch.

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About PaynetSecure.net: PaynetSecure.net is a payment processing company that assists U.S. and International companies with ACH processing. Based in Carson City, Nevada, the company is a member of the National Chamber of Commerce.

Contact:
Name Tina Brandon
Email:info@paynetsecure.net
Phone: (877) 840-9964
Web: http://www. paynetsecure.net

Photo:
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