Running a business comes with a certain level of risk and requires a great deal of hard work. If you find you’re fighting the competition for customers and also fighting your bank to get qualified card processing merchant services, it could seem like an uphill battle.
Finally, there is some good news for those brick and mortar retailers who have been denied a merchant account or who had their merchant account dropped. Are you operating a cannabis related business and denied a merchant account?
Touchless Payments More Important Than Ever
Debit Card Merchant Services Canada
There are lots of different reasons a business would be denied a credit and debit card processing account, many unwarranted. If you run a brick and mortar store and have been dropped or denied approval to take card transactions it can really impact your business. As people use cash less and less (especially during a global pandemic where hygiene is critical), if you’re not prepared to take sales from them via card you could be losing business outright.
If you cannot take debit card transactions and customers are expecting to pay via touchless payments, you’ll miss out on sales and revenue which could make the difference between staying open and closing.
Approval Without Scrutiny
When your business has been denied a merchant account or dropped, it often comes with little or no explanation. Take a large bank like the Royal Bank of Canada (RBC). You can find all sorts of horror stories online of retailers who were dropped from an RBC credit and debit card processing account with no notice and not reason. Businesses have simply gotten a notice in the mail saying they have 30 days before the account is closed. Often this is not even due to something illegal or untoward. Often it is an internal company policy or technicality which denies businesses the right to take debit card transactions.
Finally, there are options for those retailers who have been thusly treated by large banks.
Fast Approval with Interac
Businesses who have had their merchant accounts revoked or denied outright now have a new option when it comes to taking card transactions. Through Interac, Canadian retailers can now offer debit card transactions to their customers. This is only for debit cards and does not include credit card sales but is a great solution for retailers who were denied a credit card processing merchant account.
Interac is less stringent on their requirements for a business’s approval when it comes to taking debit card sales.
Deemed “High-Risk”? No Problem
Certain business varieties will have a harder time getting approved for a merchant account, but with Interac debit cards that scrutiny is reduced. Banks and merchant service providers can deny an applicant for all sorts of reasons. It may seem ridiculous what they deem are “high-risk” businesses, but it happens more often than you may think. If you’ve been denied for a reason like this, you’re not totally out of luck.
There are still options available to you, ones that won’t slam you with processing fees or major cash reserves. Options that will look at your business like any other.
Best Debit Card Merchant Services
In Canada, finding the best debit card merchant services for your business doesn’t have to be a major headache. We pride ourselves in working with every business on a personal level. You are not just an account number when working with BrotherProcessing.com. For the best in Debit Card Merchant Services Canada, look no further than over 15 years of local expertise right here. [/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
